Biosimilars Market to Reach $143.6 Bn, Globally, by 2031 at 24.7% CAGR: Allied Market Research
Increase in incidences of diabetes and autoimmune diseases drives the growth of the global biosimilars market.
PORTLAND, Ore., July 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Biosimilars Market by Type (Human growth hormone, Erythropoietin, Monoclonal antibodies, Insulin, Granulocyte-Colony Stimulating Factor, Others), by Application (Blood disorders, Oncology diseases, Chronic and autoimmune diseases, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global biosimilars industry 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.
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Prime determinants of growth-
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.
Covid-19 scenario-
- The COVID-19 pandemic created difficulties for the pharmaceutical industry to focus on R&D activities including biosimilar development, which impacted the global biosimilars market negatively.
- Moreover, there was a delay in product approvals and product launches, owing to the global health crisis, which further restricted the expansion of the market.
The oncology diseases segment to dominate by 2031-
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.
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The monoclonal antibodies segment to maintain the lion's share-
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.
Europe garnered the major share in 2021-
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
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