The North American Biosimilars Market is predicted to grow from USD 3.27 billion in 2023 to USD 10.89 billion by the end of 2028, 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. In addition, the rapid adoption of the latest technologies and innovative products in healthcare elevates the market demand. An increasing number of autoimmune diseases is also one factor propelling the growth rate of the North American Biosimilars Market. Adopting these techniques by stakeholders with the need for diversification in the business models is accelerating the market's demand to an extent. Besides, ongoing research and development activities to introduce low-cost innovative techniques 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 North American Biosimilars Market. The high maintenance cost of laboratory devices is also restraining market growth. The lack of skilled people to develop innovative products using biosimilars hinders the market's demand. Low profitability is another attribute restricting the growth rate of the market. Due to the increasing cases of COVID-19, many hospitals in the U.S. have restricted physical consultancies, which slowly limits the market's demand.
This research report on the North American Biosimilars Market has segmented and sub-segmented the market into the following categories:
By Product Type:
Geographically, the North America biosimilars market 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 North American biosimilars market demand. In addition, in the coming years, there will be an increasing number of biological drugs with patent expiration, leading to increasing demand for biosimilars products. The U.S. is the major country capturing the highest shares of the market. Increasing disposable income and rising demand for quality treatment procedures are leveling up the market demand in the U.S. Rising approvals from government organizations like Food and Drug Administration (FDA) are anticipated to propel the market's growth rate. In addition, an increasing number of pipeline products and the prevalence of new products promote the market's demand. Canada is next to the U.S. in leading the most significant shares of the market.
The biosimilars market in the United States is growing rapidly. The U.S. has condemned, and the market dynamics are changing as the regulatory environment evolves. Biosimilars in the autoimmune diseases segment held the largest market share in 2022 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, the surge of government efforts that offer better affordable healthcare, expiration of patents demand the U.S biosimilars Market Growth.
The Canadian biosimilars market will witness significant market growth during the forecast period. The government of Canada is trying to boost the usage of biosimilars by decreasing drug costs. Canada has approved five bio-similar, of which three were innovator products. Canada has the second-highest annual income in spending on biologics and biosimilars. As a result, Canada has been stepping into its bio-similar. Infliximab is one of the biosimilars that will be destroying 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'ss Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics, and Cipla Ltd.
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