Biosimilar Market Size to Grow at a CAGR of 25.9% in the Forecast Period of 2023-2028
According to the recent report by IMARC Group, entitled “Biosimilar Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028 ”, the global biosimilar market size reached US$ 16.8 Billion in 2022. Looking forward, the market is expected to reach US$ 77.1 Billion by 2028, exhibiting a growth rate (CAGR) of 25.9% during 2023-2028. Biosimilars, also known as subsequent entry biologics (SEBs) or follow-on biologics, refer to FDA-approved biotherapeutic products which are similar to their reference biologics. Biosimilars can only be manufactured after the patent of the reference product expires. The demand for biosimilars has been increasing in recent years as they help in reducing the overall cost of the treatment for a variety of chronic diseases including cancers, autoimmune diseases, kidney failure, diabetes, CVDs, haematological disorders, infectious diseases, rheumatoid arthritis, growth hormone deficiency, etc. 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞...