New York, United States, Jan. 23, 2025 (GLOBE NEWSWIRE) — Biosimilars, also known as follow-on biologics, are made by a different business but look and work much like the original medicine. Biosimilars have found utility in the treatment of a wide range of acute and chronic medical conditions. One application of biosimilars is the recording of brain electrical activity. Biotherapeutic products that are extremely comparable to reference biologic drugs are known as biosimilars or follow-on biologics. Its chemical structure is intricate, and it contains cells or other living things.
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Market Dynamics
Increasing Prevalence of Chronic Diseases Drives the Global Market
Cancer is widely recognized as a significant contributor to sickness, with profound social and economic consequences for individuals. According to the 2018 data released by the World Health Organization (WHO), cancer was responsible for more than 9.6 million deaths worldwide. According to the same source, around 1 in 6 deaths are attributed to cancer. The direct health system expenses of cancer are anticipated to exceed USD 4.5 billion. This led to an augmentation of investments from multiple nations.
Moreover, Australia enhanced its cancer research and associated efforts through the utilization of USD 252 million in funding between 2016 and 2018. In December 2019, the United States government augmented its expenditure on medical research by USD 2.6 billion. The government allocated an additional USD 296 million for cancer research funding. Such factors propel market growth.
Cost-Effectiveness of Biosimilar Drugs Creates Tremendous Opportunities
The exponential expansion of the biotechnology sector has generated a need for secure and economically viable pharmaceuticals to reduce the current healthcare expenses. Biosimilars are less expensive than the medications produced by the original manufacturers due to cost-efficient production methods. Multiple studies suggest that biosimilars, which are derived from living organisms, are cost-effective. Biosimilars have demonstrated a marginally reduced or nearly equivalent efficacy compared to their corresponding reference biopharmaceuticals. This is expected to create opportunities for market growth over the forecast period.
Regional Analysis
Europe is the most significant global biosimilars market shareholder and is estimated to exhibit a CAGR of 13.5% during the forecast period. Europe has had the greatest market share due to the presence of a well-defined regulatory environment for biosimilars and significant biopharmaceutical companies such as Johnson & Johnson, Novartis, AstraZeneca, Pfizer, Merck, Sanofi, and GlaxoSmithKline. Moreover, a well-developed healthcare infrastructure and increasing product launches have supported regional market expansion. Since the first biosimilar drug was licensed in Europe in 2006, the area has been at the forefront of biosimilar regulation. Over the last ten years, the area has approved the most biosimilars worldwide.
Similarly, Celltrion and Teva Pharmaceuticals’ biosimilar Truxima (rituximab-abbs) was approved in Europe in 2017 and introduced in the United States in 2019. Truxima was used by more than 60% of the people in Europe. The EU has set the benchmark for biosimilar pharmaceutical legislation by creating a strong global framework for their approval and influencing biosimilar development.
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Key Highlights
- The global biosimilars market size was valued at USD 28.70 billion in 2024 and is projected to reach from USD 33.16 billion in 2025 to USD 121.88 billion by 2033, growing at a CAGR of 15.56% during the forecast period (2025-2033).
- Based on product, the global biosimilar market is divided into recombinant non-glycosylated proteins and recombinant glycosylated proteins. The recombinant non-glycosylated proteins segment dominates the global market and is anticipated to exhibit a CAGR of 18.7% during the forecast period.
- Based on application, the global biosimilars market is segmented into oncology, growth hormonal deficiency, blood disorders, rheumatoid arthritis, and chronic and autoimmune disorders.The chronic and autoimmune disorders segment owns the highest market share and is estimated to grow at a CAGR of 19.7% during the forecast period.
- Based on manufacturing type, the global biosimilars market is segmented into in-house manufacturing and contract manufacturing. The in-house manufacturing segment dominates the global market and is anticipated to exhibit a CAGR of 18.8% during the forecast period.
- Europe is the most significant global biosimilars market shareholder and is estimated to exhibit a CAGR of 13.5% during the forecast period.
Competitive Players
- Pfizer Inc.
- Novartis AG
- Biocon Ltd.
- TEVA Pharmaceutical Industries Ltd.
- Celltrion Pharma
- Amgen Inc.
- Biocon
- Mylan N.V.
- Dr. Reddy’s Laboratories Ltd.
Recent Developments
- In June 2023, Bio-Thera Solutions obtained approval from the Food and Drug Administration for Avzivi (bevacizumab-tnjn), a biosimilar version of Avastin.
Segmentation
By Product
- Recombinant Non-Glycosylated Proteins
- Recombinant Glycosylated Proteins
By Applications
- Oncology
- Blood Disorder
- Growth Hormonal Disorders
- Rheumatoid Arthritis
- Chronic and Autoimmune Diseases
By Manufacturing Type
- In-house manufacturing
- Contract Manufacturing
By Regions
- North America
- Europe
- Asia Pacific
- Middle East And Africa
- Latin America
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