Biosimilar Market Size, Forecast Report, Latest Insights and Industry Growth 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

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What are Biosimilars?

Biosimilars are biopharmaceutical products designed to closely mimic a reference biologic drug. They are manufactured using living organisms and cells with intricate molecular compositions. To earn the designation of a biosimilar, a biological drug must demonstrate comparable effectiveness, safety, and quality. Biosimilars tend to be more costly than generic drugs due to their intricate production process, which demands substantial investments in research and development (R&D) endeavors.

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

The increasing prevalence of chronic diseases, such as cancer and autoimmune disorders, particularly among the elderly population, is a major factor contributing significantly to market growth. Furthermore, the rising occurrences of patent expiration and the loss of patent protection for various biologic drugs are creating a favorable outlook for the market. Manufacturers must seek approval from regulatory authorities once their patents expire to begin producing biosimilars. Additionally, biosimilars do not require extensive marketing efforts, as the effectiveness and safety of their branded counterparts have already been established. This, in turn, is benefiting market growth. Additionally, the high costs associated with innovative biologics, especially monoclonal antibodies (mAbs), have prompted governments to implement initiatives that promote the use of cost-effective biosimilars over branded biologics, further accelerating market growth.

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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

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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.

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