Biosimilars Market size worth USD 109.2 Billion, Globally, by 2030 at 24.9% CAGR: Verified Market Research®
The "Global Biosimilars Market Size By Product (Monoclonal Antibodies, Insulin, Erythropoietin), By Indication, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Biosimilars Market, including its growth prospects, market trends, and market challenges
JERSEY CITY, N.J., Oct. 6, 2023 /PRNewswire/ -- The Global Biosimilars Market is projected to grow at a CAGR of 24.9% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 14.7 Billion in 2022 and is expected to reach USD 109.2 Billion by the end of the forecast period.
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Global Biosimilars Market Shows Robust Growth: Market Drivers and Emerging Opportunities Highlighted
The global Biosimilars Market is witnessing significant growth, driven by a surge in demand for cost-effective biologic drugs, an aging population, and strategic industry collaborations. A biosimilar, defined as a biological medical product mirroring an original product but manufactured by a different company, has become a cornerstone of the pharmaceutical landscape. These officially approved copies gain prominence after the expiration of the original product's patent, offering accessible and effective treatment options.
Biosimilars Market Definition:
Biosimilars, marked by their high molecular complexity and sensitivity to manufacturing processes, are a vital segment of the pharmaceutical industry. These products, maintaining consistent quality and clinical performance throughout their lifecycle, are poised to revolutionize healthcare by providing innovative and affordable therapies.
Biosimilars Market Drivers:
The Biosimilars Market is propelled by several key drivers:
- Demand and Cost-Effectiveness: The escalating demand for biosimilar drugs, owing to their cost-effectiveness, has significantly bolstered market growth. Biosimilars, priced 20–30% lower than their branded counterparts, ensure substantial cost savings and enhance patient accessibility to highly effective treatments.
- Strategic Partnerships and Agreements: Collaborations among pharmaceutical companies are driving innovation and accessibility. These alliances aim to make high-quality, low-cost therapies available to patients, shaping the market landscape.
- Regulatory Framework: Despite challenges, the market is evolving, supported by a robust regulatory framework. Regulatory approvals are facilitating the market entry of biosimilars, contributing to their global adoption.
Biosimilars Market Outlook and Opportunities:
The Biosimilars Market is set for remarkable expansion in the coming years, driven by:
Emerging Markets: Developing economies present lucrative opportunities for market growth. Increasing healthcare awareness and rising demand for affordable treatments are propelling the adoption of biosimilars in emerging markets.
Patent Expirations: The expiration of patents on blockbuster biologics opens avenues for biosimilar manufacturers. This creates a competitive landscape and encourages research into new indications, driving market innovation.
Technological Advancements: Ongoing research and technological advancements are enhancing the development and production processes, ensuring high-quality biosimilars for patients worldwide.
Biosimilars Market Key Players:
Prominent players in the Biosimilars Market, contributing significantly to its growth, include Pfizer Inc., Sandoz (Germany), Amgen Inc., Biocon (India), Celltrion (South Korea), Samsung Biologics (South Korea), Novartis AG, Dr. Reddy's Laboratories Ltd., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd, Fresenius Se & Co. KGaA, Stada Arzneimittel AG, Boehringer Ingelheim, Gedeon Richter Plc.
The Biosimilars Market's trajectory is defined by innovation, affordability, and strategic collaborations. As the market continues to evolve, it promises groundbreaking solutions, making high-quality therapies accessible to a broader population. With a focus on research, regulatory compliance, and strategic partnerships, the Biosimilars Market is poised for a vibrant future.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Biosimilars Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Biosimilars Market into Product, Indication, And Geography.
- Biosimilars Market, by Product
- Monoclonal Antibodies
- Insulin
- Granulocyte Colony-Stimulating Factor
- Erythropoietin
- Recombinant Human Growth Hormone
- Etanercept
- Follitropin
- Teriparatide
- Interferons
- Enoxaparin Sodium
- Glucagon
- Calcitonin
- Biosimilars Market, by Indication
- Oncology
- Inflammatory And Autoimmune Diseases
- Chronic Diseases
- Blood Disorders
- Growth Hormone Deficiency
- Infectious Diseases
- Other Indications
- Biosimilars Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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