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DataHorizzon Research anticipates an 18.1% CAGR through next decade.
According to DataHorizzon Research, the biosimilars market size was valued at $27.7 billion in 2022 and is expected to grow to a market size of $143.7 billion by 2032, with a compound annual growth rate (CAGR) of 18.1%.
The market is growing rapidly due to the increasing prevalence of chronic diseases. Additionally, biosimilars are in high demand due to drugs losing their patents, cost-effectiveness, and government efforts to reduce healthcare expenses.
Biosimilars, approved by FDA, are biologic products identical to reference products. They offer cost savings compared to original biological drugs, which provides another option for treating several acute and chronic diseases. They are gaining popularity due to the rising prevalence of chronic diseases and recent regulatory clearance in several countries.