Global Biosimilars Market is valued at approximately USD 15.60 Billion in 2021 and is anticipated to grow with a healthy growth rate of more than 23.5% over the forecast period 2022-2028. A biosimilar is a biologic medical item that is a homogenous copy of an original item, which is produced by a further organization. Biosimilars are legitimately permitted varieties of original innovator products and can be produced when the original product’s patent expires. The increasing geriatric population and the growing prevalence of chronic diseases, escalating demand for biosimilar drugs owing to its cost-effectiveness, as well as abbreviated regulatory approval process and concept of interchangeability are the chief driving factors for the market demand across the globe. For instance, Biocon Biologics in partnership with Viatris, Inc. received the approval of the FDA In July 2021 for the world’s first interchangeable biosimilar SEMGLEE (insulin glargine-yfgn injection) that is used for the treatment of diabetes. However, complexities in manufacturing impede the growth of the market over the forecast period of 2022-2028. Also, increasing investment in the research for the introduction of new indications is anticipated to act as a catalyzing factor for the market demand during the forecast period.
The key regions considered for the global Biosimilars market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Europe is the leading region across the world in terms of market share owing to the growing incidence of chronic disorders and the introduction of new biosimilars. Whereas, Asia-Pacific is also anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the increasing population, as well as the emergence of new players and early entry into the market, would create lucrative growth prospects for the Biosimilars market across the Asia-Pacific region.
Major market players included in this report are:
Intas Pharmaceuticals Ltd.
Reliance Life Sciences
Dr. Reddy’s Laboratories Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Granulocyte Colony-Stimulating Factor
Recombinant Human Growth Hormone
Inflammatory & Autoimmune Disorders
Growth Hormone Deficiency
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019,2020
Base year – 2021
Forecast period – 2022 to 2028
Target Audience of the Global Biosimilars Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers