Westford, July 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the biosimilars market will attain a value of USD 92 billion by 2031, with a CAGR of 16.4% during the forecast period (2024-2031). The biosimilars market is expected to grow phenomenally with the expected expiry of important biological patents and an increasing imperative to cut healthcare costs. Opportunities in biosimilars market for entering the market, as patent protection for many blockbusters biologic medicines expire, has taken place in the therapeutic areas of oncology, immunology, and endocrinology. This fact is particularly visible because of the important role of biologics in those cures and maintains areas.
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Browse in-depth TOC on the " Biosimilars Market "
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Biosimilars Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $27.30 Billion |
| Estimated Value by 2031 | $92 Billion |
| Growth Rate | Poised to grow at a CAGR of 16.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Drug Type, and Indication |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Cost Reduction and Innovation Propel Global Biosimilars Market Growth |
| Key Market Drivers | Rising Demand for Biosimilars Due to Their Affordability |
Monoclonal Antibodies to be the Dominant Position by Offering Low-Cost Therapeutic Options
The monoclonal antibodies segment is said to dominate the biosimilars market in 2023, driven by their critical role as therapeutics in cancer and autoimmune disease. This segment is dominated by the high demand for low-cost therapeutic alternatives. There is a steady demand for economic options as healthcare is becoming more costly, in this case biologic therapies can act as a valuable choice for the growing number of patients globally.
Growing Diabetes Cases Leads the Insulin Segment to be the Fastest Growing in the Market
The insulin segment is poised to record the highest CAGR during the forecast period which can be because of growing prevalence of diabetes across regions and the accompanying imperative for insulin at low prices. As healthcare systems work towards balancing cost and enhancing patient access, the insulin biosimilars market too will achieve great growth with the support of regulatory policies and biopharmaceutical manufacturing technology upgrades.
North America Continued Dominance in the Global Landscape is Facilitated by Active R&D Expenditure
The North America region is expected to dominate the biosimilars market and will continue to grow significantly in the biosimilars market in the forthcoming years. The rising incidence of chronic diseases like cancer as well as increased funding in R&D activities by industry players is helping in the market expansion. The presence of numerous key market competitors is improving and diversifying their products, thus enabling the market to grow faster.
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Biosimilars Market Insight
Drivers:
- Rising Demand for Biosimilars Due to their Affordability
- Increasing Incidence of Chronic Illness to Drive Market Growth
- Increasing Prevalence of Chronic Diseases Drives the Demand for Biologic Therapies
Restraints:
- Limited Cost Savings for Companies in the Biosimilar Industry
- Complex Regulatory Requirements Delays in Product Approval
- Intellectual Property and Legal Challenges Creating Barriers for Biosimilars Manufacturers
Prominent Players in Biosimilars Market
The following are the Top Biosimilars Companies
- Amgen Inc.
- Samsung Bioepis
- Novartis AG
- Celltrion Inc.
- Viatris Inc.
- Coherus BioSciences
- Biogen
- Mylan
- Teva Pharmaceutical
- Eli Lilly
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Key Questions Answered in Global Biosimilars Market Report
- Which are the primary factors propelling the growth of the Biosimilars Market?
- What factors are supporting the growth of the Biosimilars Market?
- What role does active investment in R&D plays in North America's dominance in the global market for Biosimilars?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of biosimilars market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the biosimilars market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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