At 37.3% CAGR, the North America Biosimilars Market is projected to be worth US$ 47,746.80 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the North America biosimilars market was valued at US$ 7,115.74 million in 2022 and is expected to reach US$ 47,746.80 million by 2028, registering a CAGR of 37.3% from 2022 to 2028. Increasing prevalence of chronic diseases and cost effectiveness of biosimilar drugs are the critical factors attributed to the North America biosimilars market expansion.

Biosimilars offer potential benefits to every stakeholder in the health system by providing a lower cost but equally effective treatment option such as biologics. Most health systems have developed protocols, incentives, and diverse reimbursement and procurement policies to ensure biosimilar to improve potential savings. However, the decision to prescribe or switch to a biological medicine for an individual patient, whether an originator or biosimilar medicine, is taken by the responsible clinician in consultation with the patient and their family/carers.

According to the report on biosimilars by Cardinal Health in 2022, biosimilar treatment options are proven to be as safe and effective as originator biologics. Biosimilars are approved through an abbreviated FDA pathway to expand patient access to high-quality, lower-cost care. As of January 2022, there are 33 FDA-approved biosimilars in the US, 21 commercially available on the market. The market entrance of biosimilars leads to greater competition, thereby lowering costs and increasing the accessibility and affordability of these critical treatments. Therefore, the cost effectiveness of biosimilar drugs fuels the biosimilar market growth.

On the contrary, high-cost involvement and complexities in biosimilar product manufacturing hurdles the growth of North America biosimilars market.

Based on disease indication, the biosimilars market is segmented into cancer, diabetes, autoimmune diseases, and other disease indications. The cancer segment held 50.5% market share in 2022, amassing US$ 3,590.16 million. It is projected to garner US$ 22,985.56 million by 2028 to expand at 36.3% CAGR during 2022–2028.  

The biosimilars market, based on drug class, is segmented into granulocyte colony-stimulating stimulating factors, human growth hormone, insulin, TNF blockers & monoclonal antibodies, erythropoietin-stimulating stimulating agents, and others. The TNF blockers & monoclonal antibodies segment held 85.9% market share in 2022, amassing US$ 6,112.27 million. It is projected to garner US$ 40,134.05 million by 2028 to expand at 36.8% CAGR during 2022–2028.

Based on route of administration, the biosimilar market is segmented into intravenous, subcutaneous, and others. The intravenous segment held 65.8% market share in 2022, amassing US$ 4,679.68 million. It is projected to garner US$ 32,390.66 million by 2028 to expand at 38.0% CAGR during 2022–2028.

The biosimilars market, based on end user, is segmented into hospitals, specialty clinics, homecare, and others. The hospitals segment held 44.7% market share in 2022, amassing US$ 3,183.73 million. It is projected to garner US$ 21,024.89 million by 2028 to expand at 37.0% CAGR during 2022–2028.

Based on country, the North America biosimilars market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.1% market share in 2022. It was assessed at US$ 5,696.43 million in 2022 and is likely to hit US$ 40,159.83 million by 2028, exhibiting a CAGR of 38.5% during the forecast period.

Key players dominating the North America biosimilars market are Amgen Inc; Celltrion Inc; Sanofi SA; Biocon Ltd; Coherus BioSciences Inc; Eli Lilly and Co; Sandoz AG; Teva Pharmaceutical Industries Ltd; Pfizer Inc; and Dr. Reddy's Laboratories Ltd are the leading companies operating in the North America biosimilars market. 

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