According to the report, the global biosimilars market was estimated at $15.9 billion in 2021, and is anticipated to hit $143.6 billion by 2031, registering a CAGR of 24.7% from 2022 to 2031.
Biosimilars have major role in treatment of cancer as supportive treatment for chemotherapy. For instance, Novartis, a leading pharmaceutical company, offers a biosimilar Ziextenzo (Pegfilgrastim-bmez Injection), used to reduce the chance of infection in people who have certain types of cancers and receive chemotherapy medications that may decrease number of neutrophils. Hence,Increase in prevalence of various cancers boost growth of the global biosimilars market size.
Increase in incidences of diabetes and autoimmune diseases drives the growth of the global biosimilars market. Moreover, favorable government policies and new product launches in the biosimilars industry have supplemented the growth yet more. Moreover, several growth prospects in the developed as well as developing economies have been beneficial for the key players in the industry.
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Biosimilars Market Segmentation
Based on application
Based on application, the oncology diseases segment accounted for more than two-fifths of the global biosimilars market share in 2021, and is anticipated to rule the roost by 2031. The same segment would also cite the fastest CAGR of 26.0% throughout the forecast period, due to rise in prevalence of cancer and increase in demand for cost-effective cancer treatment.
Based on type
Based on type, the monoclonal antibodies segment held more than one-fourth of the global biosimilars market revenue in 2021, and is expected to lead the trail by 2031. The same segment would also manifest the fastest CAGR of 26.7% from 2022 to 2031. This is due to increase in R&D activities to develop new biosimilars and rise in use of monoclonal antibodies for cancer treatment.
Based on region
Based on region, Europe held the major share in 2021, generating nearly two-fifths of the global biosimilars market. At the same time, the same region would also grow at the fastest CAGR of 25.9% by 2031. This is attributed to rise in the prevalence of cancer and increase in launches of multiple biosimilars in the region.
Key players in the industry
- Exxon Mobil Corporation
- Haihang Industry Co., Ltd.
- Kent elastomer products
- Kuraray Co.
- Shell,Ltd.
- SIBUR
- Dupont
- The Goodyear Tire & Rubber Company
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the consumer healthcare market analysis from 2021 to 2031 to identify the prevailing Consumer Healthcare Market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the consumer healthcare market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global consumer healthcare market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the consumer healthcare market players.
- The report includes the analysis of the regional as well as global consumer healthcare market trends, key players, market segments, application areas, and market growth strategies.
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