Dublin, May 31, 2023 (GLOBE NEWSWIRE) -- The "Global Biosimilars Market Report and Forecast 2023-2031" report has been added to ResearchAndMarkets.com's offering.
The biosimilars market size attained a value of USD 24.5 billion in 2022. The market is likely to grow at a CAGR of 17.60% during the forecast period of 2023-2031, likely to attain a value of USD 105.1 billion by 2031.
Biosimilars are used to treat a wide range of conditions, including autoimmune disorders (examples- rheumatoid arthritis and inflammatory bowel disease), cancer, diabetes, and blood disorders (examples- anaemia and neutropenia). They are used as therapeutic proteins, monoclonal antibodies, and hormones, among other applications.
Biosimilars Market Scenario
The report gives an in-depth analysis of the key players involved in the biosimilars market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals.
The global biosimilars market has been witnessing rapid growth, driven by factors such as patent expiration of blockbuster biologic drugs, increasing prevalence of chronic diseases, and rising demand for cost-effective treatment options. Regulatory support and streamlined approval pathways have facilitated the entry of biosimilars into the market, leading to increased competition and more affordable healthcare options.
In addition, the growing awareness of biosimilars among healthcare professionals and patients has further fuelled market expansion. Emerging markets, such as those in Asia Pacific and Latin America, offer significant growth potential due to their large patient populations and improving healthcare infrastructure.
Key industry players are focusing on strategic partnerships, collaborations, and mergers and acquisitions to strengthen their product pipelines, expand their global presence, and capitalize on the growing market opportunities.
Overall, the biosimilars market scenario presents a promising outlook, with the potential to significantly improve patient access to life-changing therapies and alleviate the financial burden on healthcare systems worldwide.
The benefits of biosimilars include the following:
- Cost Savings: As biosimilars are often less expensive than the reference biologic drugs, they can lead to substantial cost savings for healthcare systems and patients. This affordability increases patient access to essential medicines and treatments
- Competition: The introduction of biosimilars fosters market competition, which can drive down the prices of biologic drugs and improve their availability
- Innovation: Developing biosimilars requires extensive research and development, which can lead to the discovery of new therapeutic strategies and enhancements in biopharmaceutical manufacturing processes
- Expanding Treatment Options: The availability of biosimilars can provide healthcare professionals and patients with additional treatment options, leading to more personalized and effective care
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 147 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $28.7 Billion |
| Forecasted Market Value (USD) by 2031 | $105.1 Billion |
| Compound Annual Growth Rate | 17.6% |
| Regions Covered | Global |
Key Players in the Global Biosimilars Market
- Novartis AG
- Orion Pharma
- Pfizer Inc
- Samsung Bioepis
- Coherus BioSciences, Inc
- Amgen Inc
- Eli Lilly and Company
- Takeda Pharmaceutical Company Limited
- Bristol-Myers Squibb Company
- Merck KGaA
- Teva Pharmaceutical Industries Ltd
- Biocon
- Bayer AG
- AbbVie Inc,
- Allergan
- Dr. Reddy's Laboratories Ltd
- Boehringer Ingelheim International GmbH
- Biogen
Market Scenario
Patent Analysis
- Analysis by Type of Patent
- Analysis by Publication year
- Analysis by Issuing Authority
- Analysis by Patent Age
- Analysis by CPC Analysis
- Analysis by Patent Valuation
- Analysis by Key Players
Grants Analysis
- Analysis by year
- Analysis by Amount Awarded
- Analysis by Issuing Authority
- Analysis by Grant Application
- Analysis by Funding Institute
- Analysis by NIH Departments
- Analysis by Recipient Organization
Funding Analysis
- Analysis by Funding Instances
- Analysis by Type of Funding
- Analysis by Funding Amount
- Analysis by Leading Players
- Analysis by Leading Investors
- Analysis by Geography
Partnership and Collaborations Analysis
- Analysis by Partnership Instances
- Analysis by Type of Partnership
- Analysis by Leading Players
- Analysis by Geography
Regulatory Framework
- Regulatory Overview
- US FDA
- EU EMA
- INDIA CDSCO
- JAPAN PMDA
- Others
Biosimilars Market Segmentations
Market by Product Type
- Recombinant Glycosylated Proteins
- Monoclonal Antibodies
- Erythropoietin
- Recombinant Non-Glycosylated Proteins
- Insulins
- Granulocyte Colony Stimulating Factors
- Interferons
- Others
Market Breakup by Drug Class
- Insulin
- Recombinant Human Growth Hormone (RHGH)
- Granulocyte Colony-Stimulating Factor
- Interferon
- Erythropoietin
- Etanercept
- Monoclonal Antibodies
- Follitropin
- Glucagon
- Calcitonin
- Teriparatide
- Enoxaparin Sodium
- Others
Market Breakup by Indications
- Chronic Diseases
- Oncology
- Autoimmune Diseases
- Infectious Diseases
- Blood Disorders
- Growth Hormone Deficiency
- Others
Market Breakup by Procedure
- Invasive
- Non-Invasive
For more information about this report visit https://www.researchandmarkets.com/r/4tvcln
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