IMARC Group, a leading market research company, has recently releases report titled “Biosimilar Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Biosimilar Market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the Biosimilar market?
The global biosimilar market size reached US$ 16.8 Billion in 2022. This market is currently being driven by a number of factors such as patent expires of blockbuster biological drugs, lower prices, rising prevalence of chronic diseases, and cost-saving initiatives from governments and third-party payers. Catalyzed by these factors, the market is expected to reach US$ 77.1 Billion by 2028, exhibiting a growth rate (CAGR) of 25.9% during 2023-2028.
What are Biosimilars services?
Biosimilars, also called as follow-on biologics, refer to a biotherapeutic product that is highly similar to a reference biologic drug. It is produced using living organisms or cells and has a complex molecular structure. When the patent of a biologic drug expires, manufacturers resort to approval from the regulatory authorities to start the manufacturing of this biotherapeutic product. To be labeled as a biosimilar, a biological drug should be proven similar in terms of quality, safety, and efficacy. Compared to generic drugs, they are expensive as their production process is more complex and requires higher investment in research and development (R&D).
What are the growth prospects and trends in the Biosimilars industry?
The increasing expiration of patents for numerous highly successful biologic drugs has occurred and there are further expectations that several more blockbuster drugs will lose their patent protection in the upcoming years is among the key factors driving the biosimilar market. Moreover, the rising usage of this biotherapeutic product rather than branded biologics, on account of the launch of cost-saving initiatives undertaken by government bodies and third-party payers, is also stimulating the market growth.
Besides this, the escalating demand for biosimilars, owing to various other factors, including their cost-effectiveness, the growing prevalence of chronic diseases (such as autoimmune diseases and cancer), and the expanding geriatric population, is acting as another significant growth-inducing factor. Furthermore, the widespread adoption of this biotherapeutic product does not require extensive marketing as the safety and efficacy profile of biologics has already been established is further propelling the global market. Apart from this, the growing popularity of these drugs, on account of the low cost compared to their branded counterparts, is anticipated to fuel the biosimilar market over the forecasted period.
Who are the key players operating in the Biosimilars industry?
The report covers the major market players including:
- Novartis
- Pfizer
- Teva
- Celltrion
- Merck & Co
- Samsung Bioepis
- Eli Lilly
- Biocon
- Reddy's Laboratories
- Amgen
- Boehringer Ingelheim
What is included in market segmentation?
The report has segmented the market into the following categories:
Molecule insights:
- Infliximab
- Insulin Glargine
- Epoetin Alfa
- Etanercept
- Filgrastim
- Somatropin
- Rituximab
- Follitropin Alfa
Indication Insights:
- Auto-Immune Diseases
- Blood Disorder
- Diabetes
- Oncology
- Growth Deficiency
- Female Infertility
Manufacturing Insights:
- In-house Manufacturing
- Contract Manufacturing
Regional Insights:
- United States
- Germany
- France
- Italy
- Spain
- United Kingdom
- Japan
- India
- South Korea
- Others
Request for a Free PDF Sample of this Report: https://www.imarcgroup.com/biosimilar-market/requestsample
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/
