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North America Biosimilars Market Research Report – Segmented By Type, Technology, Application, Country (United States, Canada and Rest of the North America) - Industry Analysis, Size, Share, Growth, Trends, Forecast (2022 to 2027)

Published: January, 2022
ID: 1079
Pages: 145
Formats: report pdf report excel report power bi report ppt

North America Biosimilars Market Size (2022 to 2027)

As per our report, the Biosimilars Market in North America is predicted to grow from USD 2.58 billion in 2022. It is estimated to grow USD 8.57 billion by the end of 2027, showcasing a CAGR of 27.13% during the forecast period. This report's geography scope is divided into the United States, Canada, and the Rest of North America.

Rising occurrences of chronic diseases are a key driving factor for the market to grow in North America. The rapid adoption of the latest technologies and innovative products in healthcare elevate the market demand. Biosimilars are cost-effective where there is an increasing demand for these procedures in the medical sector, elevating the market demand. An increasing number of autoimmune diseases is also one factor propelling the growth rate of the biosimilars market in North America. Adopting these techniques by stakeholders with the need for diversification in the business models is accelerating the market's demand to the extent. Besides, ongoing research and development activities to introduce innovative techniques at low cost escalate this market demand in North America.

However, strict rules and regulations by the government in approving the new models are likely to impede the growth rate of the biosimilars market in North America. The high maintenance cost of the laboratory devices is also a restraining factor for the market growth. The lack of skilled people in developing innovative products using biosimilars is also hindering the market's demand. Low profitability is another attribute restricting the growth rate of the market. Due to the increasing cases of the COVID 19, many hospitals in the US have restricted physical consultancies, which slowly limit the demand of the market.

This research report on the North American Biosimilars Market has been segmented and sub-segmented market into the following categories:

By Product Type:

  • Protein
  • Insulin
  • Human Growth Hormones
  • Granulocyte Colony-stimulating Factor (G-CSF)
  • Interferons
  • Recombinant Glycosylated Proteins
  • Erythropoietin
  • Monoclonal Antibodies
  • Follitropin
  • Recombinant Peptides
  • Glucagon

By Technology:

  • Mass Spectroscopy
  • Chromatography
  • Monoclonal Antibody Technology
  • Recombinant DNA Technology
  • Nuclear Magnetic resonance (NMR) technology
  • Electrophoresis
  • Bioassay

By Disease:

  • Oncology Diseases
  • Blood Disorders
  • Growth hormone deficiencies
  • Chronic and autoimmune diseases
  • Others

By Region:

  • United States
  • Canada
  • Rest of North America

Geographically, North America is currently holding dominant shares in the global biosimilars market owing to increasing support from the government and private organizations through investments. An increasing number of people suffering from various health disorders is leveling up the biosimilars market demand. In the coming years, there will be an increasing number of biological drugs with patent expiration, leading to increasing demand for biosimilars products. The US is the major country contributing the highest shares for the market. Increasing disposable income and rising demand for quality treatment procedures are leveling up the demand of the market in the US. Rising approvals from government organizations like Food and Drug Administration (FDA) are anticipated to propel the market's growth rate. An increasing number of pipeline products and the prevalence of new products are promoting the market's demand. Canada is next to the US in leading the largest shares of the market.

The biosimilars market in the United States is growing rapidly. The U.S. has condemned, and the dynamics of the market are changing as the regulatory environment evolves. Biosimilars in the autoimmune diseases segment held the largest market share in 2019 in the United States market and are likely to continue the same trend. The growing importance of biosimilars as they are economical, the rising commonness of chronic diseases, and the surge of government efforts that offer better affordable healthcare, expiration of patents that demand market growth in the U.S.

The Canadian biosimilars market to witness significant market growth during the forecast period. The government of Canada is trying to boost the usage of biosimilars by decreasing drug costs. Health Canada has approved five bio-similar, of which three were innovator products. Canada has the second-highest annual income in spending on biologics and biosimilar. Canada has been stepping into its bio-similar. Infliximab one of the biosimilar that is to be destroying the Remicade’s name in the market.

Notable companies in the North American biosimilars market 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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