Interchangeable Biosimilars Market Size

Interchangeable Biosimilars Market size was valued at USD 30.03 Billion in 2023 and is anticipated to exceed USD 324.74 Billion by the end of 2036, registering over 20.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of interchangeable biosimilars is evaluated at USD 35.46 Billion. The major factor that is attributed to the expansion of the market size is the rising incidences of chronic diseases along with the increasing demand for interchangeable biosimilars for effective treatment processes. Centers for Disease Control and Prevention (CDC) stated that the prevalence of chronic diseases in the United States in six out of ten Americans includes heart disease, stroke, cancer, diabetes, and others.

Interchangeable biosimilars are medical products that can be used as an alternative to reference products, without the physician’s prescription. It is similar to the use of generic medicines as a replacement for branded medications. Thus, the increased prevalence of diseases, disorders, and illnesses is expected to increase the demand for interchangeable biosimilars in the upcoming years. Furthermore, the rising shift of the global population to a sedentary lifestyle with the high consumption of junk and processed food has propelled the prevalence of several illnesses in the human body which is anticipated to increase the sales of interchangeable biosimilars in the world. In addition to the aforementioned factors, the rapid escalation of the focus of people on health and fitness is also projected to create a positive outlook for market growth during the assessment period. Also, the swift expansion of the healthcare industry along with the increased government support for enhancing the patient’s experience and stimulating fast and quick recovery is estimated to bring in favorable opportunities for a robust revenue generation of the global interchangeable biosimilars market in the upcoming years.