Increase in incidences of diabetes and autoimmune diseases drives the growth of the global biosimilars market. Moreover, favorable government policies and new product launches in the biosimilars industry have supplemented the growth yet more. Moreover, several growth prospects in the developed as well as developing economies have been beneficial for the key players in the industry.
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The global biosimilars market was valued at $15.9 billion in 2021, and is projected to reach $143.6 billion by 2031, growing at a CAGR of 24.7% from 2022 to 2031.
The commercialization of filgrastim biosimilars in the United States have brought the revolutionary changes in development of biosimilars. Pharmaceutical companies interested in investing into biosimilars market are now focusing on the agreement and acquisitions, in order to expand their presence in biosimilars market. Recently, the Pfizer has acquired Hospira, a global leader in biosimilars. This acquisition has strengthen the biosimilar portfolio of Pfizer. Also, it increases the global reach of Hospira through commercial capabilities, scientific expertise of Pfizer. The key companies profiled in the report are Novartis (Sandoz), Synthon Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., LG Life Sciences, Celltrion, Biocon, Hospira, Merck Serono (Merck Group), Biogen idec, Inc., and Genentech (Roche Group).
Covid-19 scenario-
The COVID-19 pandemic created difficulties for the pharmaceutical industry to focus on R&D activities including biosimilar development, which impacted the global biosimilars market negatively.
Moreover, there was a delay in product approvals and product launches, owing to the global health crisis, which further restricted the expansion of the market.
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Key players in the industry-
Exxon Mobil Corporation
Haihang Industry Co., Ltd.
Kent elastomer products
Kuraray Co.
Shell,Ltd.
SIBUR
Dupont
The Goodyear Tire & Rubber Company
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