Recent Developments in the Biosimilars Market Revenue to Cross USD 143.6 Billion by 2031 | CAGR of 24.7%
According to the report, the global biosimilars industry is expected to gain $143.6 billion by 2031, having witnessed a value of $15.9 billion in 2021, with a compound annual growth rate (CAGR) of 24.7% during the forecast timeframe.
The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
Key Takeaways:
The oncology diseases segment would also portray the highest CAGR of 26.0% from 2021 to 2031.
The monoclonal antibodies segment would also showcase the fastest CAGR of 26.7% from 2022 to 2031.
Europe region would also display the highest CAGR of 25.9% by 2031.
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Major Factors Driving the Growth of Biosimilars Market:
- Patent expirations of biologic drugs: A large number of blockbuster biologic drugs are set to lose their patents in the coming years. This is creating an opportunity for biosimilar manufacturers to enter the market and offer more affordable versions of these drugs.
- Rising healthcare costs: Healthcare costs are rising globally, and biosimilars can help to reduce healthcare costs by providing more affordable alternatives to biologic drugs.
- Government support for biosimilars: Governments around the world are supporting the development and adoption of biosimilars in order to reduce healthcare costs and improve access to affordable medicines.
- Increasing awareness of biosimilars: Awareness of biosimilars is growing among patients, healthcare professionals, and payers. This is helping to drive the adoption of biosimilars.
- Expanding range of biosimilars: The range of biosimilars available is expanding, and this is making it easier for patients to access biosimilars for a wider range of conditions.
Market Segmentation:
By product type:
- Monoclonal antibodies: Monoclonal antibodies are the largest segment in the biosimilars market. Monoclonal antibodies are used to treat a wide range of diseases, including cancer, autoimmune diseases, and infectious diseases.
- Insulin: Insulin is the second-largest segment in the biosimilars market. Insulin is used to treat diabetes.
- Erythropoietin: Erythropoietin is used to treat anemia.
- Growth hormone: Growth hormone is used to treat growth hormone deficiency.
- Other: Other biosimilars include interferons, filgrastim, and pegfilgrastim.
By application:
- Oncology: Oncology is the largest segment in the biosimilars market by application. Biosimilars are used to treat a variety of cancers, including breast cancer, lung cancer, and colorectal cancer.
- Autoimmune diseases: Biosimilars are used to treat a variety of autoimmune diseases, including rheumatoid arthritis, Crohn’s disease, and psoriasis.
- Infectious diseases: Biosimilars are used to treat a variety of infectious diseases, including hepatitis C and HIV/AIDS.
- Other: Biosimilars are also used to treat a variety of other conditions, such as diabetes, anemia, and growth hormone deficiency.
By end user:
- Hospitals: Hospitals are the largest users of biosimilars.
- Clinics: Clinics are also major users of biosimilars.
- Retail pharmacies: Retail pharmacies are dispensing more biosimilars to patients.
By region:
- North America: North America is the largest region in the biosimilars market.
- Europe: Europe is the second-largest region in the biosimilars market.
- Asia Pacific: Asia Pacific is the fastest-growing region in the biosimilars market.
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Regional Growth Dynamics:
Europe held the highest market share in 2021, holding nearly two-fifths of the global biosimilars market revenue, and is anticipated to maintain its dominance throughout the forecast period. The same region would also display the highest CAGR of 25.9% by 2031. This is due to a rise in cancer cases and an increase in the number of biosimilar launches in the region.
Competitive Landscape:
- Dr. Reddy’s Laboratories
- Biocon Ltd.
- Merck & Co. Inc.
- Kashiv Bio Sciences
- Eli Lilly and Company
- Intas Pharmaceutical Ltd.
- Teva Pharmaceutical Industries Limited
- Dr. Reddy’s Laboratories
- Pfizer Inc.
- Amgen Inc.
- Biocon Ltd.
- Reliance Life Sciences
Key Questions Answered in the Intelligent Study
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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