According to FutureWise analysis the market for biosimilars and follow-on biologics in 2023 is US$ 26.03 billion, and is expected to reach US$ 83.69 billion by 2031 at a CAGR of 15.70%.
Biosimilars are biological products that are similar to another drug already approved (licensed) by the Food and Drug Administration or the European Medicines Agency. Since they are highly similar to the biological reference product, there are no clinically evidenced and meaningful differences between them and it in terms of quality, safety, or efficacy. They are also called follow-on biologics and are derived mostly from biological sources, such as bacteria and yeast. Biosimilar drugs are composed of either small molecules, such as human insulin or erythropoietin, or complex molecules, such as monoclonal antibodies. Due to the loss of exclusivity of big branded drugs, biosimilars are gaining popularity. Biosimilars can be marketed in Europe by independent applicants after the patent and market exclusivity period of the reference product expires. An example is Pfizer's acquisition of Hospira in order to gain access to the latter's attractive biosimilars portfolio. Harmonization of regulations, naming and labeling, innovative licensure norms, and route-to-market for biosimilar drugs are topics that are expected to gain traction from big drug makers in the coming years.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Biosimilars And Follow-On Biologics Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Biosimilars And Follow-On Biologics Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.