The global biosimilar and biologics market is anticipated to witness significant expansion, with market size expected to grow from USD 520.9 billion in 2024 to an impressive USD 1,060.7 billion by 2034. This represents a compound annual growth rate (CAGR) of 7.6% over the forecast period, driven by the increasing demand for cost-effective biologic therapies and the rising prevalence of chronic diseases.
Biosimilars, which are nearly identical versions of already-approved biologics, are gaining traction due to their potential to lower healthcare costs while providing the same therapeutic benefits. As patents for several major biologic drugs expire, the adoption of biosimilars is accelerating, offering more affordable treatment options for conditions like cancer, autoimmune disorders, and diabetes.
The biologics segment continues to play a critical role in the development of advanced therapies, including monoclonal antibodies, vaccines, and cell-based therapies, all of which are crucial for treating complex diseases.
The worldwide biosimilars and biologics market is thoroughly examined in FMI’s extensive business research, which provides a volumetric analysis of production, consumption, value, and historical trends. The market is divided into divisions by the study according to demand trends, development potential, geographic locations, and major players. This helps both existing and new market participants get important insights.
In a world characterized by dynamic challenges, the Biosimilars and Biologics market report from FMI emerges as an indispensable tool. It equips industry stakeholders with crucial information and forecast statistics, empowering them to formulate robust, long-term strategies. This strategic foresight is especially vital in navigating uncertainties, ensuring business continuity, and mitigating risks, such as those posed by the ongoing COVID-19 pandemic.
COVID-19 Impact Analysis on Biosimilars And Biologics Market
The recent outbreak of COVID-19 has turned the spotlight on the healthcare industry and subsequently impacted the Biosimilars and Biologics market. Severe shortages of critical medical supplies and a rapid rise in several COVID-19 cases have resulted in a revolution rather than an evolution in the healthcare ecosystems. Consequently, the impact is noticeable in the Global Biosimilars And Biologics Industry.
Following government measures, particularly social distancing norms and stay-at-home orders, doctors are delaying or postponing elective surgeries unless critical to prevent the spread of the virus to individuals with comorbidities or chronic conditions. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for market players, leading to severe product shortages in the global marketplace.
The FMI’s report includes an interesting chapter on the preliminary impact of COVID-19 on the Global Biosimilars And Biologics Industry. This allows both leading and emerging market players to understand the market scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge.
Biosimilars And Biologics Market: Segmentation
Valuable information covered in the FMI’s Global Biosimilars And Biologics Industry report has been segregated into key segments and sub-segments.
By Product Class:
- Epoetins
- Filgrastims
- Insulins
- Growth Hormones
- Alfa Interferons
- Monoclonal Antibodies
- Beta Interferons
- Follitropins
- Low-molecular-weight Heparins (LMWH).
By Application:
Biosimilars And Biologics Market: Competition Analysis
The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the Global Biosimilars And Biologics Industry. Competitive information detailed in the Biosimilars and Biologics market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Global Biosimilars And Biologics Industry report.
Key players covered in the report include:
- Pfizer Inc. (AC. Hospira)
- Sandoz International GmbH
- Teva Pharmaceutical Industries Ltd.
- Reddy’s Laboratories
- Biocon Limited
Key Offerings of the Report
- Growth Drivers and Opportunities: Comprehensive analysis of growth-driving factors and opportunities for market players in different regional markets
- Recent Trends and Forecasts: Detailed assessment of the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
- Segmental Analysis: Extensive analysis of each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
- Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with the necessary information to make critical decisions
- Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Biosimilars and Biologics market
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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