The Biosimilars Market is a segment of the pharmaceutical industry that focuses on the development and production of biologic drugs that are similar to existing branded biologic drugs. Biosimilars are a cost-effective alternative to branded biologic drugs and have seen increasing demand due to their lower cost and increasing prevalence of chronic diseases such as cancer and autoimmune disorders.
The global biosimilars market is projected to expand at a noteworthy CAGR of 14.1% and reach a size of US$ 100.5 Bn by the end of 2032, up from the current industry value of 30.1 Bn.
The hematology vertical, based on application, accounts for almost 45% of the total share of market revenue after having been valued at US$ 13.6 Bn at the end of 2021.
One of the major drivers of the Biosimilars Market is the increasing demand for cost-effective treatments for chronic diseases. Additionally, the expiration of patents for several biologic drugs has led to the entry of biosimilars into the market, further driving growth. However, the development and approval process for biosimilars is complex and time-consuming, which can pose a challenge to the growth of the market.
Overall, the Biosimilars Market is expected to see significant growth in the coming years due to increasing demand for cost-effective treatments and the expiration of patents for several biologic drugs. Key players in this market include Pfizer, Inc., Novartis AG, Celltrion Inc., and Biocon Ltd., among others.
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