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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India Biosimilar Market Analysis
With the rising incidence of chronic diseases, the India biosimilar market demand has grown. As a result, there have been several significant initiatives from the private and state-owned organizations to mitigate the rising burden of morbidities.
The region is gaining significant pharmaceutical attention to meet the high demand and it is heavily impacted by the rising investments to build the medical infrastructure and offer rapid, accurate and affordable outcomes to the patients. Dr. Reddy’s Laboratories, a prominent pharmaceutical player in the region, has identified the biosimilar segment as a key priority area. This indicates the ongoing trend of rising emphasis on the area.
To push the production and application of biosimilars, the government has also eased out on stringent regulations and encouraging tie-ups between foreign and indigenous companies. In July 2023, India’s Biocon Biologics launched a biosimilar version of AbbVie’s rheumatoid arthritis drug Humira in the United States.
Biocon Biologics has also received the marketing authorization for Yesafili, an ophthalmology product which is a biosimilar to the reference product Eylea (Aflibercept) from the UK's Medicines and Healthcare products Regulatory Agency (MHRA). As a result, the India biosimilar market share is expected to have a significant global impact in coming years as well.
India Biosimilar Market Report Snapshots
India Biosimilar Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market attained a value of about INR 2.20 billion in 2023, driven by rising activities and strategic partnerships and the evolving regulatory landscape.
The market is anticipated to grow at a CAGR of 25.20% during the forecast period of 2024-2032, likely to reach a market value of INR 16.6 billion by 2032.
The market demand has increased with the high prevalence of chronic diseases in the continuously rising geriatric population, along with a rise in research and development and overall expansion of the healthcare sector.
The current market trend revolves around the emergence of new biosimilars in the market. For instance, in July 2023, India’s Biocon Biologics launched a biosimilar version of AbbVie’s rheumatoid arthritis drug Humira.
The major applications include blood disorders, growth hormonal deficiency, chronic and autoimmune disorders, oncology, and other applications.
Product class includes monoclonal antibodies, recombinant hormones, immunomodulators, and anti-inflammatory agents, among other product classes.
The significant manufacturing types include in-house manufacturing and contract manufacturing.
Key players involved in the market are 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., Dr. Reddy's Laboratories, Coherus Biosciences Inc. and Biocad.
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+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124