Biosimilars Market is Estimated to Reach USD 88.9 Billion by 2032 | SkyQuest Technology Consulting

The global biosimilars market is driven by less expensive alternatives made possible by the major biologics' patents expiring. The demand for reasonably priced biologic medications is rising as chronic illnesses become more common. Adoption is also accelerated by government cost-containment initiatives and supportive regulatory frameworks. Another driver of growth in emerging economies is improved access to healthcare.

WESTFORD, Mass., July 30, 2025 /PRNewswire/ --SkyQuest Technology Consulting published a report, titled, Biosimilars Market- Global Opportunity Analysis and Industry Forecast, 2025-2032", valued at USD 31.3 Billion in 2024. With a projected CAGR of 14.1% from 2025 to 2032, the market is expected to reach USD 88.9 Billion by the end of 2032. This growth is driven by rise in the prevalence of chronic diseases.

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Biosimilars Market Key Growth Drivers:

The growing burden of rising obesity rates, poor diets, and chronic physical inactivity has compelled many healthcare systems to look for different ways to provide patients with affordable treatments. According to WHO estimates, being overweight or obese will cause more severe health issues for 167 million adults and children by 2025. To treat diseases like diabetes, cancer, and autoimmune disorders, biosimilars have become more affordable substitutes for pricey biologic medications. Organizations such as the Canadian Diabetes Association recommend using biosimilar insulins before starting treatment to further advance the industry.

To boost market growth, major players are putting more emphasis on the research and development of new drugs. Market players are growing their product lines to meet the growing demand from patients with a range of chronic illnesses. These businesses are focusing on strategic alliances and acquisitions to strengthen their position in the market and expand their product presence in developing countries.

Recent Developments in Biosimilars Market

• After receiving a favorable EU CHMP opinion in late 2024, Amgen's aflibercept biosimilar, Ahzantive, was approved by the FDA in February 2025. The biosimilar increases competition with Bayer/Regeneron's Eylea in international healthcare markets and broadens Amgen's ophthalmology portfolio.
• Sandoz entered the osteoporosis and oncology biosimilars market in March 2024 after the FDA approved its denosumab biosimilars, Jubbonti and Wyost. In the midst of a swift portfolio expansion, this move solidifies Sandoz's position in the US biosimilars market.
• For USD 170 million, Coherus sold Sandoz its ophthalmology biosimilar Cimerli in January 2024. This disposal makes it possible to reallocate funds into immuno-oncology assets, such as toripalimab and the recently announced HPV-related cancer combination treatments, in keeping with Coherus' strategy shift toward oncology.

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Competitive Landscape

The global biosimilars market is competitive in the competitive scenario because of the presence of many well-known and emerging market players that have established themselves in the industry, such as Novartis AG, Amgen Inc., Pfizer Inc., and Samsung Bioepis. These companies have a considerable advantage over new competitors in the manufacturing of these advanced medications at a fair price because of their large investment, technical know-how, and clinical trial experience. Furthermore, these companies are working hard to get regulatory approvals for their product in various countries for a variety of indications.

The major players in the biosimilars industry include,

• Sandoz
• Biocon Biologics
• Celltrion Healthcare
• Amgen Inc.
• Pfizer Inc.
• Samsung Biologics
• Viatris
• Teva Pharmaceutical Industries
• Fresenius Kabi
• Coherus BioSciences
• Alvotech
• STADA Arzneimittel AG
• Reliance Life Sciences
• Dr. Reddy's Laboratories
• Novartis AG
• Formycon AG
• Intas Pharmaceuticals
• BIOCAD
• mAbxience
• Apotex Inc

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Biosimilars Market Segmentation

• The global biosimilars market is segmented into drug class, indication, distribution channel, and region.
• By drug class, monoclonal antibodies made up the largest percentage in 2024 due to their extensive use in the treatment of autoimmune disorders and cancer. Their dominance is supported by the growing number of biosimilar approvals for medications such as adalimumab, trastuzumab, and rituximab.
• By indication, oncology dominated the market in 2024 due to the high incidence of cancer worldwide and the growing use of affordable biosimilars such as bevacizumab and trastuzumab. The widespread use of biosimilars has greatly reduced treatment costs and increased accessibility in many healthcare systems.
• By distribution channel, since the majority of biosimilars are given in clinical settings under supervision, hospital pharmacies category is the most popular channel in 2024. As biosimilars are less expensive, particularly for long-term cancer and autoimmune disease therapies, hospitals prefer them.

Regional Outlook

• North America leads the biosimilars market because of favorable regulatory conditions, growing healthcare costs, and an increase in biologic patent expirations. Due to their robust healthcare systems and reimbursement regulations, the United States and Canada are using biosimilars more often, particularly in the fields of autoimmune diseases and oncology.
• Europe is leading the way in the acceptance of biosimilars because of the EMA's established regulatory support. Countries like Germany, the UK, and France are witnessing the highest utilization of biosimilars due to early approvals, cost-containment measures, and growing patient and physician confidence in their efficacy.
• The biosimilars market in Asia-Pacific is growing at the fastest rate due to a sizable patient base, better access to healthcare, and government incentives. Major biosimilar producers and exporters, such as China, South Korea, and India, are driving both local adoption and global market expansion.
• The growing demand for reasonably priced biologics, increased healthcare spending, and domestic manufacturing activities are driving the biosimilars' steady growth in LAMEA. The development of biosimilars, which increase access to cancer treatment and the management of chronic illnesses, is largely the result of Brazil and South Africa.

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Major Challenges in Biosimilars Industry

One of the biggest obstacles to biosimilars market expansion is the incredibly costly and intricate process of creating these products. To remain profitable and competitive, reference products must be produced at low costs, even when manufacturers offer substantial price reductions. This is due to the fact that reference product manufacturers typically have more than twenty years of product manufacturing experience and benefit from economies of scale that come with catering to the global market. Furthermore, these companies typically have the biggest stainless steel-based facilities that have been paid for and updated over time (to keep up with the latest technological advancements).

The companies also regularly advertise a follow-up product. Therefore, it is anticipated that the established presence of a few major pharmaceutical companies and high manufacturing costs will limit the growth of the biosimilars market during the forecast period.

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About SkyQuest Technology Consulting Group

SkyQuest Technology Consulting Group is a leading Business Consulting and Market Research firm, provides syndicated as well as customized research reports and consulting services. The company comprises a team of research analysts and consultants, adding more than 1200 market research reports to its database each year. These reports offer in-depth analysis on 40+ industries across 25 major countries worldwide, serving global clients across diverse industries. The company specializes in delivering customized intelligence, data-driven insights, and strategic advisory services that enable businesses to stay competitive and make informed decisions in rapidly evolving industries.

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