The biosimilars market is expected to reach USD 23.63 billion by 2023 from USD 5.95 billion in 2018, at a CAGR of 31.7% during the forecast period. Growth in this market is mainly driven by factors such as rising incidence of chronic diseases and increasing demand for biosimilar drugs due to their cost-effectiveness.
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On the basis of products, the biosimilars market is categorized into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. The recombinant glycosylated proteins segment is expected to grow at the highest growth rate during the forecast period. The presence of biosimilar versions of monoclonal antibodies at lower prices compared to reference products and many biologic drugs under class monoclonal antibody, follitropin, and erythropoietin going off-patent are the major factors driving this market segment.
By type of manufacturing, the market is categorized into in-house manufacturing and contract manufacturing. The contract manufacturing segment is estimated to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the growing demand for cost-effective biosimilar products and the cost-saving benefits provided to companies by CROs in term of facilities, equipment, and labor cost.
By disease, this market is subsegmented into oncology, chronic diseases, autoimmune diseases, blood disorders, growth hormone deficiency, infectious diseases, and other diseases. The autoimmune disease segment is expected to grow at highest growth rate during the forecast period. Increasing incidences of autoimmune diseases and the increasing number of product launches by companies in this market are the major factors driving the growth of this segment.
The biosimilars market is geographically segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia is expected to grow at the highest CAGR during the forecast period. Many Asian countries such as India, China, South Korea, and Japan have emerged as potential markets for biosimilars. Many emerging economies in the region are also establishing biosimilar pathways. Moreover, leading market players are outsourcing manufacturing and R&D activities to countries in the Asia Pacific region due to the availability of highly skilled resources at lower costs. In addition to this, the low per capita consumption, rapid growth in economies, trade links, and the rise in medical tourism are accelerating the growth of the Asian market.
