The global biosimilars market is expected to grow at an exponential rate through 2030 due to increasing demand for biosimilar drugs for saving costs at healthcare facilities.

Recently, key players have been increasingly collaborating with competitors to enhance their business standing, which has improved overall market dynamics. For instance, in February 2022, Biocon Biologics Ltd. (BBL), a Biocon subsidiary, inked an agreement to acquire Viatris Inc.’s biosimilars business in a $3.35 billion deal.

With the acquisition, Biocon Biologics aimed to offer one of the sector’s largest and most comprehensive portfolios of commercialized biosimilars with the addition of a variety of commercially available insulins, immunology & oncology biosimilars, and several other biosimilar assets.

The biosimilars market has been bifurcated in terms of product, application, manufacturer, technology, and region.

Based on product, the industry has been divided into recombinant glycosylated proteins and recombinant non-glycosylated proteins. The human growth hormone segment of the recombinant non-glycosylated proteins registered a substantial market valuation of around $2800 million and is slated to expand at a robust CAGR of approximately 15.4% over the review timeline owing to increased biosimilar demand globally.

With respect to application, the biosimilars market has been classified into hematology, oncology, autoimmune disease, growth hormone deficiency, diabetes, and others. The diabetes segment accounted for more than 14.2% of the application market share and is projected to exhibit a positive CAGR of nearly 15.2% over the forecast period attributed to surging prevalence of the disease among the global population.

With regards to manufacturer, the market has been categorized into contract research and manufacturing services and in-house. In 2021, the biosimilars market share from the contract research and manufacturing services segment was worth over $6,900 million and is set to showcase robust growth through 2030. The biosimilars industry’s top players manufacture their products in the warehouses they own, which has resulted in the in-house category contributing to over three-fourths of the market size in 2021.

Based on technology, the biosimilars industry has been divided into recombinant DNA technology (rDNA technology) and monoclonal antibodies (MAb) technology. The MAb technology is the most recent and cutting-edge method of producing biosimilars, and as a result, it is foreseen to experience a CAGR of around 13.9% over the forthcoming years.

From the regional standpoint, the North America biosimilars market accounted for more than 28% of the overall industry revenue in 2021 and is set to witness considerable growth through the forecast period pertaining to mounting FDA approvals of biosimilar drugs in the North American region.