The market is driven by the rising prevalence of chronic disease, growing investment in research and development by biopharmaceutical organizations, vast pipeline of biosimilars, surging geriatric population, and the cost-efficient nature of biosimilars as compared to approved drugs.

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On a global ground, in 2018, Europe dominated the biosimilars market with nearly 47.7% share. This is ascribed to the flexible regulatory parameters, surging aging population, and increasing R&D investments by biopharmaceutical organizations in the region.

The biosimilars market is expected to observe the fastest growth in North America, progressing at CAGR of 32.7% during the 2019–2024 period. This can be mainly attributed to the surging geriatric population, increasing prevalence of chronic diseases, and growth in R&D investments.

Companies in North America have more freedom to price their products as they want compared to other regions, and advanced technologies and trained scientific personnel are readily available in here, which make it ideal for pharmaceutical companies.

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According to the Population Reference Bureau report, titled Aging in the United States, the aging population is anticipated to double by 2060, resulting in the need for old age-related disease management. Furthermore, according to the Centers for Disease Control and Prevention (CDC), around 60.0% of the adults in the U.S. are suffering from one or more chronic diseases.

Strategic collaborations and product launches play a prominent role in the growth of the biosimilars market. For instance, Amgen Inc. and Entera Bio Ltd. collaborated in 2018 to launch an orally administered formulation of biologics. This collaboration shows that organizations are ready to invest in biologics, resulting in the growth of the market.

Some of the key players operating in the market, globally, are Samsung Bioepis Co. Ltd., AMEGA Biotech, Synthon Holding B.V., Coherus BioSciences Inc., Celltrion Inc., BIOCAD, Zydus Cadila, Teva Pharmaceutical Industries Limited, Pfizer Inc., Novartis AG, Dr. Reddy’s Laboratories Ltd., and Mylan N.V.