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The global biosimilar market size was valued at US$ 7.7 Billion in 2020.
According to the estimates by IMARC Group, the global biosimilar market is expected to witness strong growth during 2021-2026
The rising prevalence of chronic diseases, along with the continuous patent expiry of numerous blockbuster biologic drugs represent some of the key drivers for the global biosimilar market.
The introduction of numerous initiatives by several government agencies for promoting the adoption of biosimilars over branded biologics represents one of key trends in the global biosimilar market.
Sudden outbreak of the COVID-19 pandemic had led to the delayed clinical trials for biosimilars due to the rising focus on the production of effective vaccines against coronavirus infection, thereby negatively impacting the market for biosimilars.
On the basis of the molecule, the market has been bifurcated into Infliximab, Insulin Glargine, Epoetin Alfa, Etanercept, Filgrastim, Somatropin, Rituximab, and Follitropin Alfa. Currently, Infliximab holds the majority of the total market share.
On the basis of the indication, the market has been divided into autoimmune diseases, oncology, diabetes, blood disorder, growth deficiency, and female infertility. Among these, autoimmune diseases represent the largest segment.
On the basis of the manufacturing type, the market has been classified into in-house manufacturing and contract manufacturing. Among these, in-house manufacturing exhibits a clear dominance in the market.
Region-wise, the market has been classified into the United States, Germany, France, Italy, Spain, United Kingdom, Japan, India, South Korea, and others, where Italy dominates the global market.
The key companies in the global biosimilar market are Novartis, Pfizer, Teva, Celltrion, Merck & Co, Samsung Bioepis, Eli Lilly, Biocon, Dr. Reddy's Laboratories, Amgen and Boehringer Ingelheim.
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