- Monoclonal Antibodies
- Recombinant Hormones
- Recombinant Growth Factors
- Anti-Inflammatory Agents
Biosimilars Market size was valued at USD 14.9 billion in 2022, and is expected to be USD 45.4 billion by 2029 and is poised to grow at a CAGR of 24.6% from 2023 to 2029. The rising frequency of chronic diseases, as well as increased demand for biosimilars due to their cost-effectiveness, are driving market expansion. Regulatory approvals and other rules in various countries that encourage the use of biosimilars are also a major driving force in the biosimilars industry. However, during the projection period, the challenges of biosimilar development and production, as well as pushback from reference biologic manufacturers, are projected to limit the market's expansion. A factor that contributes to these high costs is a lack of economies of scale due to lesser demand. Furthermore, the absence of regulatory guidelines, consumer brand preferences, physician reluctance to prescribe biosimilars, and the high capital necessary for research and development are all impeding the growth of the biosimilars industry. Because of the advantageous government rules in this region, countries from the European Union currently dominate the market.
The biosimilars market in North America is now hampered by weak and flexible rules. However, given to the shifting off-patent environment, biosimilars applications in autoimmune and chronic diseases have the most potential. The biopharmaceutical business is heavily reliant on modern technologies for various development and manufacturing processes. These technologies have become a requirement for all biopharmaceutical and healthcare research operations. Monoclonal Antibodies (MAb) Technology, Recombinant DNA Technology (rDNA Technology), Nuclear Magnetic Resonance (NMR) Technology, Chromatography, Electrophoresis, Mass Spectrometry, Western Blotting, and Bioassay are only a few of the important technologies addressed in the paper.
Fastest Growing Market
biosimilars market is gaining traction in recent times owing to its cost-effective pricing in comparison with patented or branded biologics, which are generally priced higher than biologics. The adoption of cost-effective biosimilars is rising in different healthcare setups across the developed and developing countries to curtail the growing pressure on healthcare budgets. The introduction of biosimilars has even led to improved access to the premium-priced biopharmaceuticals in developing and underdeveloped markets with lesser costs. Moreover, favourable government policies to promote cost-effective biosimilars expected to drive market revenue growth over the forecast period.
The biosimilars market size was valued USD 14.9 billion in 2022
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.
Global Biosimilar Market Introduction
Global Biosimilar Market Dynamics
Global Biosimilar Market Analysis, 2018-2022 and Forecast 2023-2029
Global Biosimilar Market By Drug Class, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million)
Global Biosimilar Market By Manufacturing Type, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million)
Global Biosimilar Market By Application, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million)
Global Biosimilar Market By Region, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million)
Global Biosimilar Market - Opportunity Analysis Index, By Manufacturing Type, Drug Class, Application, and Region, 2023-2029
North America Biosimilar Market, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million)
Europe Biosimilar Market, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million)
Asia Pacific (APAC) Biosimilar Market, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million)
Latin America Biosimilar Market, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million)
Middle East and Africa (MEA) Biosimilar Market, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million)
Key Assumptions and Acronyms