Biosimilars are biologic medical products that are highly similar to the reference biologic medicines. Biosimilars offer advantages such as enhanced access to biologic treatment for patients and cost savings for healthcare systems compared to their reference biologics, which are usually more expensive. Biosimilars provide effective treatment options for various chronic diseases including cancer, autoimmune disorders and other therapeutic areas.

The global Biosimilars Market is estimated to be valued at US$ 33.87 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increased demand for biosimilars for cost effective treatment of chronic diseases is a major trend fueling growth of the biosimilars market. Biosimilars are considered a cost-effective alternative for branded biologics and their adoption helps in reducing healthcare expenditures. According to the World Health Organization, widespread use of biosimilars could save up to $250 billion globally in the period between 2017 to 2026. With increasing prevalence of chronic diseases and rising healthcare costs, biosimilars provide a viable treatment option for patients. Growing prevalence of diseases such as cancer and diabetes along with increasing geriatric population are driving demand for more affordable biosimilars globally.

Segment Analysis

The global biosimilars market is dominated by the oncology segment which held nearly 35% share in 2021. Biosimilar drugs for cancer treatment including breast cancer, lung cancer and leukemia are major contributors to the segment's large market share. These drugs offer comparable efficacy and safety as the reference product at a much lower cost thus increasing affordability and accessibility of cancer treatment.

Key Takeaways

The Global Biosimilars Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 67.42 Mn by 2031 from US$ 33.87 Mn in 2024, expanding at a CAGR of 5.9%.

Regional analysis

Europe currently dominates the global biosimilars market with over 40% share in 2021. Presence of supportive regulations and higher acceptance of biosimilar drugs among physicians and patients have led to rapid adoption of biosimilars in countries like Germany, UK, France and Italy. In addition, presence of major biosimilars manufacturers in the region has further contributed to its large market share.

Key players

Key players operating in the biosimilars market are U.S. Environmental Protection Agency (EPA), European Chemicals Agency (ECHA), Food and Drug Administration (FDA), Ministry of Environment, Forest and Climate Change (India), National Health Commission (China), Canadian Food Inspection Agency (CFIA), National Institute for Health and Welfare (THL) (Finland), Federal Institute for Risk Assessment (BfR) (Germany), National Institute of Food and Drug Safety Evaluation (KFDA) (South Korea), Ministry of Ecology and Environment (China), Environment Agency (United Kingdom), Ministry of Health, Labour and Welfare (Japan), Australian Government Department of Agriculture, Water and the Environment, Health Canada, Ministry of Health (Brazil).

Get More Insights Here

https://www.pressreleasebulletin.com/biosimilars-market-size-share-growth-outlook-2023/

https://coolbio.org/virtual-reality-is-changing-the-face-of-gaming-industry/