The North America biosimilars market is expected to grow from US$ 7,115.74 million in 2022 to US$ 47,746.80 million by 2028. It is estimated to grow at a CAGR of 37.3% from 2022 to 2028.
Increasing Prevalence of Chronic Diseases is Driving North America Biosimilars Market
The increasing aging population, changing social behavior, and the rising adoption of a sedentary lifestyle by people with accelerating urbanization boost the prevalence of obesity and various chronic diseases, such as diabetes. Also, twin studies have long established that genes can cause chronic conditions such as cardiovascular disease (CVDs), diabetes, obesity, Alzheimer's disease (AD), and depression. According to the National Council on Aging, Inc., 80% of adults 65 and more have at least one chronic condition, while 68% have two or more. According to the Centers for Disease Control and Prevention (CDC), in 2020, almost 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions.
Cardiovascular diseases such as atherosclerosis, angina pectoris, and acute myocardial infarction, caused due to hectic lifestyles, are significant causes of mortality across the world. As per the data provided by the WHO, CVDs are the number one cause of death worldwide, recording estimated 17.9 million deaths each year. Diabetes is a life-threatening chronic disease with no functional cure. Diabetes of all types can lead to various complications in different body parts and increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are among the major complications associated with diabetes. According to the International Diabetes Federation (IDF), diabetic cases in North America are expected to reach 62 million by 2045 from 46 million in 2017. Furthermore, the data reported that 425 million people were suffering from diabetes in 2017, and the count is expected to reach 629 million by 2045 across the world. The disease prevalence is likely to increase by about 35% during the forecast period.
North America Biosimilars Market Overview
According to NIH Autoimmune Diseases Coordinating Committee, in 2019, more than 24 million Americans suffer from autoimmune diseases. Eight million people have auto-antibodies, blood molecules that indicate a person's risk of developing autoimmune diseases. For unknown reasons, autoimmune diseases are affecting more people. According to the Clinical Research Branch at the National Institute of Environmental Health Sciences (NIEHS), in 2020, there is a significant increase in the prevalence of antinuclear antibodies (ANA), the most common biomarker of autoimmunity in the US. The study is the first to evaluate ANA changes in a representative sampling of the US population over time. It includes males, non-Hispanic whites, adults over 50, and adolescents. In the US, biosimilars are used to treat patients with cancers, kidney diseases, diabetes, and other autoimmune diseases such as rheumatoid arthritis and Crohn's disease. According to Cardinal Health, a total of 33 biosimilars have been approved by the FDA in the US and 21 are commercially available. Of the 21 biosimilars on the market, 17 are used for treatments associated with cancers, three are used to treat autoimmune conditions and one is used to treat diabetes.
North America Biosimilars Market Revenue and Forecast to 2028 (US$ Million)
North America Biosimilars Market Segmentation
The North America biosimilars market is segmented into disease indication, drug class, route of administration, end user, and country.
Based on disease indication, the biosimilars market is segmented into cancer, diabetes, autoimmune diseases, and other disease indications. The cancer segment held the largest market share in 2022.
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 granulocyte colony-stimulating factors segment accounted for the largest share of the market in 2022.
Based on route of administration, the biosimilar market is segmented into intravenous, subcutaneous, and others. The intravenous segment accounted for the largest share of the market in 2022.
The biosimilars market, based on end user, is segmented into hospitals, specialty clinics, homecare, and others. The hospitals segment accounted for the largest share of the market in 2022.
Based on country, the North America biosimilars market is segmented into the US, Canada, and Mexico. The US dominated the market in 2022.
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.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 7,115.74 Million |
| Market Size by 2028 | US$ 47,746.80 Million |
| CAGR (2022 - 2028) | 37.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Disease Indication
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
The North America Biosimilars Market is valued at US$ 7,115.74 Million in 2022, it is projected to reach US$ 47,746.80 Million by 2028.
As per our report North America Biosimilars Market, the market size is valued at US$ 7,115.74 Million in 2022, projecting it to reach US$ 47,746.80 Million by 2028. This translates to a CAGR of approximately 37.3% during the forecast period.
The North America Biosimilars Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Biosimilars Market report:
The North America Biosimilars Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Biosimilars Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Biosimilars Market value chain can benefit from the information contained in a comprehensive market report.
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