The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s biosimilars market report forecasts the biosimilars market size to grow to $47.82 Billion by 2027, with a CAGR (compound annual growth rate) of more than 19%.

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Biosimilars Market Size Forecast
The global biosimilars market is expected to grow from $19.1 billion in 2022 to $23.28 billion in 2023 at a compound annual growth rate (CAGR) of 21.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The biosimilars market is expected to grow from $47.82 billion in 2027 at a CAGR of 19.7%.

North America held the largest biosimilars market share, and Middle East was the fastest-growing region in 2022.

Key Biosimilars Market Driver ­– Rise In The Prevalence Of Chronic Diseases
According to a United Nations article, by 2030 the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. The global burden of chronic disease is expected to reach about 60%. Therefore, the rise in the prevalence of chronic diseases is projected to propel the demand for biosimilars, thus driving the biosimilars market.

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Key Biosimilars Market Trend – Creating Production Of New Insulin Biosimilars
The key players operating in the biosimilars market are investing in creating a biosimilar of insulin. This is also promoting competition among various biosimilar manufacturers. For instance, in August 2020, Biocon Biologics India Ltd., an India-based fully integrated global biosimilars organization, in partnership with Mylan, a US-based biosimilar company, has launched Semglee, insulin glargine injection in the U.S. to aid in lowering blood sugar levels in adults with type 2 diabetes and children with type 1 diabetes.

Biosimilars Market Segment
1) By Product: Recombinant Non-glycosylated Proteins, Recombinant Glycosylated Proteins
2) By Types: Human Growth Hormone, Erythropoietin, Monoclonal antibodies, Insulin, Interferon, Granulocyte-Colony Stimulating Factor, Other Types
3) By Application: Oncology, Chronic and Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, Other Applications

Biosimilars Market Major Players and Strategies
Major players in the biosimilars market are Pfizer, Amgen, Biocon, Celltrion, Dr. Reddy’s Laboratories, Boehringer Ingelheim, Elli Lilly and Company, Mylan N.V., Sanofi, STADA Arzneimittel, Sandoz International, Samsung Bioepis, Teva Pharmaceuticals, Apotex, AMEGA Biotech S.A., Bioton S.A., Innovent Biologics International, Allergan PLC., BioXpress Therapeutics, 3SBio, Intas Biopharmaceuticals, Lupin Merck, Novartis, Ratiopharm, Wockhardt, Zydus Cadila, Allergan PLC., Hospira International., Actavis International., Johnson & Johnson and Roche.

The Biosimilars Global Market Report 2023 covers regional data on biosimilars market size, biosimilars market trends and drivers, opportunities, strategies, and biosimilars market competitor analysis. The countries covered in the biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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.

View More Reports Related To The Biosimilars Market –
Biosimilar Therapeutic Peptides Global Market Report 2023
Biosimilar Monoclonal Antibodies Global Market Report 2023
Biosimilar Growth Hormones Global Market Report 2023

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