The global biosimilars market size was USD 10.25 billion in 2020. The market is expected to grow from USD 11.40 billion in 2021 to USD 16.33 billion by 2030 at a CAGR of 24.42% in the 2021-2030 period. This information is published by ““Decision Foresight”“, in its report, titled, “Biosimilars Market, 2021-2030.”
A biosimilar, also known as a reference biological product, is a biological product that is extremely similar to a previously FDA-approved medication. Biosimilars are medications that have been authorised by the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) and have no clinically significant differences in terms of safety, purity, efficacy, or effectiveness when compared to the reference product. Biosimilar medications can only be authorised for indications and conditions that have already been approved for reference product by major regulatory bodies.
COVID-19 Impact: Rising Demand for the Innovative Drugs with Surge in FDA Approvals Observed amid Pandemic
COVID-19 may have a big influence on the biosimilars industry, and it has provided a substantial barrier to pharmaceutical firms working on biosimilar development. During the current pandemic, the FDA’s approval of non-COVID medicines has been reduced, which is likely to slow the process of product approval and marketing, stifling market growth. Furthermore, because most clinical studies have been postponed in order to battle the COVID-19 issue and reduce the risk of infection among participants, most pipeline items are moving at a snail’s pace in terms of research and development. There is also a supply scarcity owing to the worldwide lockdown and travel restrictions.
Segmentation
On the basis of drug class filgrastim and pegfilgrastim, monoclonal antibodies, and others are the medication classes that make up the market. Filgrastim and pegfilgrastim are dominating the market, due to the USFDA’s approval and introduction of these products. The involvement of major pharmaceutical companies such as Mylan N.V. and Pfizer, Inc. in the development and marketing of filgrastim and pegfilgrastim in the United States is expected to fuel sector expansion in the future years.
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