The global biosimilars market is expected to grow from US$ 22.68 billion in 2022 to US$ 136.07 billion by 2028, at a CAGR of 34.8%. The monoclonal antibodies segment is expected to account for the largest share of the market during the forecast period.

Biosimilars are biological products that are highly similar to another biological product, known as the reference product. Biosimilars are developed and manufactured after the reference product's patent has expired, and they offer a more affordable alternative to the original drug.

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The global biosimilars market is expected to grow significantly in the coming years, driven by a number of factors, including:

• The expiration of patents on a number of blockbuster biologic drugs. This is creating a significant opportunity for biosimilar manufacturers to enter the market with more affordable alternatives.
• The rising prevalence of chronic diseases. Biologic drugs are often used to treat chronic diseases, such as cancer, arthritis, and diabetes. As the prevalence of these diseases increases, so too does the demand for biosimilars.
• Government support for biosimilars. Many governments around the world are encouraging the use of biosimilars in order to reduce healthcare costs. This is being done through a variety of measures, such as providing financial incentives to prescribers and patients, and streamlining the approval process for biosimilars.

Bio Similars Market Key Takeaways: 

• The global biosimilars market is expected to reach $22.5 billion by 2028, growing at a CAGR of 11.4% from 2022 to 2028.
• The growth of the biosimilars market is attributed to the increasing prevalence of chronic diseases, the rising cost of biologic drugs, and the growing government support for biosimilars.
• The North American region is expected to remain the largest market for biosimilars throughout the forecast period, owing to the high prevalence of chronic diseases, the early adoption of biosimilars, and the favorable regulatory environment.
• The European region is expected to witness the highest growth in the biosimilars market during the forecast period, owing to the increasing government support for biosimilars and the growing number of biosimilars approvals.