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Biosimilars Market Trends

Report ID: GMI3328
Published Date: Jul 2023
Report Format: PDF

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Biosimilars Market Trends

The major trend promoting better market accessibility and competitiveness is the rise in the number of biosimilar products receiving regulatory authority clearance. For instance, in July 2021, the U.S. FDA authorized Glenmark Pharmaceuticals' Ryaltris (olopatadine hydrochloride and mometasone furoate), a biosimilar of Dymista, for the treatment of allergic rhinitis. Similarly, in June 2021, the European Commission authorized the sale of Aybintio (bevacizumab), a biosimilar of Avastin created by Samsung Bioepis. Additionally, the market is witnessing an increase in R&D activities as businesses engage in cutting-edge manufacturing techniques and innovative analytics for the development of biosimilars, which will support industry landscape.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Biosimilars industry size surpassed USD 35 billion in 2022 and is set to expand at 13% CAGR from 2023 to 2032 owing to the high prevalence of chronic diseases globally

Biosimilars market size from the hematology application segment is estimated to generate more than USD 52 billion by the end of 2032 owing to the development of monoclonal antibodies for the treatment of blood diseases.

North America biosimilars industry size is projected to be worth more than USD 26.5 billion by the end of 2032 owing to increasing demand as viable replacements for expensive biologics in addition to the supportive regulatory frameworks in the region.

Some of the prominent enterprises operating in the biosimilars industry are Dr. Reddy’s Laboratories, Sandoz, Coherus Biosciences, Viatris, Bio-Thera Solutions, Pfizer, Apobiologix, Amgen Inc., Teva Pharmaceuticals, Fresenius Kabi, Biocon Ltd., Biocad, Reliance Life Sciences, and Intas Pharma