Unprecedented Growth Projected: Biosimilars Market Soars to US$ 85 Bn by 2031
The global biosimilars market is poised for remarkable growth, with a projected value of over US$ 85 billion by the end of 2031, representing a staggering CAGR of 15.5% from 2022. This surge is attributed to various factors, including the patent expiration of well-known biologics, increased focus on lowering healthcare costs, and a shifting regulatory landscape. As pharmaceutical giants globally invest in the development of biosimilars, the market is expected to witness an exponential rise, driven by the imperative need for cost-effective therapeutic options and the growing prevalence of chronic diseases.
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Oncology Segment Takes Center Stage: Advancements in Biomedical Technology Drive Progress
The oncology segment emerges as a significant driver of the biosimilars market, holding a substantial revenue share in 2021. The rise in cancer prevalence, coupled with ongoing studies in the biosimilar domain, propels the oncology segment forward. Advances in biomedical technology play a pivotal role, facilitating the commercialization of biologics and enhancing cancer care. With biosimilar products demonstrating comparable clinical efficacy at a lower cost, the oncology segment is expected to continue dominating the market. This development aligns with the broader goal of improving healthcare accessibility and affordability.