Global Biosimilars Market Analysis, Drivers, Restraints, Opportunities, Trends, and Growth Forecast to 2027

The Biosimilars Market Report offers in-depth insights, revenue details, and other vital information regarding the global biosimilars market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027.

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The report offers insightful and detailed information regarding the various key players operating in the global market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global biosimilars market report has been segmented on the basis of product type, application, and region.

Biosimilars Market Overview:

Biosimilars Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.

Biosimilar is a similar copy – but not identical – of the original biologic medical product that is manufactured by a different company, and is expected to possess similar clinical properties, safety, potency, and purity as the original licensed product.

Biosimilars can be made only when the patent for the original biologic medical product expires. Regulatory authorities approve biosimilars only after successful clinical trials.

Demand for biosimilars due to their cost-effectiveness is the key factor driving growth of the global biosimilars market. Biosimilars cost 10% to 30% less than original or parent products.

Other major growth driving factors include the increasing geriatric population, rising prevalence of various chronic diseases in developed and developing countries, high cost of original medicines, growing pressure to curtail healthcare expenditure, and enhanced productivity and clinical trial activities for biosimilars.

Rising government support and initiatives to develop and promote biosimilars coupled with the expiry of patents of biologicals are also driving the growth of this market.

However, developing a biosimilar product is not easy as manufacturers do not have access to the active drug substance, original molecular clone, and original cell bank, nor access to details of the exact fermentation and purification process.

They do however have access to the commercialized innovator product. As a result, high manufacturing costs and complexity of production, along with unclear regulatory policies in many countries are expected to be the major restraints to the growth of the global biosimilar market during the forecast period.

Europe accounts for the largest revenue share contribution to the global biosimilars market, followed by the Asia Pacific with the highest CAGR during the forecast period.

The US biosimilars market is still in its nascent stage; however, with a growing approval rate, the scope for the biosimilars market in the country is expected to expand during the forecast period.

Global Biosimilars Market Segmentation:

Global biosimilars market segmentation, by-product:

• Anti-Inflammatory Agents (TNF inhibitors and others)
• Monoclonal Antibodies (Adalimumab, Infliximab, Rituximab, Trastuzumab, Bevacizumab, and others)
• Immunomodulators (Interferon Alfa, Interferon Beta, and others)
• Recombinant Hormones (Insulin, Human Growth Hormone, Follicle Stimulating Hormone)
• Recombinant Growth Factors (Granulocyte Colony Stimulating Factor, Erythropoietin, and others)

Global biosimilars market segmentation, by application:

• Oncology
• Blood disorders
• Growth hormone deficiency diseases
• Chronic and autoimmune diseases

Global biosimilars market segmentation, by region:

• North America
• Europe
• Asia Pacific
• The Middle East & Africa
• Latin America