New York, USA, Jan. 03, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global biosimilar market is expected to gather a revenue of $83,836.40 million by 2028, growing at a healthy CAGR of 24.90% in the 2021-2028 timeframe. This holistic report puts forward a brief overview of the biosimilar market’s current framework including cardinal aspects of the market such as growth drivers, growth opportunities, and restraints and hindrances during the forecasted period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market with ease.
Dynamics of the Market
Drivers: Since the last few years, there has been a growing demand for biosimilar drugs due to their cost-effectiveness which is anticipated to be the primary growth driver of the biosimilar market. Moreover, strategic alliances between key players of the industry are further expected to help in boosting the growth rate of the market in the forecast period.
Opportunities: Patent expiry of biologics and research on new biosimilar drugs is expected to provide huge growth opportunities to the market in the forecast period. Additionally, development of new drugs due to increased demand for biosimilars is expected to augment the growth rate of the market.
Restraints: High cost of biosimilar drugs is, however, expected to become a restraint in the full-fledged growth of the biosimilar market.
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Impact of Covid-19 on the Market
The biosimilar market faced a negative impact of the pandemic. The Covid-19 pandemic and the subsequent lockdowns led to shutdown of many industries and companies which led shortage of raw materials, thus affecting the supply of finished goods. Additionally, the research on biosimilars was stalled during the pandemic due to the shift of focus on development of vaccines. This, too, contributed to the decline in the growth rate of the market.
Segments of the Market
The report has divided the biosimilar market into certain segments based on type, application, and region.
Type: Monoclonal Antibodies Sub-segment to Most Profitable
By type, the monoclonal antibodies sub-segment is predicted to be the most dominant and fastest growing sub-segment and register a revenue of $29,987.30 million during the forecast period. The wide applications of monoclonal antibodies in treatment of cancer, osteoporosis, etc. is predicted to help in the growth of this sub-segment.
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Application: Oncology Diseases Sub-segment to be the Most Lucrative
By application, oncology diseases sub-segment is predicted to be the most profitable and surpass $29,241.40 million by 2028. The growing number of cancer patients across the globe and availability of corresponding biosimilars at cheaper prices is predicted to be the leading growth factor of this sub-segment.
Region: Market in Europe Region to be the Most Dominant
By regional analysis, the biosimilar market in the Europe region is anticipated to be the most dominant sub-segment and register a revenue of $34,121.40 million in the forecast timeframe. The rising prevalence of chronic disorders and the launch of new biosimilar drugs are predicted to be the main factors behind the growth of the market in this region.
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Prominent Market Players
Some of the prominent players in the biosimilar market are
- Merck Serono (Merck Group)
- Synthon Pharmaceuticals Inc.
- Biocon
- Biogen idec Inc.
- Novartis (Sandoz)
- Celltrion
- Genentech (Roche Group)
- Teva Pharmaceutical Industries Ltd.
- LG Life Sciences
- Hospira
These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in February 2022, Biocon Biologics, a leading biotechnology company, announced the acquisition of Viatris’ biosimilar drugs’ portfolio. Viatris is a leading pharmaceutical company and this acquisition is predicted to help Biocon Biologics considerably as it will expand the company’s product portfolio.
Finally, the report also summarizes many crucial aspects of the global market including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Biosimilar Market:
- Biosimilars: The Cost-Effective Drugs Enabling Humans to Fight against Chronic Diseases
- How Biosimilars Hold the Key to Healing the World?
- Acquisitions Like that of Saol Therapeutics’ Baclofen Franchise by Amneal Pharmaceuticals Inc to Drive the Global Biosimilar Market
