The Global Biosimilars Market Size was valued at USD 17.6 Billion in 2021, the market is projected to grow USD 56.40 Billion in 2030, at a CAGR of 22.80 %.
The global biosimilars market, valued at USD 17.6 billion in 2021, is projected to grow to USD 56.4 billion by 2030, registering a remarkable compound annual growth rate (CAGR) of 22.8%. Biosimilars are “similar but not identical” to their original biologic counterparts, providing a more affordable alternative to expensive biologic therapies for life-threatening and rare diseases. As patents for many pioneering biologics near expiration, both generic and research-based pharmaceutical companies are increasingly focusing on developing biosimilars. However, unlike traditional generics, creating a biosimilar is much more complex due to the intricacies involved in biologic products.
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Key Players Driving the Biosimilars Market
Leading companies in the biosimilars market include:
- Sandoz
- Pfizer
- Biocon Limited
- Fresenius Kabi AG
- Boehringer Ingelheim
- Mylan N.V.
- Organon
- Eli Lilly and Company
- Teva Pharmaceutical Industries Ltd.
- Dr. Reddy’s Laboratories
- Amgen Inc.
- Celltrion
- Leo Pharma
- MSD
- Sanofi
- Novartis
- Mundipharma
- AbbVie
These industry giants are continually innovating to expand the availability of biosimilars across a broad range of therapeutic areas.
Biosimilars Market Segmentation
-
By Product:
- Recombinant Human Growth Hormone (RHGH)
- Granulocyte Colony-stimulating Factor
- Interferon
- Others
-
By Manufacturing Type:
- In-House Manufacturing
- Contract Manufacturing
Industry Developments
One significant milestone in the biosimilars market occurred in July 2021, when Biocon Ltd (Biocon Biologics) received FDA approval for the first interchangeable biosimilar SEMGLEE (insulin glargine-yfgn injection), in partnership with Viatris, Inc. This approval marks a significant step in expanding biosimilars for the treatment of diabetes and sets a precedent for future innovations in the space.
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Regional Insights
The biosimilars market is witnessing significant growth across various regions:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands, and others)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia, and others)
- South America (Brazil, Argentina, and others)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, and others)
Challenges and Opportunities
While biosimilars present immense growth opportunities, they also face challenges, including regulatory hurdles, market access issues, and the complexity of manufacturing. However, the market is primed for expansion as more biologics near patent expiration, creating a wave of demand for more affordable treatment options.
Key Questions the Market Faces
- What is the current market size and growth rate of the biosimilars industry?
- How are regulatory policies impacting the market’s growth?
- What are the key market opportunities and threats faced by vendors?
- Which product types or applications are projected to experience significant growth?
- What challenges are limiting the expansion of the biosimilars market?
Conclusion
The biosimilars market is set to grow exponentially between 2021 and 2030, with a promising CAGR of 22.8%. With more biologics facing patent expiry, the shift toward more affordable biosimilars is poised to transform the healthcare landscape. Key players, innovation, and emerging market opportunities will continue to drive growth in the sector.
For more insights into the global biosimilars market, access our full report today and stay ahead of the competition in this rapidly growing field.
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