Biosimilar Market to Surpass $102.68 Billion by 2034 with 8.9% Annual Growth, Says Fact.MR

Greater Effectiveness and Enhanced Safety Profiles of Biosimilars Compared to Their Reference Biologics Increasing Their Adoption Worldwide

 ROCKVILLE, Md., July 22, 2024 /PRNewswire/ -- According to a new research report published by Fact.MR, the global Biosimilar Market statistics is estimated to reach a size of US$ 43.8 billion in 2024 and thereafter expand at a CAGR of 8.9% from 2024 to 2034.

Global demand for biosimilars is rising as healthcare systems seek cost-effective alternatives to expensive biologic medications. These highly similar biologics are gaining popularity worldwide due to their equivalent efficacy, safety, and affordability. The anticipated growth in the biosimilar market in the coming years will be driven by the expiration of patents on blockbuster biologics and the imperative to reduce healthcare expenditures.

Biosimilars are demonstrating significant potential in treating various conditions such as diabetes, autoimmune disorders, and cancer. Their increasing availability is improving patient access to life-changing therapies, particularly in underserved regions with limited healthcare resources. Furthermore, biosimilars are fostering competition in the biopharmaceutical industry, potentially leading to greater innovation and lower prices.

As regulatory frameworks evolve and acceptance among patients and healthcare providers increases, biosimilars are expected to become integral to long-term healthcare strategies. Their growing recognition underscores their critical role in addressing global health challenges and ensuring broader access to advanced treatments.

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Key Takeaways from the Biosimilar Market Study:

• The global biosimilar market is projected to generate revenue of US$ 102.68 billion by 2034.
• North America is analyzed to account for 39.1% of the global market share by 2034.
• The East Asia market is forecasted to reach a valuation of US$ 20.9 billion by 2034.
• By 2034, the market in Canada is projected to climb to a size of US$ 4.32 billion.
• Based on application, the hematology segment is estimated to be valued at US$ 7.53 billion in 2024.
• The online pharmacies segment is expected to hold 27.7% of the market share in 2024.

"Public awareness campaigns and educational initiatives are boosting the adoption of biosimilars over traditional biologics, especially in treating chronic illnesses like cancer, diabetes, and autoimmune disorders," says a Fact.MR analyst.

Leading Players Driving Innovation in the Biosimilar Market:

• Amgen
• PFIZER Inc.
• Novartis
• Biocon Ltd.
• Coherus BioScience
• Teva Pharmaceuticals
• Abbvie
• Viatris
• Fresenius Kabi
• Sanofi SA
• Mylan
• Amneal Pharmaceuticals, Inc.

Single-use Technologies and Continuous Bioprocessing Proving to Be Beneficial

Advanced analytical techniques such as nuclear magnetic resonance spectroscopy and high-resolution mass spectrometry are enhancing the characterization of biosimilars, ensuring closer alignment with reference biologics. This increased precision is instilling greater confidence among regulators and healthcare professionals.

Innovative manufacturing methods like continuous bioprocessing and single-use technologies are improving the efficiency and cost-effectiveness of biosimilar production, further lowering treatment costs and enhancing accessibility to essential therapies.

Research into interchangeability is facilitating the seamless substitution of reference products with biosimilars, simplifying prescription and dispensing processes. Additionally, the therapeutic potential of biosimilars is expanding through the development of biosimilar combinations and biobetters, which represent enhanced versions of existing biologics.

As biosimilars receive approvals across multiple indications and enter new therapeutic areas, they are increasingly recognized for their adaptability and wider availability. These advancements are poised to better meet diverse medical needs on a global scale, making biosimilars increasingly beneficial in healthcare systems worldwide.

Biosimilar Industry News:

• In January 2024, Gilead Sciences and Arcus Biosciences announced an updated partnership agreement and a separate equity investment. Gilead invested US$ 320 billion in Arcus common shares at US$ 21 per share.
• In May 2023, Biocon Biologics and Viatris Inc. announced the introduction of Abevmy in Canada. This medication is a bevacizumab biosimilar of Avastin, originally developed by Roche, and has been approved by Health Canada for use in cancer treatment.
• In March 2022, Amneal Pharmaceuticals, Inc. declared that the U.S. government had accepted the Biologics License Application (BLA) for filgrastim-ayow, a biosimilar referencing Neupogen.
• In May 2022, the United States Food and Drug Administration (FDA) approved Amneal Pharmaceuticals, Inc.'s Biologics License Application (BLA) for pegfilgrastim-pbbk, a biosimilar referencing Neulasta.

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Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application

•  Hematology
•  Growth Hormone Deficiency
•  Oncology
•  Diabetes
•  Autoimmune Disease

Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type

•  Recombinant Glycosylated Proteins
•  Recombinant Non-Glycosylated Proteins

Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Distribution Channel

•  Hospital Pharmacies
•  Online Pharmacies
•  Retail Pharmacies

More Valuable Insights:

Fact.MR, in its new offering, presents an unbiased analysis of the biosimilar market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (recombinant glycosylated proteins, recombinant non-glycosylated proteins), application (hematology, growth hormone deficiency, oncology, diabetes, autoimmune diseases), and distribution channel (hospital pharmacies, online pharmacies, retail pharmacies), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Checkout More Related Studies Published by Fact.MR Research:

Oncology Molecular Diagnostics Market was valued at around $1.7 Billion in 2020 and is anticipated to reach a valuation of US$ 4 Billion by 2031.

Oncology Small Molecule Drugs Market has reached a valuation of $79 billion in 2022 and is forecasted to expand at a CAGR of 5.5% to climb to a market size of US$ 135.4 billion by 2032.

Hemato Oncology Testing Market is projected to increase from a valuation of US$ 4.33 billion in 2023 to US$ 23.64 billion by the end of 2033.

Oncology Biosimilars Market was valued at US$ 4 Billion, and is likely to rise at a Y-o-Y growth rate of 5% in 2022 to reach US$ 4.2 Billion. By the end of the forecast period, the industry is poised to reach US$ 12 Billion.

Pegfilgrastim Biosimilar Market is projected to reach a market valuation of US$ 3.66 billion by 2033-end, increasing at a CAGR of 10% over the next ten years.

Self-care Medical Devices Market: analysis shows that the global market was valued at US$ 13 Bn in 2020, and is projected to top US$ 20 Bn by 2031, expanding at a CAGR of 6%. 

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SOURCE Fact.MR