Global biosimilars market to hit $72.3b by 2035

Thanks to the rising number of regulatory approvals.

The global biosimilars market is projected to reach $72.3b by 2035 at a compound annual growth rate of 7.5%, according to MarketsandMarkets.

The sector’s expansion is attributed to the rising number of regulatory approvals and product launches, the patent expiries of major biologics, and the increasing prevalence of chronic diseases.

“The first biosimilar version of the blockbuster GLP-1 agonist Semaglutide is projected to launch in China by 2026,” the report said.

“It is anticipated to contribute to approximately 25% of the global biosimilars market share by 2035,” it added.

Moreover, cost containment pressures in global healthcare systems and a surge in research and development collaborations amongst key players have driven biosimilar development and commercialisation.