In terms of revenue, the Global Biosimilars Market is expected to reach USD 103.94 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 25.6% from 2022 to 2028. Regulatory licenses and additional regulations favoring biosimilars adoption in various countries is also major are driving factors for Biosimilars Market.
- Under the indication segment Oncology sub-segment is anticipated to dominate the segment for Biosimilars Market and growing at a substantial Compound Annual Growth Rate (CAGR). This is attributed to the availability of biosimilars at a lower price than innovative biologics and a considerable number of cancer patients.
- monoclonal antibodies sub-segment held a market significant share in 2021. This is the fastest segment growing in Biosimilars Market result of wide applications of monoclonal antibodies in the cure of cancer, autoimmune disorders, and osteoporosis, rising incidents of insulin-dependent diabetes worldwide, and increasing demand for cost-effective treatment options.
- Europe is the largest regional segment. This is due to such as the impending patent expiry of biologic products and the introduction of new biosimilars, the rising incidence of chronic disorders, the emergence of new companies, and early entry into the regional market.
Some of key players in Global Biosimilars Market include - F. Hoffmann-La Roche Ltd. (US), Sandoz International GmbH (Switzerland), Dr. Reddy’s Laboratories Ltd. (India), Teva Pharmaceutical Industries Ltd. (Israel), Pfizer Inc. (US), Samsung Bioepis (South Korea), Biocon (India), and Mylan N.V (US)..
The American Journal of Managed Care, states that biosimilars are priced around 20–30% lower than their parent branded counterparts. This leads to both cost-savings and entry to highly efficacious treatments for patients. Biosimilars have less R&D expenses as compared to originator biologics. Lower-priced biosimilars also tend to have a downward impact on the costs of reference biologics through price competition among manufactories.
The clinical and economic benefits related to biosimilars are offering great commitment in the healthcare enterprise. The robust uptake of these medicines across the world can reduce direct spending on biologics by USD 54 billion by the end of 2026. To achieve a competitive benefit in such a growing industry, various drug-makers are joining into strategic partnerships, partnerships, and investments for their development, manufacturing, or commercialization. The associations are striving towards making high-quality, affordable medicines accessible to patients. The partnerships are thus allowing the competing parties to support their capacity to deliver the next-generation drugs and enhance the accessibility of these drugs. This is thus projected to boost the biosimilars market growth during the projected period.
Europe is expected to emerge as potential market for Biosimilars Market. The major factors driving the growth of the market in the region contain the high incidence of chronic conditions, like cancers, along with the elevated investment in research and development activities by the major companies. According to the Globocon 2020, the number of recent cancer cases diagnosed was 2,281,658 in the United States in 2020, with 612,390 casualties.