As per the latest analysis, the biosimilar and biologics market value is estimated to reach USD 520.9 billion in 2024. Global sales of biosimilars and biologics will likely increase at 7.6% CAGR during the forecast period, taking the overall market valuation to a staggering USD 1,060.7 billion by 2034.
The monoclonal antibody segment is expected to dominate the global market throughout the forecast period, exhibiting a CAGR of 5.7%. This can be attributed to the rising popularity of monoclonal antibodies in targeted therapeutic approaches.
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Multiple factors are anticipated to drive the growth of the biosimilar and biologics industry during the next ten years. These include:
- Increasing incidence of chronic diseases and rising need for affordable treatments
- Surging demand for biological medicines
- Growing popularity of biosimilars due to their advantages like cost-effectiveness
- Favorable government support for the biosimilar and biologic industry
- Progressive biopharmaceuticals represent a trend in the development of biosimilars and biologics, focusing on advancing therapeutic options through innovation, optimization, and customization
Biologics and biosimilars are gaining wider popularity for treating a wide range of chronic diseases. This is due to their high effectiveness and cost-effective nature.
Chronic diseases like diabetes, cancer, and autoimmune disorders are on the rise. This, in turn, is necessitating effective and affordable treatment options, including biologics and biosimilars, thereby driving market growth.
Ongoing advancements in targeted therapies are expected to propel demand for biosimilars and biologics. As the healthcare sector advances toward more personalized and targeted therapies, biosimilars are becoming an essential part of the treatment landscape.
The expansion of autoimmune biosimilars represents a significant growth opportunity within the pharmaceutical industry. Autoimmune diseases, characterized by dysregulated immune responses targeting self-tissues and organs, are on the rise globally across various age groups.
The growing incidence and prevalence of autoimmune diseases are placing a substantial burden on healthcare systems globally. These conditions often result in chronic, debilitating symptoms that impair quality of life and require long-term management. Biosimilars offer a cost-effective alternative where long-term treatment is required.
Key Takeaways from the Market Study
- The global market for biosimilars and biologics is projected to total USD 1,060.7 billion by 2034.
- By drug class, the monoclonal antibody is set to hold a dominant value share of 31.0% in 2024.
- Based on the source, the bacterial cells segment is estimated to grow at 6.7% CAGR through 2034.
- By application, the oncology segment will likely register a CAGR of 6.2% CAGR, accounting for a revenue share of 25.9% in 2024.
- By distribution channel, the pharmacies segment is anticipated to hold a market share of 37.5% in 2024.
- North America accounted for a substantial value share of 43.8% in 2023.
- Sales of biosimilars & biologics in China are predicted to rise at 8.8% CAGR through 2034.
- India is poised to exhibit a CAGR of 8.5% from 2024 to 2034.
“Manufacturers with long-standing experience in biologics production possess valuable expertise in process development, optimization, and quality assurance, which can be leveraged to enhance the manufacturing of biologics and biosimilars.” says an analyst of Future Market Insights (FMI).
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Who is Winning?
Expansion of product portfolios, along with new developments in techniques, is the key strategy of the leading biosimilar and biologic manufacturers to stay ahead of the competition. Companies are also investing in research and development, establishing new facilities, and employing tactics like mergers, partnerships, and acquisitions to boost their revenue.
Recent Development:
- In January 2024, AbbVie expanded biologics manufacturing capacity with a USD 223 billion investment in Singapore’s manufacturing site.
Key Players in the Biosimilar and Biologics Market
- Pfizer Inc.
- Hoffmann-La Roche AG
- AbbVie Inc.
- Novartis AG
- Merck & Co., Inc.
- Bristol Myers Squibb Co.
- GSK plc
- AstraZeneca
- Eli Lilly & Co.
- Bayer AG.
- Gilead Sciences
- Amgen Inc.
- Boehringer Ingelheim International GmbH
Biosimilar and Biologics Market Segmentation
By Drug Class:
- Monoclonal Antibody
- Vaccines
- Recombinant Insulin
- Growth Factors
- Immune Modulators
- Fusion Protein
- Erythoprotein
- Therapeutic Enzymes
- Interferons
- Colony Stimulation Factors
- Oligonucleotides
- Others Drug
By Source:
- Bacterial Cells
- Yeast Cells
- Plant Cells
- Animal Cells
- Other Sources
By Application:
- Oncology
- Autoimmune Disease
- Infectious Diseases
- Rare Disease
- Cardiovascular Disorders
- Hematological Disorders
- Other Application
By Manufacturing Type:
- Contract Manufacturing
- In-house Manufacturing
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Specialty Pharmacies
- Mail Order Pharmacies
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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