The Global Biosimilars Market was valued at USD 16.48 Billion in the year 2021 with the Europe region leading the regional market share. One of the main factors driving this market is the expiration of patents of major pharmaceutical drugs and thus the opportunity to develop more biosimilar drugs.
Additionally, Biosimilars are priced way lower than their reference counterparts, with the increasing burden of health expenditure. Biosimilars provide relief to the healthcare infrastructure of several developing countries and are anticipated to impel market growth in the forecast period.
The Asia Pacific is the fastest growing market in the biosimilars market as countries within the region are providing opportunities to grow and sell medicines. The growing initiatives of the government and increasing investment in healthcare are providing rapid growth.
The FDA reported the shortage of drugs during COVID-19 due to a lack of API and disruptions in the supply chain market. The higher rate of competition in the biosimilar market led to the growth of biologics having long-term supplies. A longer time for approvals was occurring due to a delay in the inspection of the manufacturing facility. The delivery of products is also the major concern impacting the market of biosimilars apart from product manufacturing.
Scope of the Report
- The report presents the analysis of Biosimilars Market for the historical period of 2018-2021, estimates for 2022 and the forecast period of 2023-2028.
- The report analyses the Biosimilars Market by Value (USD Million).
- The report analyses the Biosimilars Market by Product Type (Monoclonal antibodies, Filgrastim and Pegfilgrastim, Insulin Others).
- The report analyses the Biosimilars Market by Application (Oncology, Chronic and Autoimmune Diseases, Blood Disorders, Infectious Diseases, Others).
- The Global Biosimilars Market has been analysed By Region (Americas, Europe, Asia Pacific, and MEA).
- The Global Biosimilars Market has been analysed By Country (United States, Canada, Germany, U.K, France, Italy, Spain, China, Japan, India).
- The key insights of the report have been presented through the leading company shares. Also, the attractiveness of the market has been presented by region, by Product Type and by End User.
- Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, and recent developments. The companies analysed in the report include Pfizer, Dr.Reddy's Laboratories, Amgen, Novartis AG, Teva Pharmaceuticals Ltd., Samsung Biologics, Eli lilly and company, Stada Arzneimittel, Celltrion, Biocon Limited.
Key Target Audience
- Biosimilar Companies
- Pharmaceutical and Healthcare Companies
- End Users (Hospitals, Ambulatory Surgical Centres, Research & Laboratories)
- Research and Development (R&D) Organizations
- Government Bodies & Regulating Authorities
- Investment Banks and Equity Firms