Global Biosimilars Market Size, Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts to 2030

A biosimilar, which is also known as biologic is an official version of the original "innovator" product that is similar to another already approved biological medicine. Biosimilars are approved drugs that have the same standards of pharmaceutical quality, safety and efficacy that apply to all biological medicines. Biosimilars are generally manufactured when the original medicine patent gets expired or about to expire. These newly developed drugs are less expensive in comparison to the original drugs and may have minor differences in clinically inactive components. Biosimilars are mostly used for the treatment of areas such as oncology, diabetes, and others. These drugs have a favorable market growth due to the rise in the geriatric population, rising of chronic diseases and approval by government authorities. The global biosimilars market was valued at USD 27425.3 billion in 2020 and is expected to be valued at USD 1506124.8 billion by 2030, with an approximate CAGR of 49% during the forecasted period.
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Market Dynamics and Factors:
Owing to the growing demand for pharmaceutical drugs, the expiration of major patents drugs are the factors that are driving the market. However, market growth is restraint due to the high cost of reference products and reimbursement service providers. Reasonable return of investment with the continued attractiveness of R&D investment in new medicines development will allow the growth of the market. Furthermore, the biosimilar market growth will be a challenge due to the lack of regulatory guidelines, consumers brand preferences, the reluctance of physicians to prescribed biosimilars and the high capital required for research and development.
Market Segmentation:
Global Biosimilars Market – By Product
Insulin
Interferon
Etanercept
Infliximab
Rituximab
Glucagon
Calcitonin
Global Biosimilars Market – By Application
Oncology
Chronic Disease
Blood Disorder
Autoimmune Disease
Growth Hormone Deficiency
Global Biosimilars Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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Geographic Analysis:
North America accounted for the largest share in terms of the revenue, accounting for approximately 30% of the global market, in 2019. The growth in this region is mainly driven by the presence of many large research laboratories, such as Sandoz, Amgen, Teva Pharmaceutical, and others. According to a research study, about 40 biosimilars are under development, which includes approximately 20 biosimilars ready to be released in market, and a noteworthy number of biosimilars are in the pipeline. Attributed to the immense economic developments and growing biotechnology companies in the region, Asia-Pacific is also expected to record robust growth over the forecast period. Additionally, factors such as high demand for the low-cost therapeutics and treatments, increase in R&D expenditures by the market players in the emerging economies such as India, South Korea, and China, and high prevalence and incidence of various chronic diseases, are also propelling the growth of biosimilars market in the Asia Pacific region.
Competitive Scenario:
Some of the major players of the market include Pfizer Inc., Sandoz International GmbH, Biocon Ltd., Dr. Reddy’s Laboratories Ltd., Amgen Inc., Teva Pharmaceuticals Inc., Celltrion Inc., Samsung Bioepis, Samsung Biologics, Gan & Lee Pharmaceuticals, and Gedeon Richter.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Biosimilars industry, although key threats, opportunities and disruptive technologies that could shape the Global Biosimilars Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Biosimilars Market most.
The data analysis present in the Global Biosimilars Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Biosimilars Market business.
The 2021 Annual Global Biosimilars Market offers:
100+ charts exploring and analysing the Global Biosimilars Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Biosimilars Market type
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