At 35.0% CAGR, the South America Biosimilars Market is projected to be worth US$ 6,408.87 Million by 2028, says Business Market Insights  

According to Business Market Insights’ research, the South America biosimilars market was valued at US$ 1,394.55 million in 2022 and is expected to reach US$ 8,449.92 million by 2028, registering a CAGR of 35.0% from 2022 to 2028. Increasing prevalence of chronic diseases and cost effectiveness of biosimilar drugs are the critical factors attributed to the South America biosimilars market expansion.

Biologicals represent promising new therapies for previously incurable diseases and are becoming highly important in the pharmaceuticals market. Patents on originator biologicals are expected to expire in the coming years. The patent expiration and other intellectual property rights for originator biologicals will create a need to introduce new biosimilars in the future. As a result, competition among market players will surge in the industry in the coming years. Thus, the patent expiry of blockbuster biologics is expected to create lucrative opportunities for the biosimilar market during the forecast period.    

On the contrary, high-cost involvement and complexities in biosimilar product manufacturing hurdles the growth of South America biosimilars market.

Based on disease indication, the biosimilars market is segmented into cancer, diabetes, autoimmune diseases, and other disease indications. The cancer segment held 42.6% market share in 2022, amassing US$ 593.74 million. It is projected to garner US$ 3,724.64 million by 2028 to expand at 35.8% CAGR during 2022–2028.  

The biosimilars market, based on drug class, is segmented into granulocyte colony-stimulating stimulating factors, human growth hormone, insulin, TNF blockers & monoclonal antibodies, erythropoietin-stimulating stimulating agents, and others. The TNF blockers & monoclonal antibodies segment held 71.1% market share in 2022, amassing US$ 991.18 million. It is projected to garner US$ 6,133.90 million by 2028 to expand at 35.5% CAGR during 2022–2028.

Based on route of administration, the biosimilar market is segmented into intravenous, subcutaneous, and others. The intravenous segment held 92.5% market share in 2022, amassing US$ 1,290.18 million. It is projected to garner US$ 8,121.18 million by 2028 to expand at 35.9% CAGR during 2022–2028.

The biosimilars market, based on end user, is segmented into hospitals, specialty clinics, homecare, and others. The hospitals segment held 44.1% market share in 2022, amassing US$ 614.42 million. It is projected to garner US$ 3,662.75 million by 2028 to expand at 34.7% CAGR during 2022–2028.

Based on country, the South America biosimilars market is segmented into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 38.4% market share in 2022. It was assessed at US$ 534.95 million in 2022 and is likely to hit US$ 3,226.18 million by 2028, exhibiting a CAGR of 34.9% during the forecast period.

Key players dominating the South America biosimilars market are Amgen Inc; Sanofi SA; Biocon Ltd; Eli Lilly and Co; Sandoz AG; Teva Pharmaceutical Industries Ltd; Pfizer Inc; and Dr. Reddy's Laboratories Ltd, among others.       

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