Fort Collins, Colorado, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Biosimilars Market size was valued at USD 27.7 Billion in 2022 and is expected to have a market size of USD 143.7 Billion by 2032 with a CAGR of 18.1%.
The market is growing rapidly due to the increasing prevalence of chronic diseases. Additionally, biosimilars are in high demand due to drugs losing their patents, cost-effectiveness, and government efforts to reduce healthcare expenses.
Biosimilars, approved by The Food and Drug Administration, are biologic products identical to reference products. They offer significant cost savings compared to original biological drugs. This makes them a preferred choice for treating several acute and chronic diseases, leading to market growth.
Over half of the American population has at least one chronic disease, which is expected to increase by 69% by 2024. Biosimilars are gaining popularity due to the rising prevalence of chronic diseases and recent regulatory clearance in several countries. The adoption of biosimilars is expected to increase in the coming years due to regulatory reforms in countries like the United States, China, and Japan. The market for biosimilars is expected to grow, providing growth opportunities for market players.
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Segmentation Overview:
The global biosimilars market has been segmented into drug class, indication, and region. Monoclonal antibodies are widely accepted and recognized among healthcare professionals and treat several diseases, including cancer, rheumatoid arthritis, cardiovascular diseases, and multiple sclerosis. Due to their effectiveness and safety, they dominate the biosimilar market globally and are expected to continue growing. The oncology segment, which accounts for the largest segment, has benefited from the availability of biosimilars that have reduced costs and improved access to cancer therapy.
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Biosimilars Market Report Highlights:
- The global biosimilars market growth is anticipated at a CAGR of 18.1% by 2032.
- The global biosimilar market is growing due to an increase in cancer prevalence.
- The North American market is expanding, but payment restrictions and formulary structure hinder patient access to unbranded biosimilar insulin therapies. Removing these barriers will provide patients with less expensive treatments.
- Some prominent players in the biosimilars market report include Pfizer Inc., Abbott, GlaxoSmithKline plc, Novartis AG, Merck-Myers Squibb Company, Johnson & Johnson Services, Sanofi, Bayer AG, Astellas Pharma Inc., and Baxter International.
Industry Trends and Insights:
- Astellas Pharma received a positive opinion from EMA for VEOZA™ to treat vasomotor symptoms associated with menopause.
- Bristol Myers Squibb reported three-year follow-up results from the Phase 3 CheckMate -816 trial for neoadjuvant non-small cell lung cancer treatment with Opdivo and platinum-based chemotherapy.
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Biosimilars Market Segmentation:
- By Drug Class: Monoclonal Antibodies, Insulin, Granulocyte Colony-Stimulating Factor, Erythropoietin, Recombinant Human Growth Hormone, Etanercept, Follitropin, Tetriparatide, Interferons, Anticoagulants, Others
- By Indication: Chronic Diseases, Inflammatory & Autoimmune Disorders, Oncology, Blood Disorders, Growth Hormone Deficiency, Infectious Diseases, Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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