Biosimilars Market Size to Grow at a CAGR of 25.9% in the Forecast Period of 2023-2028

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?

Report Attributes

Details

Market Size in 2022

US$ 16.8 Billion

Market Forecast in 2028

US$ 77.1 Billion

Growth rate (2023 to 2028)

CAGR of 25.9%

Base Year of the Analysis

2022

Forecast Period

2023-2028

What are Biosimilars services?

Biosimilars are biotherapeutic products that are particularly identical to a reference biologic drug. They are produced using living organisms and cells that have complex molecular structures. To be labeled as a biosimilar, a biological drug must be proved similar in terms of efficacy, safety, and quality. Biosimilars are comparatively more expensive than generic drugs as their production process is complex and requires considerable investments in research and development (R&D) activities.

Request for a Free PDF Sample of this Report: https://www.imarcgroup.com/biosimilar-market/requestsample

What are the growth prospects and trends in the Biosimilars industry?

The surging prevalence of chronic diseases, such as cancer and autoimmune diseases, especially among the geriatric population, represents one of the key factors significantly contributing to the market growth. Additionally, the growing instances of patent expiration and loss of protection in several biologic drugs are creating a positive outlook for the market. The manufacturers have to resort to approval from the regulatory authorities once their patent expires to start the production of biosimilars. Moreover, biosimilars do not require extensive marketing, as the efficacy and safety profile of their branded counterparts has already been established, which, in turn, is working in favor of the market growth. Besides this, the high costs related to innovator biologics, especially monoclonal antibodies (mAbs), have compelled governments to undertake initiatives encouraging the usage of biosimilars over branded biologics due to their cost-effectiveness, which is accelerating the market growth.

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

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.

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