Biosimilars Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Global Biosimilars Market is Segmented by Product Class (Monoclonal Antibodies, Recombinant Hormones, Immunomodulators, Anti-inflammatory Agents, and Other Product Classes), Applications (Blood Disorders, Growth Hormonal Deficiency, Chronic and Autoimmune Disorders, Oncology, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Biosimilars Market Size

Biosimilars Market Summary
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Study Period 2018 - 2028
Market Size (2023) USD 29.98 Billion
Market Size (2028) USD 69.53 Billion
CAGR (2023 - 2028) 18.32 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Biosimilars Market Major Players

*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

Biosimilars Market Analysis

The Global Biosimilars Market size is expected to grow from USD 29.98 billion in 2023 to USD 69.53 billion by 2028, at a CAGR of 18.32% during the forecast period (2023-2028).

The impact of COVID-19 on the biosimilars market may be significant, and it has imposed a great challenge on the pharmaceutical companies focused on biosimilar development. The reduction in the approval by regulatory bodies of non-COVID therapeutics during the current pandemic is expected to delay the process of product approvals and launches, hindering the market's growth. Additionally, as per the research article titled "Impact of Covid-19 on Cancer Care: A Global Collaborative Study" published in September 2020, nearly 88% of the cancer care centers faced challenges in delivering usual cancer care for many reasons, including preventive measures, lack of personal protective equipment, and staff shortages due to COVID-19. As biosimilars are injections that need experts to be administered and also as the supply chain was greatly impaired in the early pandemic phase, it has significantly impacted the market growth. Therefore, COVID-19 impacted the growth of the biosimilars market in its initial phase, however, the resumption of supply chain activities and clinical trials for drug development globally will boost the market growth rate over the coming years.

Moreover, several blockbuster biologic drugs of major pharmaceutical companies, such as Truvada, Chantix, Forteo, Ciprodex, Afinitor, and many other drugs, lost United States exclusivity in 2020. In the coming decade, there will be a rise in the patent expiration of several existing biological drugs, such as Erbitux, Avastin, and Orencia, which would provide an opportunity for many innovator companies as well as generic manufacturers to offer services specially tailored toward biosimilars. Besides, factors such as the cost-effective nature of biosimilars, rising acceptance and adoption by various stakeholders, the need for diversification in technology and business models, and the growing prevalence of chronic diseases are expected to drive the global biosimilar market.

Furthermore, the growing burden of cancer and increasing deaths due to it create the need for affordable treatment and thus boost the growth of the biosimilar market. For instance, according to GLOBOCAN 2020, in the United States, there were 2,281,658 estimated new cases of cancer and nearly 612,390 deaths in 2020. Additionally, the key market players anticipated market growth over the forecast period through various strategic activities, such as product launches, mergers, and acquisitions. For instance, in July 2021, the Food and Drug Administration (FDA) approved Viatris Inc.'s (formerly Mylan Pharmaceuticals Inc.) SEMGLEE (insulin-glargine-yfgn), a biosimilar to LANTUS (insulin glargine).

On the other hand, factors such as lack of definitive standards for approval and adequate profitability, given the greater risk with concerns regarding substitutability and interchangeability, discourage many companies from investing in this market, thus impeding the growth of the market studied.

Biosimilars Industry Segmentation

As per the scope of the report, a biosimilar is a biologic that is "similar" to another biologic medicine (known as a reference product) that is already licensed by the US Food and Drug Administration (FDA). Biosimilars are highly similar to the reference product in terms of safety, purity, and potency but may have minor differences in clinically inactive components. In approving biosimilars, the FDA may require that manufacturers conduct a clinical study (or studies) sufficient to establish safety, purity, or potency in one or more uses for which the reference product is licensed, and the biosimilar seeks licensure. The biosimilars market is segmented by product class (monoclonal antibodies, recombinant hormones, immunomodulators, anti-inflammatory agents, and other product classes), application (blood disorders, growth hormonal deficiency, chronic and autoimmune disorders, oncology, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.

By Product Class
Monoclonal Antibodies
Recombinant Hormones
Anti-Inflammatory Agents
Other Product Classes
By Application
Blood Disorders
Growth Hormonal Deficiency
Chronic and Autoimmune Disorders
Other Applications
North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Middle East and Africa
South Africa
Rest of Middle East and Africa
South America
Rest of South America

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Biosimilars Market Trends

This section covers the major market trends shaping the Biosimilars Market according to our research experts:

The Oncology Segment Holds the Major Share in the Global Biosimilars Market

The oncology segment is expected to hold the major share in the biosimilars market, and the high incidence of cancers worldwide is the major factor driving the growth of the studied segment over the forecast period. According to the International Agency for Research on Cancer 2020, the estimated number of new leukemia cases in 2020 was 474,519 globally. According to the same source, the disease also had significantly high mortality, with a total global death toll of 311,594. Additionally, according to estimates from the International Agency for Research on Cancer (IARC), by 2040, the global burden of cancer is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. The increasing incidence of cancer cases is expected to drive the need for advanced cancer drugs for the effective treatment of patients.

Additionally, the increasing research and development activities by key players focused on oncology, along with rising approvals by different regulatory bodies, are expected to drive the studied market’s growth. For instance, in December 2020, Amgen received United States Food and Drug Administration (USFDA) approval for its RIABNI (rituximab-arrx), a biosimilar to Rituxan (rituximab), for the treatment of adult patients with non-Hodgkin's lymphoma, chronic lymphocytic leukemia, granulomatosis with polyangiitis, and microscopic polyangiitis. Moreover, in May 2022, Biocon Biologics Ltd. and Viatris Inc. received approval from Health Canada across four oncology indications for Abevmy (Bevacizumab), a biosimilar to Roche’s Avastin (Bevacizumab).

Thus, because of the factors above, the oncology segment is anticipated to witness significant growth over the forecast period.

Biosimilars Market: Number of New Cancer Cases (In Million), By Cancer Type, Global, 2020

North America Holds the Major Share and is Expected to Dominate the Biosimilars Market Over the Forecast Period

North America is anticipated to observe a significant CAGR over the forecast period in the biosimilars market. The major factors driving the growth of the studied market in the region include the high incidence of chronic diseases, such as cancers, along with the increased investment in research and development activities by the major players. According to GLOBOCAN 2020, the number of new cancer cases diagnosed was 2,281,658 in the United States in 2020, with 612,390 deaths. Among all cancers, breast cancer had the highest incidence with 253,465 cases, followed by lung (227,875), prostate (209,512), and colon (101,809).

Moreover, North America is the hub for many key players in the market, such as Pfizer Inc., Mylan NV, Amgen Inc., and Coherus Biosciences Inc., among others. The increasing pipeline of products and new product launches increase the market growth in the region. For instance, in June 2020, Pfizer Inc. received United States approval for its pegfilgrastim biosimilar, Nyvepria, indicated for lowering infection incidence. Additionally, in February 2021, Coherus BioSciences, Inc. reported that the United States Food and Drug Administration ("FDA") has accepted for review the 351(k) Biologics License Application ("BLA") for CHS-1420, a Humira (adalimumab) biosimilar product candidate.

Thus, the market is expected to propel significantly over the forecast period in North America due to the high incidence of chronic diseases, such as cancer, and increasing R&D activities.

Biosimilars Market - Growth Rate by Region

Biosimilars Industry Overview

The biosimilars market is highly competitive, with many key players dominating the market. The major players in the studied market comprise Novartis AG, Pfizer Inc., Amgen Inc., Coherus Biosciences Inc., Mylan NV (Viatris Inc.), and Samsung Bioepis Co., Ltd., among others. Most market players are adopting various growth strategies, such as acquisitions, partnerships, and new product launches, to secure their position in the global market.

Biosimilars Market Leaders

  1. Pfizer Inc

  2. Novartis AG

  3. Samsung Bioepies Co., Ltd

  4. Coherus Biosciences, Inc.

  5. Amgen Inc

*Disclaimer: Major Players sorted in no particular order

Biosimilars Market Concentration

Biosimilars Market News

  • In May 2022, Amneal Pharmaceuticals, Inc. received United States Food and Drug Administration ("FDA") approval for a Biologics License Application ("BLA") for pegfilgrastim-pbbk, a biosimilar referencing Neulasta. The product will be marketed under the proprietary name FYLNETRA.
  • In September 2021, Samsung Bioepis and Biogen announced that the Food and Drug Administration (FDA) had approved BYOOVIZ (ranibizumab-nuna), a biosimilar to LUCENTIS (ranibizumab), for the treatment of neovascular age-related macular degeneration, macular edema following retinal vein occlusion, and myopic choroidal neovascularization. BYOOVIZ was the first ophthalmology biosimilar approved in the United States.

Biosimilars Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Several Blockbuster Biopharmaceuticals Going Off-patent over the Next Five to Ten Years

      2. 4.2.2 Growing Burden of Chronic Diseases and Increasing R&D Investments

      3. 4.2.3 Increasing Demand for Biosimilar Drugs Due to Their Cost Effectiveness

    3. 4.3 Market Restraints

      1. 4.3.1 Concerns Regarding Substitutability and Interchangeability

      2. 4.3.2 Regulatory Uncertainty and Growing Competition from Biobetters

      3. 4.3.3 High Cost Involvement and Complexities in Manufacturing

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value – USD million)

    1. 5.1 By Product Class

      1. 5.1.1 Monoclonal Antibodies

      2. 5.1.2 Recombinant Hormones

      3. 5.1.3 Immunomodulators

      4. 5.1.4 Anti-Inflammatory Agents

      5. 5.1.5 Other Product Classes

    2. 5.2 By Application

      1. 5.2.1 Blood Disorders

      2. 5.2.2 Growth Hormonal Deficiency

      3. 5.2.3 Chronic and Autoimmune Disorders

      4. 5.2.4 Oncology

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Spain

        6. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. South Korea

        6. Rest of Asia-Pacific

      4. 5.3.4 Middle East and Africa

        1. GCC

        2. South Africa

        3. Rest of Middle East and Africa

      5. 5.3.5 South America

        1. Brazil

        2. Argentina

        3. Rest of South America


    1. 6.1 Company Profiles

      1. 6.1.1 Pfizer Inc.

      2. 6.1.2 Eli Lilly and Company

      3. 6.1.3 Celltrion Healthcare

      4. 6.1.4 Viatris Inc. (Mylan)

      5. 6.1.5 Novartis AG

      6. 6.1.6 Samsung Bioepis Co. Ltd

      7. 6.1.7 Stada Arzneimittel AG

      8. 6.1.8 Teva Pharmaceutical Industries Ltd

      9. 6.1.9 Intas Pharmaceutical Ltd

      10. 6.1.10 LG Life Sciences (LG Chem)

      11. 6.1.11 Biocon Limited

      12. 6.1.12 Amgen Inc.

      13. 6.1.13 Dr. Reddy's Laboratories

      14. 6.1.14 Coherus Biosciences Inc.

      15. 6.1.15 Biocad

    2. *List Not Exhaustive

**Subject to Availability
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments
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Biosimilars Market Research FAQs

The Global Biosimilars Market size is expected to reach USD 29,984.79 million in 2023 and grow at a CAGR of 18.32% to reach USD 69,533.13 million by 2028.

In 2023, the Global Biosimilars Market size is expected to reach USD 29,984.79 million.

Pfizer Inc, Novartis AG, Samsung Bioepies Co., Ltd, Coherus Biosciences, Inc. and Amgen Inc are the major companies operating in the Global Biosimilars Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the North America accounts for the largest market share in the Global Biosimilars Market.

Biosimilars Industry Report

Statistics for the 2023 Biosimilars market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Biosimilars analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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