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How Will the CAGR of the Biosimilars Market Influence Its Overall Growth by 2034?

The biosimilars market has expanded rapidly in recent years. It is anticipated to grow from $18.65 billion in 2024 to $21.95 billion in 2025 at a CAGR of 17.7%. Past growth factors include a rising prevalence of cancer, strong economic growth in emerging markets, increased pharmaceutical R&D spending, higher healthcare expenditure, government initiatives, an expanding drug pipeline, the affordability of biosimilars, and an increase in patent expirations.

The biosimilars market is projected to grow to $42.16 billion by 2029 with a CAGR of 17.7%. Growth drivers include the increasing prevalence of cancer, demand for prophylaxis with granulocyte colony-stimulating factor (G-CSF), rising healthcare expenditure, potential in emerging economies, technological advances, high penetration of biological drugs, an aging population, and improved healthcare access. Key trends include robust R&D for innovative drugs, mergers and acquisitions, strategic partnerships, increased investments, and AI utilization.

What Combination of Drivers Is Leading to Accelerated Growth in the biosimilars Market?

The increasing prevalence of chronic diseases like arthritis, asthma, and cancer is also fueling the biosimilars market. Biosimilars, which are used to treat these diseases by boosting immune responses or improving therapeutic outcomes, are in growing demand. With chronic diseases expected to account for a larger proportion of global deaths by 2030, the need for effective treatments, such as biosimilars, will continue to expand.

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Who Are the Leading Companies Pioneering Change in the Biosimilars Market?

Major companies operating in the biosimilars market include:

• Amgen_x000D_

• Novartis AG_x000D_

• Samsung Bioepis Co._x000D_

• Ltd._x000D_

• Viatris_x000D_

What Are the Most Significant Trends Transforming the Biosimilars Market Today?

Key players in the biosimilars market are prioritizing innovative product development to maintain a competitive advantage. AMJEVITA stands as the first US biosimilar to Humira, a drug widely used by over a million patients with severe inflammatory conditions. For instance, in January 2023, Amgen Inc., a biotechnology company based in the US, introduced AMJEVITA (adalimumab-atto), a biosimilar to Humira (adalimumab), in the US. AMJEVITA (40 mg) is offered at a wholesale acquisition cost (WAC) that is 55% lower than the current Humira price, with an alternative list price set at 5% below Humira’s current price.

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Which Market Segments Are Driving Strategic Growth and Trends in the Biosimilars Market?

The biosimilars market covered in this report is segmented –

1) By Type: Monoclonal Antibodies, Insulin, Erythropoietin, Granulocyte-Colony Stimulating Factor, Other Hormones, Others

2) By Product: Recombinant Non-glycosylated Proteins, Recombinant Glycosylated Proteins

3) By Application: Oncology, Chronic And Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, Other Applications

Subsegments:

1) By Monoclonal Antibodies: IgG Biosimilars, Non-IgG Biosimilars

2) By Insulin: Rapid-Acting Insulin Biosimilars, Long-Acting Insulin Biosimilars, Premixed Insulin Biosimilars

3) By Erythropoietin: Epoetin Alfa Biosimilars, Darbepoetin Alfa Biosimilars

4) By Granulocyte-Colony Stimulating Factor (G-CSF): Filgrastim Biosimilars, Pegfilgrastim Biosimilars

5) By Other Hormones: Growth Hormones, Hormonal Replacement Therapy Biosimilars

6) By Others: Enzyme Biosimilars, Vaccines, Other Biologics

Which Regions Are Leading the Charge in Biosimilars Market Development?

North America was the largest region in the global biosimilars market in 2024. Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in the biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

How Is the Definition of the Biosimilars Market Impacting Future Growth?

Biosimilars are medications made from living things, though they can be made in a variety of ways and with slightly different materials. Due to the intricacy and high cost of their creation, as well as their molecular size and structure, biosimilars are fundamentally distinct from generic drugs.

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