Biosimilars Market to be Worth $76.2 Billion by 2030 - Grand View Research, Inc.

Read full market research report, "Biosimilars Market Size, Share & Trends Analysis By Product (Recombinant Glycosylated Proteins, Recombinant Non-Glycosylated Proteins), By Application (Rheumatoid Arthritis, Oncology), By Region And Segment Forecasts 2023 - 2030", published by Grand View Research. Read full market research report, " Biosimilars Market Size, Share & Trends Analysis By Product (Recombinant Glycosylated Proteins, Recombinant Non-Glycosylated Proteins), By Application...

Read full market research report, "Biosimilars Market Size, Share & Trends Analysis By Product (Recombinant Glycosylated Proteins, Recombinant Non-Glycosylated Proteins), By Application (Rheumatoid Arthritis, Oncology), By Region And Segment Forecasts 2023 - 2030", published by Grand View Research.

Biosimilars Market Growth & Trends

Since they are almost similar, the producers of biologics also have to lower their prices to compete with biosimilars, which reduce the cost of the overall treatment. For instance, a report published by Biosimilars Forum in April 2021 suggests that increasing competition from biosimilars has resulted in lowering the prices of biologics by an average of 56% to up to 150%. Furthermore, biologics have patents to protect them from competing with biosimilars. These patents restrict the production of biosimilars for a period of 8 to 20 years depending on the regulations in different countries. However, patents of many lifesaving biologics are expected to expire during the forecast period, which can boost growth.

According to an article by Congressional Budget Office published in April 2021, the U.S. Food and Drugs Administration (FDA) had approved 29 biosimilar drugs by 2020, and some of them were yet to be introduced in the market. Furthermore, an article by Generics and Biosimilars Initiative suggests, the entry of Amgen's biosimilar Soliris was delayed till 2025. The outbreak of the COVID-19 pandemic had a negative impact on the global market. Since the supply chains of different products including pharmaceuticals were disrupted and most of the sources were dedicated to fighting COVID-19, the production of biosimilars experienced a shortage of raw materials.

For instance, according to a report published by Johns Hopkins Bloomberg School of Public Health, as a result of the lockdown, a shortage was observed in the supply of Active Pharmaceutical Ingredient (API), which is an important raw material used in producing drugs. These shortages directly affected the production and supply of biosimilars and other drugs during the pandemic. However, due to the increasing demand, several market players are significantly investing in the research & development of biosimilars, which can further add to the market growth. For instance, a key player offering advanced biotechnology solutions, Amgen Inc., has invested USD 2 billion in the development of 10 biosimilar medicines.

Biosimilars Market Report Scope

 

Biosimilars Market Segmentation 

Grand View Research has segmented the global biosimilars market based on product, application, and region

Biosimilars Market - Product Outlook (Revenue, USD Billion, 2018 - 2030)

Biosimilars Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

Biosimilars Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

List of Key Players of Biosimilars Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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