The biosimilar monoclonal antibodies market consists of sales of biosimilar monoclonal antibodies and related services by entities (organizations, sole traders and partnerships) that produce biosimilar monoclonal antibodies, which are used to treat patients with chronic diseases such as cancer, rheumatoid arthritis, and autoimmune disease. Biosimilar monoclonal antibodies are highly similar to actual monoclonal antibodies in terms of pharmaceutical quality, safety, and efficacy, and are used to boost immunity by identifying and neutralizing foreign bodies. The market consists of revenue generated by the biosimilar monoclonal antibodies companies by the sales of these products.
The global biosimilar monoclonal antibodies market is expected to decline from $3.21 billion in 2019 to $3.04 billion in 2020 at a compound annual growth rate (CAGR) of -5.18%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $7.18 billion in 2023 at a CAGR of 33.13%.
