Biosimilars market is expected to grow from USD 15.9 billion in 2022 to USD 107.82 billion in 2032, representing a CAGR of 23.7% between the years 2023 and 2032.
The Biosimilars Market research study consists of an analysis of the market trends. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key market participants, and market purchasing behavior. The rising prevalence of obesity and the incidence of associated comorbidities are driving market expansion.
The Biosimilars market is primarily driven by the prevalence of obesity around the world. In addition, the rising awareness among the obese population regarding Biosimilars and devices, the availability of specialized surgeons in bariatric surgical techniques and the availability of less invasive methods for bariatric surgeries are all expected to drive market growth. The market report provides a comprehensive analysis of the market for the foreseeable future. The report consists of numerous market segments and an analysis of the trends and factors that play a significant role in the market.
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Market Overview
As opposed to the licensed biologic medical product, a biosimilar is a replica made by a different business that is believed to have the same clinical qualities, safety, potency, and purity.
The only time a biosimilar can be developed is after the patent on the reference biologic drug has expired. Only until biosimilars have been shown safe and effective in clinical studies will they be approved for use.
The biosimilars industry is expanding primarily because of rising demand for biosimilars. The price of biosimilars is typically 10%-30% lower than that of the parent drug.
Enhanced productivity and clinical trial activities for biosimilars are also major growth drivers, along with the ageing population, the rising prevalence of various chronic diseases in developed and developing countries, the high cost of original medicines, growing pressure to curtail healthcare expenditure, and so on.
The expiration of patents for biologicals and the increasing government initiatives to develop and promote biosimilars both contribute to the expansion of this industry.
The active drug component, the original molecular clone, the original cell bank, and the details of the exact fermentation and purification process are not available to manufacturers, making it difficult for them to build a biosimilar product.
However, they do have access to the widely available innovator product. Therefore, throughout the projected period, main limitations to the growth of the biosimilar market are expected to be high manufacturing costs and complexity of production, as well as unclear regulatory rules in many countries.
The biosimilars market is expected to grow at a faster rate in Asia Pacific than any other region, overtaking Europe as the greatest contributor to market revenue.
Although the biosimilars business in the United States is still in its infancy, it is likely to grow in size thanks to a rising approval rate.
The objectives of the report
• To define, segment, and project the Biosimilars market in terms of species technology and form.
• To identify and analyze the different segments of the market.
• Estimate the size of the world market including its submarkets in four major areas: North America (NA), Asia-Pacific, Europe, and the rest of the World.
• Provide detailed information on the factors that influence the market’s growth (drivers, restraints, as well as the opportunities and challenges unique to the industry).
• Analyze micro-markets in terms of growth, future prospects, and contribution to the overall market.
• To analyse the opportunities and details of the competitive market environment for market leaders
• Estimate the size of Biosimilars (and its sub-markets)
• Estimate the value of each segment
• To identify the key players and analyze their market growth and core competencies, and to create a strategy profile
• Monitor and analyze competitive developments within Biosimilars. This includes expansions, investments, new service offerings and products, as well acquisitions, and new product offerings.
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Competitive Landscape
This report provides a comprehensive analysis of the competitive landscape in the Biosimilars market. This report contains a complete analysis of the market’s competitive landscape. It also includes information on important firms’ market shares, organizational structures, and contract-winning strategies. There are also dashboards for comparing businesses and quadrants for evaluating them.
The Biosimilars market is dominated by the following players:
- Amgen Inc.
- Biocon Ltd.
- Celltrion Inc.
- Dr. Reddy’s Laboratories
- Mylan Inc.
- Pfizer Inc.
- Samsung Bioepis
- Sandoz International Gmbh (A Division of Novartis International Ag)
- Teva Pharmaceutical Industries Ltd.
- F. Hoffmann-La Roche Ltd.
Market Segmentation:
Segmentation, by product:
- Anti-Inflammatory Agents (TNF inhibitors and others)
- Monoclonal Antibodies (Adalimumab, Infliximab, Rituximab, Trastuzumab, Bevacizumab and others)
- Immunomodulators (Interferon Alfa, Interferon Beta, and others)
- Recombinant Hormones (Insulin, Human Growth Hormone, Follicle Stimulating Hormone)
- Recombinant Growth Factors (Granulocyte Colony Stimulating Factor, Erythropoietin, and others)
Segmentation, by application:
- Oncology
- Blood disorders
- Growth hormone deficiency diseases
- Chronic and autoimmune diseases
Recent Developments
• Biocon Ltd (Biocon Biologics) and Viatris, Inc. received FDA approval in July 2021 for the first interchangeable biosimilar version of SEMGLEE (insulin glargine-yfgn injection) for the treatment of diabetes.
• Novartis AG (Sandoz) signed an agreement with Bio-Thera Solutions (China) in April 2021 to commercialize BAT1706 (Bio-Thera Solutions’ proposed bevacizumab biosimilar) in the United States, Europe, Canada, and other international markets.
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Why you should buy this product:
• Segmentation of the market based on economic and non-economic factors. Each segment and sub-segment info.
• Determine which region or segment will be the most important and experience the fastest growth. To identify the consumption patterns in each region and any factors that might affect them, conduct a detailed geographic analysis.
• The analysis of the competitive environment includes rankings, new product and service launches, partnerships, business growth, and acquisitions by companies over the past five years.
• Detailed profiles of companies, including overviews, benchmarking, SWOT analysis, company insights, and business insights.
• Analysis of the market based on the most recent events. This includes an analysis of Porter’s Five Forces: Market Insights through the Value Chain is an in-depth look at the market.
• Recognize market dynamics to identify growth opportunities over the following few years.
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