Market growth is primarily driven by the increasing demand for biosimilar drugs due to their cost-effectiveness, increasing incidences of chronic diseases, and strategic collaborations resulting in enhanced productivity and clinical trial activities. Growing pressure to reduce healthcare expenditure is one of the factors largely attributing to the growth of the global biosimilars market. Demand in emerging markets, and new biological product indications will provide growth opportunity to global market. Biosimilar Market accounted for US$ 46.6 Billion in 2024 and is estimated to be US$ 65.4 Billion by 2034 and is anticipated to register a CAGR of 3.8%.

The report "Biosimilars Market, By Product Type (Human Growth Hormone, Erythropoietin, Monoclonal Antibodies, Insulin, Interferon, Colony Stimulating Factors and Others), By Application (Oncology, Blood Disorders, Growth Hormone Deficiency Applications and Chronic & Autoimmune Applications), and Region - Global Forecast to 2034"

Key Highlights:

• In January 2020, Pfizer announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion, recommending marketing authorization for RUXIENCE (Ritiximab).
• In November 2019, Sandoz, announced that the US Food and Drug Administration (FDA) approved its biosimilar Ziextenzo^TM (pegfilgrastim-bmezz)

Key Market Insights from the report:        

Biosimilar Market accounted for US$ 46.6 Billion in 2024 and is estimated to be US$ 65.4 Billion by 2034 and is anticipated to register a CAGR of 3.8%. The market report has been segmented on the product type, application, and region.

• By product type, the glycosylated proteins is expected to dominate, due to broad therapeutic area of these proteins.
• By application, the blood disorders is expected to dominate in this segment, due to the rising incidence of blood disorders across the globe.  
• By region, North America is projected to lead the global biosimilars market and is expected to remain dominant during the forecast period, owing to the presence of many large research laboratories.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on " Global Biosimilars Market”, By Product Type (Human Growth Hormone, Erythropoietin, Monoclonal Antibodies, Insulin, Interferon, Colony Stimulating Factors and Others), By Application (Oncology, Blood Disorders, Growth Hormone Deficiency Applications and Chronic & Autoimmune Applications), and by Region – global forecast till 2034"

The prominent player operating in the biosimilars market includes Pfizer, Sandoz International, Teva Pharmaceuticals, Amgen, Biocon, Dr. Reddy’s Laboratories, Celltrion, Samsung Biologics, Biogen, Mylan N.V.

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