The size of the European Biosimilars Market is forecasted to grow to USD 10.14 billion by 2028 from USD 3.53 billion in 2023 and is estimated to be growing at a CAGR of 23.50% from 2023 to 2028.
The rise in demand for biosimilars is due to the beneficial factor, that the biosimilars do not require extensive research and testing. Thus, it reduces time and money, which shows a positive impact on European biosimilars market growth. In addition, the increasing geriatric population in the region is driving the market growth. The European population is aging, with around one-fifth of the entire European population over 65. Due to less expensive than the other branded counterparts, biosimilars are extensively being used in Europe. An increase in the burden on lifestyle diseases and the proliferation of chronic diseases, including diabetes, cancer, asthma, and arthritis, influence the biosimilars market during the forecast period. Increasing awareness among the people in developed countries such as Germany, UK, France, and Spain and favorable reimbursement policies and initiatives by the government and private organizations encourages European biosimilars market growth.
Country-wise, the market is growing at a significant pace. The major growth contributors in the region are France, Germany, Italy, Spain, and the UK. Technological advancement in the healthcare sector and healthcare spending is expected to influence market growth. In addition, the introduction of novel biosimilars, significant industry innovations such as partnerships and partnerships, favorable research funding conditions, and drug development pressure on pharmaceuticals owing to approaching patent expiration are the factors contributing to the market's growth. Furthermore, the biosimilar market in Europe is predicted to be driven by increased acceptance and adoption by different stakeholders, the need for diversification in technology and business strategies, and the rising incidence of chronic illnesses.
Many firms are discouraged from investing in this market due to problems such as a lack of concrete requirements for approval and appropriate profitability and concerns about substitutability and interchangeability. As a result, the European biosimilars market growth is hampered.
This research report on the European biosimilars market has been segmented and sub-segmented market into the following categories:
By Product Type:
Geographically, the European market is expected to dominate the UK biosimilars market during the forecast period. The first biosimilar approval was in 2006 for the human growth hormone, but that didn't make up any profits in the market in the U.K. Humira, which is one of the excellent products, has led the market growth. Adalimumab which is the biosimilar for Humira is leveraging the shares of the market. According to the Medicines Optimization Dashboard, Infliximab, which was launched in 2015, is now up to 91% of consumption in England. The U.K. bio-similar market develops growing competition among biological medicines, which can deliver essential savings to the NHS.
The Denmark biosimilars market is one of the lucrative markets in the European region and is expected to register healthy CAGR during the forecast period. Among the European countries, Denmark has been outstanding for its bio-similar consumption, and cost-saving is also achieved. Denmark has implemented one of the most radical biosimilar programs and produced a considerable amount of share in the overall bio-similar volume.
The German biosimilars market is one of the countries in Europe to witness a robust CAGR during the forecast period. Especially, oncology, neurology, and gastroenterology are highly benefited through these biosimilars. Therefore, it has brought tremendous growth opportunities in the market shares and is also deemed to maintain this level in the coming years.
The Italian biosimilars market is estimated to be growing at a CAGR of 24.9% during the forecast period. The market is expected to grow strongly in the upcoming years. The biosimilars are exceedingly less expensive as they don't require more research and tests for the release into the market, which saves time and money. Biologics in Italy have disclosed that change is constant during the period.
The Spanish biosimilars market is forecasted to be growing at a healthy rate from 2023 to 2028. Spain is Europe's fifth-highest manufacturing industry. Moreover, biosimilars accounted for less than 5% of the total biologics market. Spain carries the early entry of biosimilars. Also, this country creates unpredictability for manufacturing companies. Here, biosimilars are valued at 30% under the medicinal cost. When compared with conventional generics, 40% are evaluated under the drug cost.
France is one of the European countries that have been set for continuous growth. Here, the pharmacists continue to grow their increased center of attraction in quick growing and low costs used to develop new methods to accelerate to make certain defendable future, and France has captured less than 5% of the market.
KEY MARKET PLAYERS:
Some of the promising companies operating in the European biosimilars market profiled in this report are Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics and Cipla Ltd.
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