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Biosimilars Market Analysis by Product Type (Recombinant Non-Glycosylated Proteins, Recombinant Glycosylated Proteins, Recombinant Peptides); by Technology (Bioassay Technology, Recombinant DNA Technology and Monoclonal Antibody Technology); by Application (Hematology, Oncology, Autoimmune Diseases) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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  • Biocon Limited - Abevmy (bBevacizumab) is now available in Canada. It is co-developed by Biocon Biologics (a subsidiary of Biocon Limited) and Viatris and is a biosimilar to Roche’s Avastin (Bevacizumab). Health Canada has approved the drug for four oncology indications.
  • Amgen Inc., - announced the approval of RIABNI (rituximab-arrx), a biosimilar to Rituxan (rituximab) by the U.S. Food and Drug Administration (FDA). It is used for the treatment of adult patients with Non-Hodgkin's Lymphoma (NHL), Chronic Lymphocytic Leukemia (CLL), Granulomatosis with Polyangiitis (GPA) (Wegener's Granulomatosis), and Microscopic Polyangiitis (MPA).

Global Biosimilars Market Highlights Over 2023 - 2033

Base Year


Forecast Year




Base Year Market Size (2022)

~USD 17.8 Billion

Forecast Year Market Size (2033)

~USD 209.9 Billion

The global biosimilars market is estimated to garner a revenue of ~USD 209.8 billion by the end of 2033 by growing at a CAGR of ~22.9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 17.8 billion in the year 2022. The growth of the market can primarily be attributed to the growing spending on biologics worldwide. It was found that, in Europe, biologics represented almost 34% of medicine spending at list prices, which was ~5% CAGR for the total market comprising small molecules, biologics, and biosimilar competitors.

Biosimilars-Market-Insight-GrowthGet more information on this reportDownload Sample PDF

Biosimilars are helpful in increasing access to healthcare for many as it is responsible for reduction in the healthcare costs associated with the use of biologics. Since biosimilars drugs are very similar copy of their reference biologics, they require much less research and development for equal efficacy and safety than their reference biologics. The recent approvals of biosimilar drugs are expected to reduce the spending on biologics resulting in the demand for biosimilars amongst the healthcare service providers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global biosimilars market during the forecast period. It is estimated that, biosimilars are expected to reduce direct spending on biologic drugs in the United States by ~USD 54 billion from 2017 to 2026, or around 3% of the total estimated biologic spending over the same time span.

Global Biosimilars Market: Growth Drivers and Challenges

Growth Drivers

  • Upsurge in the approval of Biosimilar– which now many other countries are involved in, as biosimilars are safe and effective medications for treating many illnesses and chronic conditions. The surge in the approval of these drugs worldwide is expected to drive the biosimilar market in the forecasted period. For instance, it was found that 9 new biosimilars were approved in the European Union in 2020 and ~7 were approved in 2021.

  • Growing Number of Cancer Cases - it was found that there were approximately 19 million new cancer cases registered worldwide in 2020.

  • Rising Prevalence of Crohn’s disease as per the data, in the North America and western Europe, ~100 to 300 per 100,000 people suffer from Crohn’s disease every year.
  • Increasing Number of People Suffering from Kidney Disease – it was estimated that, worldwide over 850 million people were suffering from some form of kidney disease in 2021.
  • Rising Cases of Arthritis – it is observed that, in 2021 about 350 million people had arthritis globally.


  • Stringent Regulatory Policies for Approval of Biosimilars

  • Concerns about Manufacturing Processes of Biosimilar Agents

  • Variation in Biosimilars & Biologic as Generation of an Exact Copy is Not Possible

The global biosimilars market is segmented and analyzed for demand and supply by product type segment into recombinant non-glycosylated proteins, recombinant glycosylated proteins, recombinant peptides. Amongst these segments, the recombinant non-glycosylated proteins segment garnered the highest market share of 63% in the year 2022, backed by the growing concern of rising incidences of diabetes along with the surge in the spread of diabetes worldwide. For instance, with an estimated 1.5 million deaths directly caused by diabetes worldwide, it was the 9th leading cause of death in 2019.

Major Macro-Economic Indicators Impacting the Market Growth


According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Biosimilars Market Regional Synopsis

Regionally, the global biosimilars market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Europe held the largest market share of 55% in the year 2022, backed by the presence of a strong healthcare network in the region, growing number of hospitals and diseases, as well as the rising awareness of biosimilars amongst the healthcare service providers along with the surge in prescribing biosimilars. For instance, the volume of biosimilar prescribing has generated high savings from biosimilars competition. The list price savings accounted for ~USD 5.6 billion (excluding confidential rebates and discounts).


The global biosimilars market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global biosimilars market includes the following segments:

By Product Type

  • Recombinant Non-Glycosylated Proteins – 63%
  • Recombinant Glycosylated Proteins – 32%
  • Recombinant Peptides – 5%

By Technology

  • Bioassay Technology
  • Recombinant DNA Technology
  • Monoclonal Antibody Technology

By Application

  • Hematology
  • Oncology
  • Autoimmune Diseases

Top Featured Companies Dominating the Global Biosimilars Market

  • Biocon Limited
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Amgen Inc.
  • Novartis AG
  • Intas Pharmaceuticals Ltd.
  • BioXpress Therapeutics SA
  • Genor Biopharma Co. Ltd
  • Allergan plc (AbbVie Inc.)
  • Coherus BioSciences, Inc.
  • Pfizer Inc.
  • Reliance Life Sciences Private Limited



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