Biosimilars Market Overview

Considering the rapid expansions, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global biosimilars market will reach USD 16.97 BN by 2030 registering a whopping CAGR of 23.90% during the review period (2022 – 2030). In 2016, the market had valued merely 3.35 BN USD this presages that the market will accrue over five fold. Factors that contribute to the market growth include growing population, urbanization, and industrialization. Improving economic conditions, worldwide are increasingly availing access to excellent healthcare, fuelling consumers’ purchasing power and health expenditures which eventually increase market growth. Spreading awareness about the advantages of biosimilars among the patients and doctors is playing a vital role, propelling the market growth extensively.

Biosimilars have changed the whole perception of treatments of chronic & rare diseases, intervening in the field of pharmaceutical, medications, and revolutionary cell & gene therapies. Assuring the best results and improved quality of life for patients, biosimilars have escorted the healthcare market to perceive galore opportunities. These advantages of biosimilars have, in turn, led to fostering its Biosimilars Market Trends  allowing it to evolve pervasively. Simultaneously, advancements in biotechnology & medical science provide impetus to the market growth of biosimilars, escalating the market to ascend on the global heights. 

Biosimilars is a biological medical product which are identical copy of the original medical product manufacture by different companies. Biosimilars product is the fastest growing market in the United States owing to increasing interest of manufacturer for in this market. It is an approved process and normally manufactured when the original product's patent expires. According to Food and Drug Administration, in 2015, FDA approved Inflectra (infliximab-dyyb) for multiple indications. Inflectra is administered by intravenous infusion. This is the second biosimilar approved by the FDA.As the processes used to make generic medicines can’t be used to develop biosimilar medicines, the market for biosimilars is expanding positively. Increase in the analytical studies has prompted the increased growth of the market in the forecast period. Sizeable investments in multiple state-of-the-art facilities that are developing biosimilars has prompted significant growth in the market. drugs into the market to treat a wider spectrum of diseases.

Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/1329

Biosimilars Market Segmentation:

  • The global biosimilars market is segmented on the basis of product, application, end user, and region.
  • By product type, the global biosimilars market is segmented into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. The recombinant non-glycosylated proteins are further divided into human growth hormone (RHGH), granulocyte colony-stimulating factor (filgrastim), insulin, and interferons. Similarly, the recombinant glycosylated proteins segment is further sub-segmented into erythropoietin (EPO), monoclonal antibodies (MABS), and follitropin. The recombinant peptides segment has been subdivided into glucagon and calcitonin. The recombinant non-glycosylated proteins segment is expected to hold a major share in the market due to an increase in the incidence of chronic diseases, diabetes, and growth hormone deficiency-related disorders. Thus, the therapeutic use of recombinant non-glycosylated proteins is broadening.  
  • By application, the global biosimilars market is segmented into oncology, chronic diseases, autoimmune diseases, blood disorders, growth hormone deficiency, infectious diseases, and others. The blood disorders segment is expected to exhibit growth at a high growth rate over the forecast period due to the growing realization of the usability of biosimilars in treating blood disorders.

Biosimilars Market Regional Analysis

 The market in Europe might lead the global biosimilars market owing to the     escalating biosimilar product approvals and the emergence of novel market participants in the region. The mounting prevalence of chronic diseases in the US and Canada might drive the market growth. For instance, as per Amgen, in the year 2019, Europe has an advanced biosimilar market, with 53 approved biosimilar products.

Currently, the biosimilars market in North America might witness an exponential growth during the forecast period. The U.S. is one of the advance developed economies in North America, is faced with some restraints in the current developmental programs for protein products, including insulin, owing to stringent and time-constrained regulatory norms imposed by the FDA. Hence, manufacturers in the biosimilars market are escalating R&D activities to produce affordable biological products before the year 2020 deadline issued by the FDA.

Biosimilars Market Players

  • Pfizer (US)
  • Sandoz (Germany)
  • Biocon (India)
  • Biogen (US)
  • Fresenius Kabi AG (Germany)
  • Boehringer Ingelheim (Germany)
  • Merck KgaA (Germany)
  • Mylan (US)
  • Eli Lilly (US)
  • Teva Pharmaceutical (Israel)
  • Others

Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/biosimilars-market-1329  

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 628 258 0071

Email: sales@marketresearchfuture.com