Global Biosimilar Market Expected to Grow at 25.1% During 2024-2032

December 09, 2021 | Healthcare

According to the recent report by IMARC Group, entitled “Biosimilar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, the global biosimilar market size reached US$ 21.2 Billion in 2023. Biosimilars, also known as subsequent entry biologics (SEBs) or follow-on biologics, refer to FDA-approved biotherapeutic products which are similar to their reference biologics. Biosimilars can only be manufactured after the patent of the reference product expires. The demand for biosimilars has been increasing in recent years as they help in reducing the overall cost of the treatment for a variety of chronic diseases including cancers, autoimmune diseases, kidney failure, diabetes, CVDs, haematological disorders, infectious diseases, rheumatoid arthritis, growth hormone deficiency, etc.

Global Biosimilar Market Drivers:

Recent patent expiries of a large number of blockbuster biological drugs such as Humira, Remicade, MabThera, Enbrel, etc. have majorly boosted the growth of the biosimilar market. Another major growth-inducing factor is ageing population which has led to a rise in the prevalence of non-communicable diseases. Further, high costs of innovator biologics, especially monoclonal antibodies (mAbs), have encouraged several governments across the globe to promote the usage of biosimilars. For instance, European countries like the Netherlands, Denmark and Germany have established strategic models for discount pricing and introduced numerous incentive programs. Apart from this, biosimilars do not require extensive marketing as the safety and efficacy profile of biologics has already been established. This has resulted into the low cost of these drugs in comparison to their branded counterparts, in turn, spurring their demand worldwide. Due to the abovementioned factors, the market is projected to expand at a CAGR of 25.1% during 2024-2032, registering a value of US$ 164.5 Billion by 2032.

Global Biosimilar Market Summary:

Based on molecule, the market has been bifurcated into Infliximab, Insulin Glargine, Epoetin Alfa, Etanercept, Filgrastim, Somatropin, Rituximab, Follitropin Alfa, Adalimumab, Pegfilgrastim, Trastuzumab, Bevacizumab, and Others.
On the basis of type of manufacturing, the market has been bifurcated into in-house and contract manufacturing. Currently, in-house manufacturing holds around three-fourth of the total share, representing the dominant segment. This method enables the manufacturers to monitor every step of the biosimilars’ production process and eliminates both shipping and delivery costs.
The market has also been segregated on the basis of indication as autoimmune diseases, oncology, diabetes, blood disorder, growth deficiency, female infertility and others.
Region-wise, the report covers Europe (Germany, France, Italy, Spain, the United Kingdom and Rest of Europe), the United States, Japan, India, South Korea and others.
On examining the competitive landscape of the market, it has been found that the biosimilars industry is concentrated in nature. Some of the key players operative in the market are Sandoz International GmbH, Pfizer Inc., Teva Pharmaceutical Industries Limited, Celltrion Inc., Biocon Limited, Samsung Biologics, Amgen, Inc., Dr. Reddy's Laboratories Limited and Stada Arzneimittel Ag.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Molecule, Indication, Manufacturing Type, Region
Region Covered	Europe (Germany, France, Italy, Spain, United Kingdom, Rest of Europe), United States, Japan, India, South Korea and Others
Companies Covered	Sandoz International GmbH, Pfizer Inc., Teva Pharmaceutical Industries Limited, Celltrion Inc., Biocon Limited, Samsung Biologics, Amgen, Inc., Dr. Reddy's Laboratories Limited and Stada Arzneimittel Ag
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3999 Five User License: US$ 4500 Corporate License: US$ 4999
Post-Sale Analyst Support	10-12 Weeks
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Global Biosimilar Market Expected to Grow at 25.1% During 2024-2032

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