Chicago, July 26, 2022 (GLOBE NEWSWIRE) — The biosimilars market size is expected to reach USD 44.7 billion by 2026, from USD 15.6 billion in 2021, growing at a CAGR of 23.5% during the forecast period 2021 to 2026, according to a new report. MarketsandMarkets™ report. Growth is largely driven by the increasing incidence of chronic diseases and the growing demand for biosimilars for their cost-effectiveness. Regulatory approvals and other regulations favoring the adoption of biosimilars in different countries are also a major driving factor in the biosimilars market. However, the complexity of developing and manufacturing biosimilars and resistance from reference biologics manufacturers are expected to restrain the growth of this market during the forecast period.
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Based on product, the biosimilars market is segmented into monoclonal antibodies; insulin; granulocyte colony stimulating factor; Erythropoietin; Recombinant Human Growth Hormone; etanercept; Follitropin; teriparatide; interferons; enoxaparin sodium; Glucagon and calcitonin. Monoclonal antibodies accounted for a share of approximately 27%. Monoclonal Antibodies and Insulin are considered as the leading segments with respect to the growth rate during the forecast period owing to the wide applications of monoclonal antibodies in the treatment of cancer, autoimmune diseases and osteoporosis, and the increase in incidents of insulin-dependent diabetes worldwide and the increased demand for cost-effective treatment options.
According to 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 (sterility, hypoglycemia, myocardial infarction, postmenopausal osteoporosis, chronic renal failure and ophthalmic diseases). Of all these segments, oncology accounted for the largest market share in 2020. Cancer is a major burden on healthcare systems across the globe. The availability of biosimilars in the field of oncology has lowered prices and made cancer treatment more affordable and accessible. Combined with the rising incidence of cancer, the demand for biosimilars used in oncology treatments is expected to register the highest CAGR during the forecast period.
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Geographic growth scenario:
Based on region, the biosimilars market is broadly segmented into Europe, Asia-Pacific, North America, Latin America, and Middle East & Africa. Europe is the largest regional market for biosimilars, with an estimated share of around 38% in 2020; Asia-Pacific is the second regional market with a share of around 30%. The growth of these markets is mainly driven by several factors, such as the imminent expiry of biologics patents and the launch of new biosimilars, the increasing incidence of chronic diseases, the emergence of new players and the early entry into the market. However, the Asia-Pacific market is expected to register the highest growth over the forecast period owing to the presence of numerous emerging players, less stringent regulations and growing cooperation among key regional players for development, manufacturing and marketing of biosimilars.
Key biosimilars market players include:
Novartis AG (Switzerland), Pfizer, Inc. (USA), Dr. Reddy’s Laboratories Ltd. (India), Amgen, Inc. (USA) and Eli Lilly and Company (USA).
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