Biosimilars Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Biosimilars Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Biosimilars Market

The biosimilars market size was valued at USD 20.44 billion in 2022, and the market is now projected to grow from USD 23.96 billion in 2023 to USD 73.03 billion by 2030, exhibiting a CAGR of 17.3% during the forecast period of 2023-2030.

There were concerns associated with the accessibility of active pharmaceutical ingredients (API) required by drug producers. On the demand side, patients delay seeking treatment, particularly less convenient administration, such as infusions, leading to lower patient volume and ultimately affecting the overall demand. This optimistic experience was witnessed in the revenues due to increased sales of the products after recovery of pandemic. Therefore, the COVID-19 pandemic offered an avenue for biosimilars market growth.

The biosimilars market share globally has increased because of the low healthcare expenditure. They are cost-effective substitutes to biologics that are clinically evaluated and confirmed to be effective and safe. The utilization of these products could potentially lead to a decrease in the cost of care although still offering the same advantages as the original biologic conduct. The cost difference persuades the treatment preference of the patient population toward the uptake of these products over biologics, which is propelling the market growth.

The trend is patent expiration of biologics and introduction of biosimilars impelling the market enlargement. The patent generally lasts around 20 years from the time of application filed by the company. This duration gives special rights to the inventor of the drug and after this duration the competing companies can launch their biosimilar.

Comprehensive Analysis of Biosimilars Market

The biosimilars market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the healthcare industry. These segmentations are methodically segregated by types of drug class, disease indication, and distribution channel. The drug class is divided into monoclonal antibodies, filgrastim & peg-filgrastim, and others. The disease indications are cancer, autoimmune diseases (Arthritis, psoriasis, and others), and others whereas the distribution channels include hospital pharmacies, retail pharmacies, and online pharmacies.

The Europe region is conducive to the global biosimilars market, leading to a recall of USD 10.31 billion because of the number of permitted products is estimated to substantially increase accompanied by an escalating loss of uniqueness of biological reference products.

The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include Celltrion Inc. (South Korea), Pfizer Inc. (U.S.), Samsung Bioepis (South Korea), Amgen Inc. (U.S.), Novartis AG (Switzerland), Biocon (India), Biogen (U.S.), Coherus BioSciences (U.S.), Samsung Bioepis (South Korea), and Shanghai Henlius Biotech, Inc. (China), these market players provide a level-playing competitive landscape.

In October 2023, Pfizer’s Abrilada (adalimumab-afzb) received approval from the U.S. FDA as the second interchangeable Humira biosimilar. This data reveal that patients who interchange between the reference product and the biosimilar exhibit the same clinical result as patients who are being treated with the reference product alone.

Segmentation Table

Global Biosimilars Market Scope

ATTRIBUTE DETAILS

Study Period 2017-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2017-2021

Growth Rate CAGR of 17.3% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Drug Class

Filgrastim & Peg-filgrastim

Monoclonal Antibodies

Others

By Disease Indication

Cancer

Autoimmune Diseases

Arthritis

Psoriasis

Others

Others

By Distribution Channel

Hospital Pharmacies

Retail Pharmacies

Online Pharmacies

By Region

North America (By Drug Class, Disease Indication, Distribution Channel, and Country/Sub-Region)

U.S. (By Drug Class)

Canada (By Drug Class)

Europe (By Drug Class, Disease Indication, Distribution Channel, and Country/ Sub-Region)

U.K. (By Drug Class)

Germany (By Drug Class)

France (By Drug Class)

Italy (By Drug Class)

Spain (By Drug Class)

Scandinavia (By Drug Class)

Rest of Europe (By Drug Class)

Asia Pacific (By Drug Class, Disease Indication, Distribution Channel, and Country/ Sub-Region)

China (By Drug Class)

India (By Drug Class)

Japan (By Drug Class)

Australia (By Drug Class)

Southeast Asia (By Drug Class)

Rest of Asia Pacific (By Drug Class)

Latin America (By Drug Class, Disease Indication, Distribution Channel, and Country/ Sub-Region)

Brazil (By Drug Class)

Mexico (By Drug Class)

Rest of Latin America (By Drug Class)

Middle East & Africa (By Drug Class, Disease Indication, Distribution Channel, and Country/ Sub-Region)

GCC (By Drug Class)

South Africa (By Drug Class)

Rest of the Middle East & Africa (By Drug Class)


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