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3. Biosimilars Market Size - Future Revenue Growth Expectations

The biosimilars market is estimated to reach USD 66.9 billion by 2028 from USD 29.4 billion in 2023, at a CAGR of 17.8% during the forecast period. The growth of this market is mainly driven by rising demand for biosimilars in developed and developing countries, favorable reimbursement policies and launch of novel biosimilars in the market.

As of recent years, the biosimilars market has been experiencing significant growth driven by several factors such as patent expirations of originator biologics, increasing demand for cost-effective biologic therapies, and supportive regulatory frameworks.

To know about the assumptions considered for the study download the pdf brochure

Current Market Size:

• The global biosimilars market has been growing steadily, with increasing adoption of biosimilar products across various therapeutic areas such as oncology, autoimmune diseases, diabetes, and infectious diseases.
• According to the study conducted by MarketsandMarkets™ INC., the biosimilars market size in 2023 was USD 29.4 billion
• Market size can vary depending on factors like geographical region, regulatory environment, and therapeutic segment. However, it is expected to be in the billions of dollars.

Future Growth Expectations and Forecasts:

• Future growth expectations for the biosimilars market are generally optimistic, with continued expansion projected in the coming years.
• According to the study conducted by MarketsandMarkets™ INC., the biosimilars market size in 2028 will be USD 66.9 billion with the expected CAGR of 17.8%
• Factors driving future growth include the increasing number of biologics facing patent expirations, growing acceptance of biosimilars among healthcare providers and patients, and efforts to improve access to biologic therapies globally.
• Market research reports, such as the one from MarketsandMarkets you referenced, typically provide detailed forecasts for the biosimilars market, including projections of market size, growth rates, and key trends.

Key Growth Drivers:

• Patent expirations of blockbuster biologics: As patents on originator biologics expire, opportunities arise for biosimilar manufacturers to enter the market with more affordable alternatives.
• Supportive regulatory environment: Regulatory agencies in various regions have established clear pathways for the approval of biosimilars, fostering competition and innovation in the market.
• Increasing demand for cost-effective biologic therapies: Rising healthcare costs and the need to contain expenses are driving healthcare systems and payers to embrace biosimilars as viable treatment options.

Challenges and Opportunities:

• While the biosimilars market presents significant growth opportunities, it also faces challenges such as complex manufacturing processes, regulatory hurdles, and concerns regarding interchangeability and immunogenicity.
• Overcoming these challenges requires continued investment in research and development, manufacturing capabilities, and education about biosimilars among healthcare professionals and patients.

In conclusion, the biosimilars market is poised for continued growth in the coming years, driven by factors such as patent expirations, regulatory support, and increasing demand for affordable biologic therapies. However, challenges remain, and success in the biosimilars market will require strategic investments, collaboration, and innovation.

Related Reports:

Biosimilars Market by Drug Class (Drug Class (Monoclonal Antibodies (Adalimumab, Infliximab, Rituximab, Trastuzumab), Insulin, Erythropoietin, Anticoagulants. rhGH), Indication, Region – Global Forecast to 2028