The global biosimilars market size is projected to hitUS$66.2 billion by 2030 from US$13.5 billion in 2021, indicating an annual growth rate of 17.5% from 2021 to 2030.
The global biosimilars market size is projected to hitUS$66.2 billion by 2030 from US$13.5 billion in 2021, indicating an annual growth rate of 17.5% from 2021 to 2030.
Growth factors:
Biosimilars are the medicine or drugs which are similar to the licensed drugs. And the patented products are on the way of patent expiration whereas the biosimilars are produced. In the process of development of Biosimilars, validation with reference biologics is highly important factor of development process.
Biosimilars are cost lower than their parent/branded counterparts. This offers both cost-savings and access to effective treatments for patients. The research and development cost for Biosimilars are comparatively low which drives the market of Biosimilars. Its low research and development cost offers final product at low cost. These significant benefits of cost offered by biosimilar drugs is expected to increase their demand in the coming years.
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According to Multidisciplinary Digital Publishing Institute, nearly half approximately 45%, or 133 million of all Americans suffer from at least one chronic disease and the number is growing. Chronic diseases including, cancer, diabetes, hypertension, stroke, heart disease, respiratory diseases, arthritis. This increasing number of patients is driving the market for Biosimilars across the world.
Worldwide cigarettes consumption is rapidly increasing, as per WHO adults consuming the deadly tobacco products is increasing significantly. Which is one of the major reasons causing lungs cancer and other diseases? This growing consumption of tobacco pumping the market.
| Report Scope | Details |
| Market Size in 2030 | USD 66.2Billion |
| Growth Rate from 2021 to 2030 | CAGR of 17.5% |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Largest Market | Europe |
Report Highlights:
Based on the application Oncology disease segment holds the maximum share in the market. Nearly half approximately 45%, or 133 million of all Americans suffer from at least one chronic disease [and the number is growing. Chronic diseases including, cancer, diabetes, hypertension, stroke, heart disease, respiratory diseases, arthritis. Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Oncology is the largest segment in this market owing to the availability of Biosimilars at a low price. Biosimilars in the field of oncology has offered cancer treatment cost effective and at lowered prices and made cancer treatment more affordable and accessible. This are the major factors driving the market.
Biosimilars market across the region, North America, Europe, Asia-Pacific and LAMEA. Europe holds the high share in the market. The growth of Biosimilars market in Europe region is driven by increasing chronic diseases patients in EU countries. According to OECD iLibrary, people aged 80 and over, 56% of women and 47% of men report multiple chronic diseases on average across EU countries.
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Covid-19 Impact Analysis:
- Covid-19 has positive impact on Biosimilars, where as demand for medicine suddenly increased but supply was limited due to which biosimilar still shows a relatively low penetration rate.
- Delayed approval of non covid therapies by FDA has impacted the market towards downline.
Future of Telehealth Market:
Biosimilars have enormous opportunity in the future, more than $ 2 billion required to developed an innovative drug this is big barrier in developments whereas development cost of lies between 2 % to 3% lower of that figure. Due to his barrier, it is expected to have high growth for biosimilar market in the future. Globally increase in use of generics has massive impact on final price of the total treatment, which is why biosimilar is expected to get demand in the future.
Key developments in the marketplace:
July 29, 2021 – Biocon Biologics Ltd. and Viatris Inc. are approved from FDA that is U.S. food and drugs administration for Semglee product. Semglee is insulin glargine-yfgn injection.
September 8, 2021 — Sandoz, a Novartis division, has entered into a commercialization agreement with Bio-Thera Solutions, Ltd. for biosimilar bevacizumab (BAT1706).
Some of the key players in the biosimilarsmarket include:
- Novartis
- Synthon Pharmaceuticals, Inc.
- TevaPharmaceutical Industries Ltd.
- LG Life Sciences
- Celltrion
- Biocon
- Hospira
- Merck Serono
- Biogen idec, Inc.
- Genentech
Market Segmentations:
By Product
- Monoclonal Antibodies
- Glucagon
- Insulin
- Erythropoietin
- Interferon
- Calcitonin
- Others
By Application
- Oncology
- Growth Hormonal Deficiency
- Blood Disorders
- Chronic & Autoimmune Disorders
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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