Biosimilars are bio-therapeutic products with high similarities to biological drugs. These therapeutics are developed using living organisms or cells and exhibit complex molecular structures. With rapid healthcare developments, Biosimilars are swiftly gaining momentum to address chronic diseases like diabetes, cancer, anemia, and growth hormone deficiency and are becoming globally available. Furthermore, since biosimilars drugs are like the replications of biologics, they are affordable and attract a larger patient pool for various treatments.
The Global Biosimilars Market is projected to grow at a CAGR of around 17% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven primarily by the growing prevalence of chronic diseases across different corners of the world and the mounting demand for effective & safe medications for their treatments. However, since the treatment cost of various illnesses like cancer is high and restrains numerous patients due to affordability issues, the demand for cost-effective alternatives with similar treatment effects like biologics is rising rapidly and stimulating the growth of the Global Biosimilars Market.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Rest of Latin America|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, Japan, India, South East Asia, Rest of Asia Pacific|
|Middle East & Africa: GCC, South Africa, Rest of Middle East and Africa|
|Key Companies Profiled||Amgen Inc., Biocon, Biogen Inc., Celltrion, Dr. Reddy’s Laboratories Ltd, Eli Lilly and Company, F. Hoffmann-La Roche AG, Merck & Co., Inc., Novartis International AG, Pfizer Inc., Samsung Bioepis, Others|
|Unit Denominations||USD Million/Billion|
Besides, governments of different countries are actively participating in the industry through massive expenditure as well as research & development activities for innovations in biosimilar medications to cater to the unmet patient needs for various treatments. In addition, the growing emphasis of the governments on cost-effective drug synthesis to attract a massive patient pool is also contributing to the market expansion.
Furthermore, favorable policies for the development & clinical trials of biosimilars entwined with increasing inclination toward developing new, enhanced, efficient, safe, and affordable therapeutics are also boosting the market, especially across countries like Germany, the UK, France, the US, China, Japan, & India, among others.
Several pharmaceutical companies are undergoing mergers, acquisitions, and collaborations while introducing an extensive range of biosimilars to gain leadership in consumer retention & expand their existing product portfolios.
Nevertheless, regulatory associations like European Medicines Agency, US Food & Drug Administration (FDA), & China Food & Drug Administration have different standards for maintaining the safety profile & effectiveness of biosimilars. As a result, the process of drug approval often becomes time-consuming & lengthy, and it might act as a growth restraint for the Global Biosimilars Market.