Global biosimilars market forecast to expand four-fold by 2023

According to a new report, published by MarketsandMarkets, the market for biosimilar medicines is expected to reach a value of $23.63 billion by 2023, up from $5.95 Billion in 2018, expanding at a compound annual growth rate (CAGR) of 31.7%.

By product, the biosimilar market is classified into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. Recombinant glycosylated proteins are expected to hold the largest share of the market during the forecast period. The key factors driving the market for glycosylated proteins are the broad therapeutic area of these proteins and presence of biosimilar versions of monoclonal antibodies at lower prices compared to reference products.

By type of manufacturing, the market is segmented into in-house manufacturing and contract manufacturing. In-house manufacturing accounted for the largest share of the global Biosimilars Market in 2017. The growing demand for cost-effective biosimilar products owing to the rising incidence of various diseases is driving the growth of the in-house manufacturing segment