Biosimilar Market Size Estimated to Reach USD 74.70 Billion by 2030

The Biosimilar Market Size was valued in 2023 at USD 24.86 billion in USD with an estimated growth rate of 17.02% to reach approximately USD 74.70 billion by 2030 due to the need for more affordable options in the healthcare market and patent expirations on large biologics.



Factors & Opportunities Behind Growth of the Market

The conclusion of patents for many blockbuster biologics in the upcoming years is expected to unleash a wave of competition from biosimilar companies offering less expensive alternatives. And such a change leads to lower healthcare expenditure but also better access for patients to treatments they need. Moreover, rising cases of chronic disease including cancer, diabetes, and autoimmune disease are growing the need for cost-effective treatment solutions increasing biosimilars market size. Moreover, conducive regulatory environments in several geographies are helping in accelerating the approval and commercialization of these therapeutics, thereby providing an attractive opportunity for the industry players.

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Segmentation Analysis

On the basis of product type breakdown, the biosimilar market is segmented into:

by Product Type:

Monoclonals Targeting Cancer (mAbs): These specialized biosimilars find extensive application in cancer treatment, autoimmune diseases, and several other maladies.

Insulin Biosimilars: Shift in the diabetic population will elevate demand for insulin biosimilars as they provide cost-effective sub-therapeutic alternatives to existing insulin therapies

Granulocyte Colony-Stimulating Factors (G-CSFs): Used in the treatment of neutropenia in chemotherapy patients to lower the risk of infection.

by Indication:

Oncology: These biosimilars cover a range of cancer treatments and improve patient outcomes while maintaining affordability.

Chronic Diseases: This category includes biosimilars that target chronic conditions such as psoriasis, rheumatoid arthritis, and several other chronic diseases to improve quality of life.

Country-Level Analysis

United States: The biosimilar market in the U.S. has experienced gradual growth, with more and more biosimilars being approved by the FDA. Its focus on reducing costs and encouraging competitiveness has resulted in greater acceptance among health providers and patients. Nevertheless, issues like physician skepticism and patent litigations will still have their impact on the dynamics of the market.

Germany is among the largest biosimilar markets in Europe, characterized by a strong healthcare system and favourable reimbursement mechanisms. This has resulted in a swiftly initiated market uptake of biosimilars in Germany. With a consistent strategy focusing on cost-containment and the efficient delivery of healthcare, the country has turned to the role biosimilars can play in the management of chronic disease.

China's biosimilars market is growing rapidly as the nation relies on its lower cost production capacity and has a high patient population in need of affordable therapies. The market is further driven by the government policies to increase access to healthcare facilities and in-house biosimilar manufacturing.

India: With the growth of its pharmaceutical industry and experience in producing generic drugs, India has entered the biosimilar market. India is poised to be a major player in the global biosimilar landscape, fueled by its low-cost/high-access technologies.

Brazil: Now the second-largest pharmaceutical market in South America, Brazil is on its way to becoming the appropriate market leading the evolution in the global pharmaceutical landscape, with increasing healthcare investments and governmental reforms paving the way for biosimilar adoption, as the country continues to combat the rising burden of chronic diseases.

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Competitor Analysis

The biosimilars market consists of a few major players working towards increasing their market share through various strategies, expansions, and product innovations.

Pfizer's biosimilar portfolio encompasses drugs such as Ruxience (rituximab), a biosimilar with the potential for multiple FDA-approved indications, improving access to medications necessary for patient well-being.

Sandoz (Novartis) — Sandoz is a leader in the biosimilar space with a portfolio of products in numerous indications, including oncology and immunology.

Amgen — In the space of breast cancer treatment—specifically, Kanjinti (trastuzumab)

Biosimilars targeting diabetes and oncology in development by Biocon in collaboration with Mylan are expected to meet unmet medical needs and help gain market access.

Celltrion has been a frontrunner in the biosimilar field, especially with its biosimilars for autoimmune diseases and oncology which have improved treatment accessibility.

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Conclusion

Factors such as patent lapses, growing number of chronic diseases, and the greater demand for affordable healthcare systems drive the boosted growth of the global biosimilar market. In conclusion, biosimilars have the potential significant role in healthcare transformation with flexible regulatory environments and warming acceptance among physicians and patients to provide the necessary access to important therapies globally.

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Adalimumab Biosimilar Market https://www.maximizemarketresearch.com/market-report/global-adalimumab-biosimilar-market/79900/ 

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