Biosimilars Market Analysis | Trends, Drivers, and Forecasts for Core Companies 2023-2027
Technavio has been monitoring the Biosimilar Market and it is a billion-dollar market in the making. It is estimated to exhibit growth at a CAGR of a CAGR of 23% during the forecast period from 2023 and 2027 followed by a revenue growth of USD 42.23 Bn. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
Snapshot of Biosimilars Market
Navigating through the Trends that are likely to impact market advancement
The global biosimilar market is influenced by patient attitudes toward switching and physician prescribing practices. Patients' and physicians' willingness to switch to biosimilars is trending in the market space. Technavio's research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.
When it comes the market growth drivers, the cost-effectiveness of biosimilars over biologics is a major biosimilars market growth driver. Biosimilars, which are authorized copies of biologics, are priced 20%-25% lower than the original products this cost reduction is due to fewer clinical trials required for biosimilars compared to the original biologics.
Leading names such as Amgen Inc., Biogen Inc., Boehringer Ingelheim International GmbH, Eli Lilly and Co., F. Hoffmann-La Roche Ltd., Fresenius Kabi AG, Merck and Co. Inc., Novartis AG, Pfizer Inc., and Viatris Inc. are some of the major market participants which come with a wide range of offerings for the consumers. Our report includes qualitative and quantitative analyses of market leaders with a wider understanding of the business ecosystem. Download our best-selling report for more insights
Biosimilars Market Highlights for 2023-2027
