United States Biosimilar industry Outlook to 2028, Featuring Pfizer, Amgen, Biogen, Viatris and Coherus Biosciences

2024-03-07

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DUBLIN, March 7, 2024 /PRNewswire/ -- The "US Biosimilar industry outlook to 2028" report has been added to

ResearchAndMarkets.com's offering.

The US Biosimilar Industry is anticipated to grow at a CAGR of ~40% in the next five years owing to the cost-effective nature of Biosimilar drugs, rising geriatric population, increasing cases of chronic diseases and growing strategic partnerships.

The US Biosimilar market is significantly growing due to various reasons such as rising geriatric population, cost effective nature of Biosimilar drugs, increasing cases of chronic diseases and growing strategic partnerships. Biosimilar drugs also tend to be cost effective.

The geriatric population in the US has been constantly rising. The ageing population went from ~25,000 per 100,000 people in 1980s to ~54,000 per 100,000 people in 2020s. Most of the aged people cannot afford original drugs and thus, rising geriatric population raises the demand for Biosimilar drugs. Moreover, the cases of chronic diseases also have been rising in the US over the years. In 2020, there were at least 155 million people living with a chronic disease in the US. Such high number of chronic illness cases also raise the demand for the development of cost-effective medicines in the form of Biosimilar drugs.

Key trends by Market Segment:

By Drug class: In 2022, Monoclonal Antibodies continued to dominate the US Biosimilar Market. These antibodies can be best described as proteins developed in laboratories that are known to act like actual antibodies present in our blood.

The reason behind their dominance is that they have been very successful when it comes to treating life threatening diseases such as cancers. Moreover, a treatment involving these antibodies happens to be more precise than any other treatment. Furthermore, these antibodies are known for activating the immune responses for fighting a particular disease. Due to their success rates and ability to stimulate immune responses, they have gained quite a popularity in the US Biosimilar market.

By Application: In 2022, Oncology segment dominated the US Biosimilar market. The cancer cases have been rapidly rising in the United States over the years. In 2022, the United State witnessed almost 2 million cancer cases. The rising cases of cancer also results in the demand for the development of effective and efficient treatment of cancer.

Monoclonal Antibodies that are used in Biosimilar drugs also have a 58% success rate in treating cancer. Overall, Biosimilar drugs are widely used in the treatment of various types of cancers such as breast cancer, lung cancer, colorectal cancer, etc.

There are many Biosimilar drugs such as Zirabev, Truxima, Ogiviri, Releuko, Fulphila, Retacrit, etc which are used in the effective and efficient treatment of Cancer.

By Geography: In 2022, the northern region of US happened to be the dominant segment in the US Biosimilar market. The main reason behind its dominance is the presence of Biosimilar drugs manufacturing companies, presence of many other healthcare companies and top-notch hospitals of the country.

This is primarily due to the reason that this region witnesses the major healthcare companies of Biosimilar market in the country such as Amgen, Pfizer, Viartis, Biogen, Coherus Biosciences etc.

Overall, there are almost 9000 healthcare companies established in this area. Due to the presence of vast number of companies, this region contributes to the growth of US Biosimilar market greatly.

There are also many reputed hospitals located in this area such as Mayo Clinic, Cleveland Clinic, Memorial Sloan Kettering Cancer Centre, Dana Farber Cancer Institute Cancer Institute, Hospitals of University of Pennsylvania, Northwestern Memorial Hospital, Barns-Jewish Hospital, etc.

As more and more people visits these hospitals, the healthcare professionals get to know the requirements and demands of the Biosimilar drugs thereby accelerating the US Biosimilar Market.

Future Outlook:

The US Biosimilar Market is anticipated to witness a growth at a CAGR of 40% between the time period 2022-2028 owing to the rising cases of chronic diseases, rising geriatric population and increasing cases of cancer along with growing strategic partnerships among pharmaceutical companies.

The prevalence of chronic diseases have been constantly rising in the United States. In 2020, there were at least 155 million people living with a chronic disease. This number is futher projected to reach 165 million and 170 million in 2025 and 2030 respectively. With rapidly rising cases, the demand for biosimilar drugs will be rising thereby driving the US Biosimilar market.

The rising geriatric population also increases the demand for Biosimilar drugs. In the US, the geriatric population has increased from 25 per 100 people in the 1980s to 54 per 100 people in 2020. This number is further anticipated to reach 72 per 100 people in 2030s. With rising geriatric population, the demand for Biosimilar drugs rises as aged population is less likely to afford generic drugs.

The rising cases of cancer also have resulted in an increased demand for Biosimilar drugs. Cancer has been rapidly rising in the US with around 2 million cases in 2020. The number is only projected to further increase. Moreover, most of the Biosimilar drugs are used in oncology so the rising cases only increases the demand for Biosimilar drugs thereby fueling the US Biosimilar market.

Key Topics Covered:

1. Executive Summary

2. US Biosimilar Market Overview

2.1 Taxonomy of the Market

2.2 Industry Value Chain

2.3 Ecosystem

2.4 Government Regulations/Initiatives for the Market

2.5 Growth Drivers of the US Biosimilar Market

2.6 Issues and Challenges of the US Biosimilar Market

2.7 Impact of COVID-19 on US Biosimilar Market

2.8 SWOT Analysis

3.US Biosimilar Market Size, 2017 - 2022

4. US Biosimilar Market Segmentation

4.1 By Drug Class, 2017 - 2022

4.2 By Application 2017 - 2022

4.3 By Regional Split (North/East/West/South/Central), 2017 - 2022

5. Competitive Landscape

5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

5.2 Strategies Adopted by Leading Players

5.3 Company Profiles

6. US Biosimilar Market, 2022-2028

7. US Biosimilar Market, Market Segmentation

7.1 By Drug class, 2022 - 2028

7.2 By Application, 2022 - 2028

7.3 By Regional Split (North/East/West/South/Central), 2022 - 2028

8. Analyst Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/apetl4

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