Biosimilars Market Analysis

Biosimilars Market Analysis

The recombinant non-glycosylated proteins segment, comprising human growth hormone, granulocyte stimulating factor, insulin and interferon, in the biosimilars market is expected to grow at 12.8% CAGR from 2023-2032. These biosimilar products are largely used in the treatment of growth hormone deficiencies, infections during chemotherapy, diabetes, malignant myeloma, and renal carcinoma among others. The rising focus on treating various chronic diseases, such as blood disorders and growth hormone deficiencies as well as offering comparable safety and efficacy profiles will add to the segment expansion.
 

Biosimilars market size from the hematology segment is projected to generate more than USD 52 billion by 2032. The development of monoclonal antibodies for the treatment of blood diseases has provided lucrative growth prospects for the expansion of the biosimilars industry. Healthcare professionals are looking for more reasonably priced treatment alternatives to meet the demands of patients on account of the rising frequency of hematology-related disorders. The presence of supportive regulatory frameworks along with the increasing patient and physician awareness is also driving the use of biosimilars in hematology.
 

North America biosimilars market recorded significant growth in 2022 and is expected to reach over USD 26.5 billion by 2032. Biosimilars are gaining popularity as viable replacements for expensive biologics as the preference for cost-effective healthcare solutions is increasing across the region. Additionally, the presence of supportive regulatory frameworks such as the US Biologics Price Competition and Innovation Act, have simplified the clearance process for biosimilars, promoting market access and competition. Furthermore, the patent expiration of numerous bestselling biologics has opened opportunities for new biosimilar producers to enter the market, further augmenting the market outlook.