Biosimilars Market to Grow with a CAGR of 5.25% through 2029
Increasing Incidence of
Chronic Diseases and rising drug discovery and development are factors driving the
Global Biosimilars Market in the forecast period 2025-2029.
According to TechSci Research report, “Biosimilars
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the Global Biosimilars Market stood at USD 29.52 billion
in 2023 and is anticipated to grow with a CAGR of 5.25% in the forecast period,
2025-2029. The global biosimilars market has witnessed remarkable
growth in recent years, and it is poised to continue its upward trajectory in
the coming years. Biosimilars, which are biologic medicines that are highly
similar to, and have no clinically meaningful differences from, an existing
approved biologic product, offer significant opportunities for healthcare cost
reduction and increased patient access to life-saving treatments. The escalating
cost of healthcare is a global concern. Biosimilars offer a cost-effective
alternative to originator biologics, with the potential to significantly reduce
the financial burden on healthcare systems and patients. These cost savings are
a major driver for the adoption of biosimilars worldwide, particularly in
countries with universal healthcare systems.
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Many blockbusters biologic drugs have
reached or are approaching the end of their patent protection. As patents
expire, it opens the door for biosimilar manufacturers to introduce lower-cost
alternatives to the market. This creates a competitive environment, which
ultimately benefits patients and healthcare systems by lowering the cost of
biologic treatments.
Regulatory agencies in various regions,
such as the U.S. FDA, European Medicines Agency (EMA), and the World Health
Organization (WHO), have established clear guidelines and pathways for the
approval of biosimilars. These regulations provide manufacturers with a
well-defined path to market, which encourages investment in biosimilar
development. The global burden of chronic diseases, including cancer,
diabetes, and autoimmune disorders, is on the rise. Biologics have become a
critical part of treatment for many of these conditions. Biosimilars provide a
more affordable option for managing these diseases, increasing access to
treatment for patients worldwide.
The Global Biosimilars Market is segmented into indication,
product and company.
Based on product, the monoclonal antibodies segment has
emerged as the predominant market leader. regulatory agencies such as the U.S.
Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have
established clear guidelines for the approval of biosimilars, including
monoclonal antibodies. These guidelines ensure that biosimilars meet rigorous
standards for safety and efficacy.
Based on region, North America segment is expected to
grow during the forecast period. The high cost of biologics in North
America has pushed the demand for biosimilars as a more cost-effective
alternative. Biosimilars typically offer substantial cost savings, making them
an attractive choice for patients, healthcare providers, and payers.
Major companies operating in Global Biosimilars Market
are:
- Dr. Reddy's Laboratories Ltd.
- Sandoz Group AG
- Coherus Biosciences
- Viatris Inc.
- Bio-Thera Solutions
- Pfizer Inc.
- Apobiologix
- Teva Pharmaceuticals
- Biocon Ltd
- Reliance Life Sciences
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“The global
biosimilars market is being driven by a combination of economic, regulatory,
and demographic factors. The potential to significantly reduce healthcare
costs, coupled with patent expiries, regulatory support, and increasing demand
for biologics, has positioned biosimilars as a critical component of the
pharmaceutical industry. As the market continues to evolve, the focus will be
on expanding access to high-quality, affordable biologic treatments, ultimately
benefiting patients and healthcare systems worldwide.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Biosimilars Market By Indication (oncology,
inflammatory and autoimmune diseases, chronic diseases, blood disorders, growth
hormone deficiency, infectious diseases, and others), By Product (monoclonal
antibodies, insulin, Granulocyte Colony-Stimulating Factor, Erythropoietin,
Recombinant Human Growth Hormone, Etanercept, Follitropin, Teriparatide,
Interferons, anticoagulants, others), By Region, By Competition Forecast & Opportunities, 2019-2029F”, has evaluated
the future growth potential of Global Biosimilars Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Biosimilars Market.
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