Biosimilars Market Size

Biosimilars Market Size

Biosimilars Market size was worth more than USD 35 billion in 2022 and is poised to witness substantial growth at 13% CAGR from 2023 to 2032 driven by the high prevalence of chronic diseases globally.

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The surging burden of higher obesity rates, poor diets, and persistent physical inactivities has compelled several healthcare systems to look for multiple methods to provide patients with affordable treatments. According to the WHO, 167 million adults and children will have greater health issues by 2025 as a result of being overweight or obese. In contrast to costly biologic medications used to treat diseases, including autoimmune disorders, cancer, and diabetes, biosimilars have emerged as more affordable alternatives. Additionally, organizations, such as the Canadian Diabetes Association recommend using biosimilar insulins before starting treatment, further adding to the business progress.
 

The high cost of pharmaceuticals, especially biologics is among the major factors restraining the market expansion. The investments needed to develop and market biosimilars is substantially more than USD 1 to $4 million. Additionally, the process of producing one biosimilar takes about 7 to 8 years, accounting for $100 million to $250 million in expenditure. Additionally, the intricacy of developing monoclonal antibodies results in substantially greater production costs than biosimilars, further slowing down the industry development.