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With 40.2% CAGR, US Biosimilars Market Size worth USD 100.75 Billion by 2029

According to Fortune Business Insights, the global US Biosimilars Market size is projected to reach USD 100.75 Billion by 2029, at CAGR of 40.2% during forecast period; Drug-Makers Prioritize Strategic Partnerships to Tap into Markets

Pune, India, May 16, 2022 (GLOBE NEWSWIRE) -- The US biosimilars market size stood at USD 6.73 billion in 2021. The market is estimated to rise from USD 9.48 billion in 2022 to USD 100.75 billion by 2029 at a 40.2% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report titled, “US Biosimilars Market, 2022-2029.”

According to the analysis, the follow-on biologic has become highly sought-after as a cost-effective alternative that could emerge as the future development of biologic medicine. Stakeholders expect investment in highly effective drugs to solidify the position of leading companies expanding their portfolios.

Key Industry Development

  • September 2021: The US FDA approved Samsung Bioepis Co. Ltd. and Biogen Inc.’s BYOOVIZ to treat neovascular age-related macular degeneration and macular edema, among others.


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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 40.2%
2029 Value Projection USD 100.75 Billion
Base Year 2021
Market Size in 2021 USD 6.3 Billion
Historical Data for 2018 to 2020
No. of Pages 105
Segments covered By Drug Class, By Disease Indication, By Geography
Growth Drivers Comparative Dip in Product Launch Challenged Stakeholders
Monoclonal Antibodies to be Sought-after with Rising Approvals
Autoimmune Diseases Segment to Remain Dominant Due to Easy Access in Hospitals


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Drivers and Restraints

Drug-Makers Prioritize Strategic Partnerships to Tap into Markets

The US biosimilars market share will witness a notable rise against the backdrop of bullish investments in organic and inorganic strategies. To illustrate, in February 2022, Biocon Biologics announced the acquisition of Viatris’ biosimilars portfolio to propel its position through investments in future pipeline biosimilar drugs. A strategic partnership could act as a major growth enabler to provide the next-gen drugs and boost the drug accessibility across the region. Moreover, the clinical upsides of the drug will encourage companies to invest in the portfolio. However, prevailing challenges in clinical processing and drug development could impede regional growth.

COVID-19 Impact

Comparative Dip in Product Launch Challenged Stakeholders

The COVID-19 crisis did not augur well for most industries as supply chain disruptions became pronounced across the US However, the healthcare sector stood resilient on the back of robust rising investments in R&D activities. Notably, Pfizer’s global biosimilars portfolio exhibited a revenue of USD 2.34 billion in 2021, with the US accounting for approximately 66.6% of the revenue. The launch of merely two biosimilars in the FY 2021 in the US challenged stakeholders gearing to boost their portfolios.

A biosimilar is a biologic medical product that is almost an identical copy of an original product that is manufactured by a different company. Biosimilars are officially approved versions of original "innovator" products and can be manufactured when the original product's patent expires.


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Segments

Monoclonal Antibodies to be Sought-after with Rising Approvals

In terms of drug class, the market is segregated into monoclonal antibodies, filgrastim & pegfilgrastim, and others. The monoclonal antibodies segment could contribute to a notable CAGR to the US market due to increasing drug launches and FDA approvals. Besides, bullish investments in R&D and patent expiration could foster the penetration of monoclonal antibodies, thereby boosting the US biosimilars market growth.

Autoimmune Diseases Segment to Remain Dominant Due to Easy Access in Hospitals

With respect to disease indication, the industry is segmented into autoimmune diseases, cancer, and others. The autoimmune diseases segment will witness a significant CAGR from 2022 to 2029, partly attributed to the easy availability of biosimilars in hospitals and retail channels. Moreover, the drug for autoimmune diseases is available with considerable price discounts.

Hospitals to Exhibit Profound Growth with Improved Treatment Options

On the basis of the distribution channel, retail pharmacies, hospital pharmacies, and online pharmacies are covered. The hospital pharmacies segment could account for a considerable share of the regional market in the wake of enhanced treatment options and availability of drugs.


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Report Coverage

The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porter’s Five Force Analysis and SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.

Competitive Landscape

Stakeholders Prioritize Product Launches to Gain Ground

Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.

Major Players Profiled in the Report:

•  Pfizer Inc. (US)

•  Amgen Inc. (US)

•  Samsung Bioepis (South Korea)

•  Novartis AG (Switzerland)

•  Celltrion Inc. (South Korea)

•  Viatris Inc.(US)

•  Coherus BioSciences (US)


Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Prevalence of Key Diseases (Arthritis, Psoriasis, Neutropenia, Cancer), in the US
    • Pipeline Analysis, Key Players
    • Regulatory Scenario
    • Key Industry Developments - Partnerships, Mergers & Acquisitions
    • Impact of COVID-19 on the Biosimilars Market
  • US Biosimilars Market Analysis, Insights and Forecast, 2018-2029
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Drug Class
      • Filgrastim & Pegfilgrastim
      • Monoclonal Antibodies
      • Others
    • Market Analysis, Insights and Forecast – By Disease Indication
      • Cancer
      • Autoimmune Diseases
        • Arthritis
        • Psoriasis
        • Neutropenia
        • Others
      • Others
    • Market Analysis, Insights and Forecast – By Distribution Channel
      • Hospital Pharmacies
      • Retail Pharmacies
      • Online Pharmacies

ToC Continue…!


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