Biosimilars Market Outlook:
Biosimilars Market size was over USD 28.61 billion in 2024 and is poised to exceed USD 128.4 billion by 2034, growing at over 16.2% CAGR during the forecast period i.e., between 2025-2034. In the year 2025, the industry size of biosimilars is evaluated at USD 32.55 billion.
The market growth can be ascribed to growing spending on biologics worldwide. Moreover, biologics are medications generated from live organisms that are used to treat a variety of ailments, including cancer, autoimmune disorders, and inflammations. They are often more expensive than ordinary small-molecule medications and can consume a sizable percentage of healthcare spending. It was found that, in Europe, biologics represented almost 34% of medicine spending at list prices, comprising small molecules, biologics, and biosimilar competitors.
Biosimilars help increase access to healthcare for many as it is responsible for the reduction in the healthcare costs associated with the use of biologics. Since biosimilar drugs are a very similar copies of their reference biologics, they require much less research and development for equal efficacy and safety than their reference biologics. The recent approvals of biosimilar drugs are set to reduce the spending on biologics, resulting in the demand for biosimilars among healthcare service providers, which in turn, is expected to create massive revenue generation opportunities for the global biosimilars market. It is estimated that biosimilars are expected to reduce direct spending on biologic drugs in the United States by USD 54 billion from 2017 to 2026, or around 3% of the total estimated biologic spending over the same period.
