Biosimilars Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos
A biosimilar is a biologic medical product that is an exact copy of an original reference product that is manufactured by a different company. Both reference drugs and biosimilar drugs are derived from living things, however, they may be produced in somewhat different methods and with slightly different substances. The growth of the biosimilars market can be attributed to the rising incidences of autoimmune diseases such as ankylosing spondylitis, rheumatoid arthritis, and others. For instance, according to the estimates of the Arthritis Foundation (AF), the global prevalence of rheumatoid arthritis is 0.5% to 1% in developed countries.
The
Biosimilars Market is expected to grow at a steady
rate of around 18%. The cost-effectiveness of biosimilars, loss of protection events of
original drug manufacturers, strong product pipeline and increasing FDA
approvals in major countries are some of the factors contributing to the growth
of the market.
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Based on product, the biosimilars market is
segmented into monoclonal antibodies, recombinant hormones, immunomodulators,
anti-inflammatory agents, and others. The monoclonal antibodies segment
accounted for a significant market share in 2020 and it is estimated that it
will grow rapidly during the projected timeframe owing to the rising demand for
cost-effective treatment options and the wide scope of applications of
monoclonal antibodies in treating cancer, autoimmune disorders, and others.
Based on the application,
the market is
fragmented into oncology, inflammatory & autoimmune disorders, chronic
diseases, blood disorders, and others. The oncology segment is expected to grab
a considerable market share in 2020 and is expected to grow with a lucrative
CAGR during the forecast period owing to the growing prevalence of cancer and
an increase in the number of ongoing studies in the biosimilars filed across
the globe.
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North America to witness extensive growth
For a
better understanding of the market adoption of the Biosimilars industry, the
market is analyzed based on its worldwide presence in the countries such as
North America (U.S., Canada, Rest of North America), Europe (Germany, U.K.,
France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest
of Asia-Pacific), Rest of World. North America is anticipated to grow at a
substantial CAGR during the forecast period. The major factors such as
well-established healthcare infrastructure, and rising incidences of chronic
diseases. For instance, According to GLOBOCAN 2020, the number of new cancer
cases diagnosed was 2,281,658 in the United States in 2020, with 612,390
deaths. Furthermore, rising investment in research and development activities
by the key industry players and an increasing pipeline of products & new
product launches in the market are also driving the market growth.
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According to UnivDatos Market Insights (UMI)’,
the key players with a considerable market share in the biosimilars market are Novartis AG, Pfizer
Inc., Dr. Reddy’s Laboratories Ltd., Amgen Inc., Eli Lilly and Company, Teva
Pharmaceutical Industries Ltd., Fresenius Se & Co. KGAA, Boehringer
Ingelheim, Intas Pharmaceutical Ltd., Biocon Limited.
“Global
Biosimilars
Market” provides comprehensive qualitative
and quantitative insights on the industry potential, key factors impacting
sales and purchase decisions, hotspots, and opportunities available for the
market players. Moreover, the report also encompasses the key strategic
imperatives for success for competitors along with strategic factorial indexing
measuring competitors’ capabilities on different parameters. This will help
companies in the formulation of go-to-market strategies and identifying the
blue ocean for its offerings.
Market Segmentation:
1. By
Product (Monoclonal Antibodies, Recombinant Hormones, Immunomodulators,
Anti-Inflammatory Agents, and Others)
2. By
Application (Oncology, Inflammatory & Autoimmune
Disorders, Chronic Diseases, Blood Disorders, and Others)
3. By
Region (North America, Europe, Asia-Pacific, Rest of
the World)
4. By
Company (Novartis AG, Pfizer Inc., Dr. Reddy’s
Laboratories Ltd., Amgen Inc., Eli Lilly and Company, Teva Pharmaceutical
Industries Ltd., Fresenius Se & Co. KGAA, Boehringer Ingelheim, Intas
Pharmaceutical Ltd., Biocon Limited)
Key
questions answered in the study:
1.
What are the current and future trends
of the global biosimilars industry?
2.
How the industry has been evolving in
terms of product and application?
3.
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
4.
What are the key growth drivers and
challenges for the global biosimilars industry?
5.
What is the customer orientation,
purchase behavior, and expectations from the global biosimilars suppliers
across various region and countries?
Labels: Biosimilars Market, univdatos
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