BANGALORE, India, March 17, 2022 /PRNewswire/ — The Biosimilars Market is Segmented by Type (Human Growth Hormones, Monoclonal Antibodies, Insulin, Peptides, Erythropoietin, Others), and Application (Oncology, Chronic and Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, Others). The report covers global opportunity analysis, regional outlook, growth potential, industry forecast from 2022 to 2028.
The Biosimilar market was valued at USD 9752.7 Million in 2022, and it is anticipated to reach USD 22550 Million by 2028, registering a CAGR of about 15.0% during the forecast period (2022–2028).
Major Factors Driving The Growth Of The Biosimilars Market
The increasing prevalence of chronic diseases such as cancer, autoimmune disorders, and the rising geriatric population has increased the demand for biosimilars. The reduced development costs, quick time to market delivery and rising healthcare expenditure create lucrative opportunities for the global biosimilar market. Quality and affordable treatment options enhance patient care and lead to cost savings and efficiencies in the healthcare system.
The gradual patent expiry of several blockbuster biologic drugs will create immense opportunities for biosimilar manufacturers in the upcoming years.
Moreover, the increasing research and development initiatives for developing monoclonal antibodies will significantly boost the biosimilar market growth during the forecast period.
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Trends Influencing The Growth Of The Biosimilar Market
The growing number of chronic diseases, autoimmune disorders, cancer and rising geriatric population has positively impacted the biosimilar market trends. These drugs provide quality, low cost health care services to a wide number of patients. The quick time to market delivery and reduced development costs enables companies to launch biosimilars faster into the market. This reduces healthcare expenditure, increases efficiency and provides more therapeutic options to patients. The better health outcomes will ultimately drive the global biosimilar market during the forecast period.
A huge number of blockbuster branded biologic drugs are facing patent expiry in the coming years. This will create a severe shortage of drugs for filling the gap required for treatment of diseases. Hence government authorities and third party payers are encouraging the use of biosimilars. This will create huge scope for the growth of the biosimilar market in the future.
The increasing research and development initiatives for developing mAbs(Monoclonal Antibodies) has already reached the stages of clinical trials. These antibodies are aimed at combating cancer, autoimmune or inflammatory diseases. A variety of mAbs are being developed that show great promise in the field of biosimilars. This will create ample opportunities for market growth during the forecast period.
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Biosimilar Market Share Analysis
Based on product, the monoclonal antibodies segment is expected to dominate in the biosimilar market share due to potential benefits of low cost healthcare expense and widespread application in treatment of diseases such as cancer, autoimmune disorders etc.
Based on application, Oncology is the largest in the biosimilar market share due to the growing number of cancer cases globally. Biosimilars are an affordable alternative for reducing the costly cancer treatment options.
Based on region, North America is expected to provide lucrative opportunities for growth in the biosimilar market share due to increasing prevalence of diseases and rising R&D initiatives by key players.
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This report includes the following companies; we can also add the other companies as you want.
- Allergan plc
- BioXpress Therapeutics
- Boehringer Ingelheim
- Coherus BioSciences
- Dr. Reddy’s Laboratories
- Genor BioPharma
- Intas Pharmaceuticals Limited
- Others Players
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