The global biosimilars market size is expected to reach USD 76.2 billion by 2030, registering a CAGR of 15.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of this market can be attributed to their cost effectiveness for both patients & manufacturers and the increasing prevalence of chronic & non-communicable diseases, such as cancer and anemia. According to the World Health Organizationestimates, 40% of children below five years of age, and 30% of women between the age group of 15 and 49 years are suffering from anemia. Moreover, biosimilar drugs offer almost similar results and are considered a more affordable alternative to their reference biologics.
Since they are almost similar, the producers of biologics also have to lower their prices to compete with biosimilars, which reduce the cost of the overall treatment. For instance, a report published by Biosimilars Forum in April 2021 suggests that increasing competition from biosimilars has resulted in lowering the prices of biologics by an average of 56% to up to 150%. Furthermore, biologics have patents to protect them from competing with biosimilars. These patents restrict the production of biosimilars for a period of 8 to 20 years depending on the regulations in different countries. However, patents of many lifesaving biologics are expected to expire during the forecast period, which can boost growth.
According to an article by Congressional Budget Office published in April 2021, the U.S. Food and Drugs Administration (FDA) had approved 29 biosimilar drugs by 2020, and some of them were yet to be introduced in the market. Furthermore, an article by Generics and Biosimilars Initiative suggests, the entry of Amgen’s biosimilar Soliris was delayed till 2025. The outbreak of the COVID-19 pandemic had a negative impact on the global market. Since the supply chains of different products including pharmaceuticals were disrupted and most of the sources were dedicated to fighting COVID-19, the production of biosimilars experienced a shortage of raw materials.
For instance, according to a report published by Johns Hopkins Bloomberg School of Public Health, as a result of the lockdown, a shortage was observed in the supply of Active Pharmaceutical Ingredient (API), which is an important raw material used in producing drugs. These shortages directly affected the production and supply of biosimilars and other drugs during the pandemic. However, due to the increasing demand, several market players are significantly investing in the research & development of biosimilars, which can further add to the market growth. For instance, a key player offering advanced biotechnology solutions, Amgen Inc., has invested USD 2 billion in the development of 10 biosimilar medicines.
Request a free sample copy or view report summary: Biosimilars Market Report
Based on product, the recombinant non-glycosylated proteins segment accounted for the largest revenue share of 54.9% in 2022 due to a rise in the regulatory approvals for biosimilars from different governments
On the other hand, the recombinant glycosylated proteins segment is expected to grow at the fastest CAGR of 14.9% during the forecast period as the patents of several lifesaving biologics are expected to expire soon
The chronic and autoimmune disorders application segment accounted for the largest revenue share in 2022owing to the rising prevalence of these diseases
The oncology segment is expected to register the fastest CAGR of 17.0% during the forecast period due to the increasing prevalence of cancer and upcoming patent expiration for important biologics
In 2022, North America dominated the market with a share of 40.4% owing to the presence of several key players. On the other hand, Asia Pacific is anticipated to be the fastest-growing region at a CAGR of 18.4% over the forecast period due to new product launches and increasing healthcare expenditure
Grand View Research has segmented the global biosimilars market based on product, application, and region:
Biosimilars Product Outlook (Revenue, USD Billion, 2018 - 2030)
Recombinant Non-glycosylated Proteins
Recombinant Glycosylated Proteins
Biosimilars Application Outlook (Revenue, USD Billion, 2018 - 2030)
Growth Hormonal Deficiency
Chronic and Autoimmune Disorders
Biosimilars Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Middle East & Africa
List of Key Players of Biosimilars Market
F Hoffman-La Roche Ltd.
Sandoz International GmbH
Dr. Reddy’s Laboratories Ltd.
Teva Pharmaceutical Industries Ltd.
Celltrion Healthcare Co.,Ltd.
GET A FREE SAMPLE
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
"The quality of research they have done for us has been excellent..."