According to the report by Expert Market Research (EMR), the India biosimilar market is projected to grow at a CAGR of 25.20% between 2024 and 2032. Aided by the cost-effectiveness of biosimilars compared to the original ones, the market is expected to grow significantly by 2032.
Biosimilars are medical products that are almost identical to an original product manufactured by a different company. They are officially approved versions of original “innovator” products and are typically marketed after the original product’s patent expires. In India, the biosimilar market has been gaining significant traction due to several factors.
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One of the primary drivers of the India biosimilar market growth is the increasing prevalence of chronic diseases such as cancer, diabetes, and autoimmune diseases. The rising patient population requiring advanced therapeutic treatments has fuelled the demand for affordable biosimilar products.
Additionally, the cost-effectiveness of biosimilars compared to original biologics has made them a preferred choice in a price-sensitive market like India. This affordability is particularly crucial in enhancing patient access to high-quality treatments in a country where a large segment of the population has limited access to healthcare due to financial constraints.
The Indian government’s supportive policies towards the pharmaceutical and biotechnology sector have also influenced the India biosimilar market outlook. Initiatives like the ‘Make in India’ campaign have encouraged domestic production, and the simplified regulatory pathways for biosimilar approval have expedited the introduction of these products into the market.
Furthermore, the increasing investment in research and development by Indian pharmaceutical companies has led to the expansion of the biosimilar pipeline. Indian companies are not only focusing on the domestic market but are also making significant strides in the global biosimilar space by obtaining approvals in highly regulated markets like the United States and Europe.
As per the India biosimilar market analysis, technological advancements in bioprocessing and the development of sophisticated manufacturing facilities have enabled Indian companies to produce biosimilars that meet international standards. This capability has positioned India as a key player in the global biosimilar market.
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The rise in healthcare expenditure and the growing awareness among healthcare professionals and patients about the efficacy and safety of biosimilars have further augmented the market growth. With a growing middle class and an increasing focus on healthcare, the demand for biosimilars is expected to surge in the coming years.
India Biosimilar Market Segmentation
The market can be divided based on product class, manufacturing type, and application.
Market Breakup by Product Class
- Monoclonal Antibodies
- Recombinant Hormones
- Immunomodulators
- Anti-Inflammatory Agents
- Other Product Classes
Market Breakup by Manufacturing Type
- In-House Manufacturing
- Contract Manufacturing
Market Breakup by Application
- Blood Disorders
- Growth Hormonal Deficiency
- Chronic and Autoimmune Disorders
- Oncology
- Other Applications
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India biosimilar market. Some of the major players explored in the report by Expert Market Research are as follows:
- Pfizer Inc.
- Eli Lilly and Company
- Celltrion Healthcare
- Viatris Inc. (Mylan)
- Novartis AG
- Samsung Bioepis Co. Ltd.
- Stada Arzneimittel AG
- Teva Pharmaceutical Industries Ltd.
- Intas Pharmaceutical Ltd.
- LG Life Sciences Inc.
- Biocon Limited
- Amgen Inc.
- Reddy’s Laboratories
- Coherus Biosciences Inc.
- Biocad
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