Biosimilar Market Anticipated to Reach $92bn by 2031

By 2031, the worldwide biosimilar market is expected to have grown at a compound annual growth rate of 16.4%, from its estimated $27.3 billion in 2023 to $92 billion. Oncology is anticipated to be the largest category with the quickest growth rate.

Biosimilars are medications that, when compared to the reference product, do not differ clinically meaningfully in terms of safety or effectiveness. Biosimilar medications have the same possible advantages and side effects as the reference product since they are manufactured from the same kinds of materials and are delivered in the same way, at the same dose, and in the same strength.

While economic hurdles have been extensively discussed in the literature, there is a dearth of evidence illustrating the impact of non-economic barriers on medication commercialisation and acceptance. Another obstacle is that prescribers and consumers in general are confused about the “interchangeability” designation since they believe biosimilars cannot replace the original medicine.