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The U.S. biosimilars market size is anticipated to surge from USD 9.48 billion in 2022 to USD 100.75 billion by 2029. Follow-on biologics have become sought-after as a cost-effective alternative amidst the patent expiry of blockbuster biologics. Prominently, treatment with biosimilars is cheaper than treatment with biologics. The soaring number of approvals from the U.S. FDA will add fillip to the industry growth in the ensuing period.
According to the latest research report by Fortune Business Insights™ titled, “U.S. Biosimilars Market Size, Share & COVID-19 Impact Analysis, By Drug Class (Filgrastim & Pegfilgrastim, Monoclonal Antibodies, and Others), By Disease Indication (Cancer, Autoimmune Diseases {Arthritis, Psoriasis, Neutropenia, and Others}, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2022-2029,” the market was pegged at USD 6.73 billion in 2021. It is expected to observe a 40.2% CAGR during the forecast period.
COVID-19 Pandemic-led Product Launch Postponement Dented Growth Prospect
While most industries grappled with the COVID-19 pandemic, the healthcare sector exhibited resilience across the U.S. To illustrate, Pfizer’s global biosimilars business reported a revenue of USD 2.34 billion in 2021, with the U.S. contributing approximately 66.6% of the revenue. Meanwhile, postponement of regulatory approval redefined the regional landscape. It was reported that merely two biosimilars were rolled out in FY 2021 compared to six rollouts in 2019 in the U.S. Stakeholders expect the next few years to witness increased approval and product launches.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/u-s-biosimilars-market-100990
Coherus Biosciences Received FDA approval for YUSIMRY for Plaque Psoriasis Treatment
Major companies are gearing to boost their portfolios as they compete to bolster their brand position in the U.S. To illustrate, in December 2021, Coherus Biosciences announced the U.S. FDA approved YUSIMRY for the treatment of psoriatic arthritis, plaque psoriasis, juvenile idiopathic arthritis, rheumatoid arthritis, and ankylosing spondylitis. Prominent companies could infuse funds into research and development activities to tap into markets. The U.S. biosimilars market share will observe a notable gain on the back of investment in organic and inorganic strategies.
Strategic Partnerships to Underpin Regional Growth
Industry players are likely to cash in on the clinical upsides as the penetration of the drug continues to gain traction across the region. Drug-makers are expected to ink a strategic deal to boost the product’s commercialization, manufacturing, and development. Specifically, in February 2022, Biocon Biologics inked a deal to acquire Viatris’s biosimilars business to bolster its position through its projected pipeline biosimilar drugs portfolio. The U.S. biosimilars market growth will be pronounced with rising demand to boost the accessibility of the drug. However, prevailing challenges with clinical processing and cost of drug development may challenge leading companies gearing to boost their portfolios.
Stakeholders Emphasize FDA Approvals to Bolster Portfolio
Leading companies are poised to invest in R&D activities, product launches, technological advancements, and mergers & acquisitions to boost their presence across untapped areas. Furthermore, leading companies could infuse funds into innovations to gain a competitive edge in the regional market.
Notable Industry Development
List of the Companies Profiled in the Report
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2018-2029 |
Base Year | 2021 |
Estimated Year | 2022 |
Forecast Period | 2022-2029 |
Historical Period | 2018-2020 |
Unit | Value (USD billion) |
Segmentation | By Drug Class, Disease Indication, and Distribution Channel |
Segmentation | By Drug Class
|
By Disease Indication
| |
By Distribution Channel
|