According to our new research study on “Biosimilars Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Disease Indication, Drug Class, Route of Administration, and End User,” the biosimilars market is expected to grow from US$ 18,435.89 million in 2021 to US$ 136,069.53 million by 2028; it is estimated to record a CAGR of 34.8% during 2021–2028.
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Top Companies Analysis-
Biocon Ltd, Sanofi-Aventis, Celltrion Inc., Amgen Inc., Pfizer Inc., Samsung Bioepis, Sanofi SA, Coherus BioSciences Inc, Dr. Reddy’s Laboratories Ltd, Eli Lilly and Co, Sandoz AG, and Teva Pharmaceutical Industries Ltd. are a few prominent players operating in the biosimilars market.
The report highlights the trends prevailing in the market, along with market drivers and deterrents. Factors driving the biosimilars market growth are the increasing prevalence of chronic diseases and cost effectiveness of biosimilars drugs. However, high-cost involvement and complexities in biosimilars product manufacturing hinder the market growth.
Based on drug class, the global biosimilars market is segmented into granulocyte colony-stimulating factors, human growth hormone, insulin, TNF blockers and monoclonal antibodies, erythropoietin-stimulating agents, and others (osteoporosis, etc). In 2022, the insulin segment held the largest share of the biosimilar market. Moreover, the same segment is expected to register the highest CAGR during 2022–2028.
Companies are launching new and innovative products and services to sustain their position in the biosimilars market. This is boosting the market growth. In February 2020, Pfizer Inc. announced that the FDA had accepted for review the Prior Approval Supplement (PAS) to the Biologics License Application (BLA) for ABRILADA (adalimumab-afzb) as an interchangeable Biosimilars to Humira (adalimumab). The Biosimilars User Fee Act (BsUFA) goal date for an FDA decision is in Q4 2022.
The increasing prevalence of type 1 and 2 diabetes and the high costs of insulin drugs are driving the biosimilars market growth for the insulin segment. Furthermore, growing initiatives by the key market players are promoting the market growth for the segment. In July 2021, FDA approved the first interchangeable biosimilars insulin product, Semglee, for diabetes treatment, which will help increase access to low-cost insulin for diabetic patients. Semglee is biosimilars and interchangeable to its reference product Lantus, a long-acting insulin analog.
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