Biosimilars Market Likely to Attain Valuation of USD 92 Billion by 2031 As Demand for Affordable Healthcare and Drugs Surges | SkyQuest Technology

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Jul 30, 2024, 10:15 ET

WESTFORD, Mass., July 30, 2024 /PRNewswire/ -- According to SkyQuest, the global Biosimilars Market size was valued at around USD 23.45 billion in 2022 and is expected to rise from USD 27.30 billion in 2023 to reach a value of USD 92 Billion by 2031, at a CAGR of 16.4% over the forecast period (2024-2031).

Surging investments in healthcare research and growing demand for affordable treatments and drugs are projected to bolster the sales of biosimilars. High affordability of biosimilars as compared to other types of drugs is also a key factor that aids market growth. Increasing emphasis on improving the accessibility of chronic disease treatment will also create a new business scope for biosimilar providers. The global biosimilars market is segmented into drug types, indication, and region.

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Biosimilars Market Overview:

Report Coverage	Details
Market Revenue in 2023	$ 27.3 Billion
Estimated Value by 2031	$ 92 Billion
Growth Rate	Poised to grow at a CAGR of 16.4%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Drug Type, Indication, and Region
Geographies Covered	North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights	Use of biosimilars in cancer treatment leads market growth
Key Market Opportunities	Creation of novel insulin biosimilars for the growing diabetic population
Key Market Drivers	Growing demand for affordable treatments for oncology, autoimmune, and inflammatory indications

Segments covered in Biosimilars Market are as follows:

Indication

Oncology, Inflammatory & Autoimmune Disorders, Chronic Diseases, Blood Disorders, Growth Hormones Deficiency, Infectious Diseases, and Others

Drug Type

Monocional Antibodies (Infliximab, Trastuzumab, Rituximab, Adalimumab, and Others), Insulin, Granulocyte Colony-Stimulating Factor, Erythropoietin, Recombinant Human Growth Hormone, Etanercept, Follitropin, Teriparatide, Interferons, Anticoagulants, and Others

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Oncology Projected to Spearhead Biosimilar Demand Owing to Increasing Need for Novel Cancer Treatments

The prevalence of cancer on a global level has increased rapidly in recent years and this has led to substantial investments in cancer research. Biosimilar oncology drugs are projected to emerge in popularity over the coming years to treat different types of cancer indications. Highly affordable nature of biosimilar oncology drugs as compared to expensive immunotherapy is what helps this segment hold a prominent chunk of the global market share. Rising investments in research and development of new oncology biosimilars will also promote market growth going forward.

Rising incidence of autoimmune and inflammatory disorders around the world is also creating new opportunities for biosimilar companies. Most of these diseases require expensive biologic therapies to treat them thereby making treatment inaccessible to patients with limited spending potential. Use of biosimilars to treat autoimmune diseases costs relatively less and makes the treatment more accessible to all patients, which is why this segment is projected to pay off big time for biosimilar companies in the future.

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Rapidly Expanding Diabetic Population Estimated to Boost Sales of Insulin Biosimilars

Diabetes is one of the most prevalent diseases the human population suffers from. Increasing emphasis on improving diabetes management and making it more cost-effective has led to the development of insulin biosimilars. Working like other insulin products, insulin biosimilars increase the accessibility of insulin to people with limited spending potential. Due to its low cost, more insurance companies are reimbursing biosimilars. Moreover, biosimilar companies are also investing heavily in the R&D of new products to stay competitive in the global market.

Growing demand for low-cost therapeutic alternative for the treatment of multiple chronic diseases is projected to bolster the sales of monoclonal antibodies. Low toxicity and high specificity in treating chronic disorders is what make monoclonal antibodies highly popular. Low risk of side effects and better chances of survival for patients are also helping this segment hold a high market share.

As the demand for affordable treatment and healthcare increases, the business scope for biosimilars companies will widen. Targeting the oncology and insulin biosimilar segments will pay off big time in the long run.

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SOURCE SkyQuest Technology