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Biosimilars Market Research Report 2023 - Global Forecast To 2028 - Patent Expiries Of Blockbuster Biologics And Research Into New Indications Presents Opportunities

By PR Newswire

PR Newswire
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DUBLIN, July 5, 2023 /PRNewswire/ -- The "Biosimilars Market by Drug Class (Drug Class (Monoclonal Antibodies (Adalimumab, Infliximab, Rituximab, Trastuzumab), Insulin, Erythropoietin, Anticoagulants. rhGH), Indication, Region - Global Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The global biosimilars market size is projected to reach USD 66.9 billion by 2028 from USD 29.4 billion in 2023, at a CAGR of 17.8%

Factors such as regulatory approvals, favorable reimbursement policies, and rising demand for cost-effective biosimilars is driving the market growth.

The monoclonal antibodies product segment accounted for the highest growth rate in the biosimilars market, by drug class, during the forecast period

In 2022, the monoclonal antibodies product segment accounted for the largest share of the biosimilars market, mainly due to the low prices of biosimilar monoclonal antibodies compared to the reference drugs and increased adoption of labs in the treatment of cancer, autoimmune disorders, and osteoporosis.

The growth of the fastest-growing segment was attributed to the rising incidence of cancer and chronic diseases globally. Increased approval for interchangeability insulin is likely to have a positive impact on the market.

The oncology segment accounted for the largest share of the indication segment in 2022

Based on the indication, the biosimilars market is segmented into oncology, inflammatory and autoimmune diseases, chronic diseases, blood disorders, growth hormone deficiency, infectious diseases, and other indications. Rising demand for cancer drugs and growth hormones across various regions is propelling the market's growth.

Asia Pacific region is likely to grow at a faster pace

The biosimilars market is segmented into Europe, Asia Pacific, North America, Latin America, and Middle East, and Africa. The APAC market is expected to be the fastest-growing regional segment during the forecast period due to numerous emerging players, less-stringent government regulations, and increasing cooperation among leading and regional players for the development, manufacturing and commercialization of biosimilars.

Competitive landscape

In-depth assessment of market shares, growth strategies, and service offerings of leading players like Novartis AG (Switzerland), Pfizer Inc. (US), Dr. Reddy's Laboratories Ltd. (India), F. Hoffmann-La Roche Ltd (Switzerland), Eli Lilly & Company (US), Amgen Inc. (US) and among others in the biosimilars market.

Premium Insights

  • Rising Incidence of Chronic Diseases to Drive Market Growth
  • Monoclonal Antibodies and UU to Dominate North American Market
  • Asia-Pacific to Register Highest Growth Over Forecast Period

Market Dynamics

Drivers

  • Increasing Demand for Biosimilars
  • Launch of Novel Biosimilars
  • Rising Geriatric Population and Chronic Disease Incidence
  • Abbreviated Regulatory Approval Process and Interchangeability

Restraints

  • Complexities in Manufacturing

Opportunities

  • Emerging Markets
  • Patent Expiries of Blockbuster Biologics and Research into New Indications

Challenges

  • High Competition and Regulatory Challenges

Company Profiles

Key Market Players

  • Novartis Ag
  • Pfizer Inc.
  • Amgen Inc.
  • Dr. Reddy's Laboratories Ltd.
  • Eli Lilly and Company
  • Teva Pharmaceutical Industries
  • Fresenius Kabi Ag
  • Stada Arzneimittel Ag
  • Boehringer Ingelheim International GmbH
  • F. Hoffmann-La Roche Ltd
  • Celltrion Healthcare Co. Ltd.
  • Samsung Biologics
  • Coherus Biosciences
  • Biocon
  • Amega Biotech
  • Apotex Inc.
  • Biocad
  • Mabxience
  • Probiomed
  • Fujifilm Kyowa Kirin Biologics Co. Ltd.
  • Intas Pharmaceuticals Ltd.
  • Reliance Life Sciences
  • Kashiv Biosciences, LLC
  • Usv Private Limited
  • Amneal Pharmaceuticals, Inc.

Other Players

  • Formycon Ag
  • Polpharma Biologics Group
  • Amphastar Pharmaceuticals, Inc.
  • Alvotech
  • Ucb Sa

For more information about this report visit https://www.researchandmarkets.com/r/ag5m3e

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SOURCE Research and Markets

First published on Thu, Jul 6, 2023

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