The Global Biosimilar Pipeline Market is expected to reach USD XX Bn by 2027, with a growing CAGR of 12.5% during the forecast period.
Biosimilar is a biological product that is exact same to the original product that is manufactured by other companies. Most common biosimilars prescribed include etanercept (Enbrel®) and adalimumab (Humira®). The driving factors influencing the growth of global biosimilar pipeline market include rise in adoption of biosimilar products, growing prevalence for chronic diseases such as cancer, immune diseases, and blood diseases. In addition to this, growing government initiatives in term of funds and grants further trigger the growth of the market. Rising healthcare expenditure and growing disposable income further leverage the growth of the industry. However, the industry faces many challenges which affects the growth of market. Challenges such as lengthy clinical process and product approvals hinder the growth of Biosimilar pipeline market. On the contrary, covid-19 pandemic has beneficially impacted the growth of the market across the globe. This created opportunity for key market players for development of innovative biosimilar product.
This industry is broadly segmented into product, service, applications, and region. Based on product, monoclonal antibodies segment is expected to witness the largest market share during the forecast period due to increase in use of monoclonal antibodies in different therapies such as covid-19 infection. Based on service, clinical trials segment is expected to hold the largest share during the forecast period owing to increase in research activities. Oncology segment is expected to leverage the growth of the market during the forecast period owing to high utilization of biosimilars for cancer treatment.
Global Biosimilar Pipeline Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America projected to grow during forecast period owing to increasing number of biosimilar products in pipeline in this region. Moreover, rising geriatric population, presence of healthcare infrastructure, high investment in research and development activities, and rising prevalence of chronic diseases such as cancer and immunosuppressant diseases, are expected to leverage the growth biosimilar pipeline market. Availability of key market players in this region and growing number of manufacturing units further fuels the growth of the industry. In addition to this, technological advancements, and government spending on healthcare services fuels the growth of the market in this region.
The Global Biosimilar Pipeline Market Segmentation:
Global Biosimilar pipeline Market by Product Outlook (Revenue, USD Million, 2021-2027)
Global Biosimilar pipeline Market by Service Outlook (Revenue, USD Million, 2021-2027)
Global Biosimilar pipeline Market by Application Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the biosimilar pipeline market are: