Biosimilars Market Overview:
In a recent research report by Market Research Community, the Biosimilars Market is expected to surpass USD 70.14 Billion by the year 2028, from USD 15.30 Billion in 2021.
A biosimilar product is an FDA-approved biologic product that has been shown to be remarkably similar to another FDA-approved biologic product. They are also known as a reference product and does not differ from the reference product in safety & efficacy in any clinically relevant ways. Biosimilar goods can only have very small variations in therapeutically inactive components.
The market is projected to grow at a significant pace reaching a CAGR of approximately 24.3%, over the forecast period of 2022–2028, despite a considerable fall in Service Operator sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
Chronic and autoimmune diseases are estimated to mark significant market share in 2021. Chronic and autoismmune diseases include CVD, diabetes, blood disorders, arthritis, Addison disease, Graves disease, Multiple sclerosis, and to name a few. The wide spread of the above-mentioned diseases and the adoption of biosimilar drugs in the treatment is estimated to drive the growth of the market.
In North America, the US entered the biosimilars industry a bit late and hasn't yet realized all of its potential. It offers great commercialization potential and is thought to offer a wide range of options for producers of biosimilars. In the United States, a considerable number of market participants have developed in recent years, including Mylan Pharmaceuticals, Inc., Merck & Co., Inc., and Amgen, Inc.
The study is consolidated into major segments and further into sub-segments, such as by Type (Human growth hormone, Erythropoietin, Monoclonal antibodies, Insulin, Granulocyte-Colony Stimulating Factor, Others), by Application (Blood disorders, Oncology diseases, Chronic and autoimmune diseases, Others) to forecast the biosimilars market size by value; also includes the analysis of past market dynamics from 2016 – 2021, considering 2021 as the base year.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including Novartis AG, Pfizer, Inc., Dr. Reddy’s Laboratories Ltd., Amgen, Inc., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Fresenius SE & Co. KGaA, STADA Arzneimittel AG, Boehringer Ingelheim, Gedeon Richter PLC, Celltrion, Samsung Biologics, Coherus BioSciences, Biocon Limited, Viatris, Inc., Amega Biotech, Apotex, Inc., Biocad, mAbxience, Probiomed S.A. De C.V., Fujifilm Kyowa Kirin Biologics Co., Ltd., Intas Pharmaceuticals Ltd., Thermex, Reliance Life Sciences, Kashiv Biosciences.
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