Global Biosimilars Market is predicted to reach USD 95 billion at a CAGR of 23.90% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Biosimilars Market” that contains information from 2022 to 2030. The Global Biosimilars Market is estimated to register a CAGR of 23.90% during the forecast period of 2022 to 2030.

MRFR recognizes the following companies as the key players in the Global Biosimilars Market— Pfizer, Sandoz, Biocon, Biogen, Fresenius Kabi, Boehringer Ingelheim, Merck KgaA, Mylan, Eli Lilly, and Teva Pharmaceutical.

Market Highlights

Global Biosimilars Market is accounted to register a CAGR of 23.90% during the forecast period and is estimated to reach USD 95 Billion by 2030.

Biosimilars are medical products that are highly similar to an already approved biological reference product, such as a therapeutic protein or monoclonal antibody. They are designed to have comparable efficacy, safety, and quality to the reference product, but are developed by different manufacturers. Biosimilars undergo a rigorous regulatory approval process to demonstrate their similarity to the reference product, and while they may have slight differences due to their complex nature, they are intended to provide an alternative treatment option that is more affordable and accessible, promoting competition and potentially expanding patient access to critical therapies.

Segment Analysis

The Global Biosimilars Market has been segmented based on Product, Application, and End Users.

Based on Product, the market is segmented into Recombinant Non-Glycosylated Proteins, Recombinant Glycosylated Proteins, and Recombinant Peptides. The dominance of the Recombinant Non-Glycosylated Proteins category in the Biosimilars market can be attributed to its significant market share and widespread adoption.

Based on the Application, the market is segmented into Oncology, Chronic Diseases, Autoimmune Diseases, Blood Disorders, Growth Hormone Deficiency, Infectious Diseases, and Others. The Oncology category dominates the Biosimilars market due to its high demand, the potential for cost savings, and increased accessibility to life-saving cancer treatments.

Based on End Users, the market is segmented into Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies. The Hospital Pharmacies category dominates the Biosimilars market due to its role in managing and administering complex biologic therapies, ensuring efficient distribution, and patient access within healthcare facilities.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Biosimilars Market Research Report

Regional Analysis

The Global Biosimilars Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Biosimilars Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Biosimilars Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Biosimilars Market comprises of Middle East, Africa, and Latin America.

In 2021, the North America Biosimilars market dominated with the largest market share, driven by the increasing prevalence of chronic diseases like cancer, and extensive research and development investments by key players in the region. Following closely, the European Biosimilars market secured the second-largest market share due to the growing incidence of chronic disorders, patent expirations of biological products, the entry of new players, and the introduction of new biosimilars. Within Europe, Germany held the largest market share while the UK witnessed the fastest growth. The Asia-Pacific Biosimilars market is anticipated to experience significant growth during the forecast period, attributed to the rising number of pharmaceutical companies and substantial R&D investments in biosimilar development. Notably, China had the largest market share within the Asia-Pacific region, and India exhibited the fastest growth in its biosimilar market.

Key Findings of the Study

·        The Global Biosimilars Market is expected to reach USD 95 Billion by 2030, at a CAGR of 23.90% during the forecast period.

·        The North America Biosimilars market claimed the largest market share, driven by the rising prevalence of chronic diseases such as cancers and increased research and development investments by major players in the region.

·        Based on the Product, the Market has been segmented into Recombinant Non-Glycosylated Proteins holding the largest market in 2022.

·        Pfizer, Sandoz, Biocon, Biogen, Fresenius Kabi, Boehringer Ingelheim, Merck KgaA, Mylan, Eli Lilly, and Teva Pharmaceutical.