Growth: Global Biosimilar Market to Generate $83,836.4 Million and Exhibit a CAGR of 24.9% from 2021 to 2028 [170-Pages] | Report by Research Dive

Market Dynamics Market Dynamics The demand for biosimilar drugs is increasing across the globe due to their cost-effectiveness. Government and government bodies are highly supporting in the development as well as approval of biosimilars. For instance, inJuly 2021, the US Food & Drug Administration (FDA) approved the biosimilar insulin product for type-1 and type-2 diabetes. All these factors are estimated to propel the growth of the global biosimilar market during the forecast...

Market Dynamics

The demand for biosimilar drugs is increasing across the globe due to their cost-effectiveness. Government and government bodies are highly supporting in the development as well as approval of biosimilars. For instance, in July 2021, the US Food & Drug Administration (FDA) approved the biosimilar insulin product for type-1 and type-2 diabetes. All these factors are estimated to propel the growth of the global biosimilar market during the forecast period. Moreover, ongoing research on new biosimilars and the patent expiry of biologics are estimated to create massive growth opportunities for the global market by 2028. However, the high costs of biosimilars and the complexities in manufacturing are expected to hamper the market growth during the estimated timeframe.

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Impact of COVID-19 Pandemic on the Market

The COVID-19 pandemic has negatively impacted the global biosimilar market growth. This is majorly owing to the disruption in manufacturing capacity and supply chain during the pandemic period. Besides, pharma companies are facing challenges in the development of biosimilar and the FDA approvals are reduced for non-COVID therapeutics owing to the pandemic. All these factors have unfavorably impacted the global biosimilar market growth during the period of crisis.

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Key Segment Findings of the Market:

The research report segments the global market into product type, application, and region.

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Prominent Market Players

The key players of the global market include

These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.

For instance, in April 2021, Novartis AG (Sandoz), a global healthcare company, signed an agreement with a leading commercial-stage biopharmaceutical company, Bio-Thera Solutions (China) in order to commercialize BAT1706 biosimilar in the US, Canada, Europe, and other international markets.

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