Biosimilars Market Growth Accelerated by Increasing Demand for Cost-Effective Drugs

Global Biosimilars Market Size
Global Biosimilars Market Size 



Biosimilars are biopharmaceutical drugs that are similar to an already approved biological drug, known as reference biologic drug or brand-name biologic. Biosimilars help reduce healthcare costs as they can be priced lower than reference biologics. Biosimilars have large-molecule structures that are similar but not identical to approved biological drugs, exhibiting lesser side effects.

 

The global Biosimilars Market is estimated to be valued at US$ 29.4 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand for cost-effective drugs is one of the key trends driving the growth of the biosimilars market. Due to the high costs associated with branded biologics, biosimilars provide an economical alternative with significant cost savings. For example, in the United States, biosimilars have had savings of up to 30% of the reference product's price. This has prompted healthcare systems worldwide to accept biosimilars to reduce drug prices while providing similar therapeutic efficacy. Manufacturers are increasing their production of biosimilars to meet the growing demand from cost-conscious patients and healthcare systems.

Segment Analysis
The biosimilars market is dominated by the monoclonal antibody segment due to rising prevalence of chronic diseases such as cancer and autoimmune disorders. Monoclonal antibodies such as bevacizumab, trastuzumab and rituximab have lost patent protection in several regions and biosimilar versions of these drugs are being increasingly adopted due to their cost effectiveness.

Key Takeaways

Global Biosimilars Market Size is expected to witness high growth over the forecast period 2023 to 2030 supported by patent expiry of major biologics and emergence of new players.

The region of Europe currently dominates the market attributed to supportive regulatory environment and early adoption.

Key players such as Sandoz, Pfizer, Celltrion and Samsung Bioepis are focusing on expanding product portfolios as well as regional footprint in high potential markets of Asia Pacific and Latin America.

 

Explore More Related Article On This Topic: https://www.pressreleasebulletin.com/global-biosimilars-market-share/

 

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