According to the recent report by IMARC Group, entitled “Biosimilar Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2022-2027”, the Biosimilars market reached a value of US$ 13.0 Billion in 2021. Catalyzed by these factors, the market is expected to reach US$ 60.8 Billion by 2027, exhibiting at a CAGR of 26.1% during 2022-2027.
Biosimilars or follow-on-biologics is a biotherapeutic product that is particularly similar to a reference biologic drug. The biologic is produced using living cells or organisms that have a complex molecular structure. A biological drug must be proved similar in terms of safety, quality, and efficacy to be labeled as a biosimilar. When compared with generic drugs, biosimilars are expensive as it requires significant investments in research and development (R&D), and their production process is comparatively complex.
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Biosimilar Market Trends:
The global biosimilar market is primarily driven by several initiatives undertaken by the governments of various nations and the key players to encourage the use of biosimilars over branded biologics, primarily due to their cost-effectiveness. Several blockbuster biologic drugs are losing patent protection, which is further providing an impetus to market growth. The increasing cases of chronic diseases, such as cancer and various autoimmune diseases and the rapidly increasing geriatric population are other factors creating a positive outlook for the market.
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