Biosimilars Market to reach USD 127.92 Billion By 2032 and grow at a CAGR of 17.7%
The global biosimilars market has blossomed with the increasing demand for affordable alternatives to biological therapy. Most of the biologic drugs that are now coming off patent in the U.S. have created huge interest among manufacturers to start working on biosimilars that are as efficacious and potent as the original biologics. The adoption of biosimilars has been slow so far in the U.S. because of patent disputes, reimbursement complexities, and physician/patient acceptance issues; however, the market in the U.S. is expected to grow at a rapid pace in the coming years. A total of 35 biosimilars have been approved by the FDA up to April 2022. Of these, 21 are commercially available. The number of biosimilars approved reached 40 as of December 2022, of which 25 have already been launched.