Biosimilars Market; In the United States, biosimilar versions of bevacizumab, pegfilgrastim, trastuzumab and rituximab Have Launched in 2020:““Decision Foresight”“
The global biosimilarsmarket size was USD 10.25 billion in 2020. The market is expected to grow fromUSD 11.40 billion in 2021 to USD 16.33 billion by 2030 at a CAGR of 24.42% inthe 2021-2030 period. This information is published by ““Decision Foresight”“,in its report, titled, “Biosimilars Market, 2021-2030.”
A biosimilar, alsoknown as a reference biological product, is a biological product that isextremely similar to a previously FDA-approved medication. Biosimilars aremedications that have been authorised by the US Food and Drug Administration(FDA) and the European Medicines Agency (EMA) and have no clinicallysignificant differences in terms of safety, purity, efficacy, or effectivenesswhen compared to the reference product. Biosimilar medications can only beauthorised for indications and conditions that have already been approved forreference product by major regulatory bodies.
COVID-19Impact: Rising Demand for the Innovative Drugs with Surge in FDA Approvals Observedamid Pandemic
COVID-19may have a big influence on the biosimilars industry, and it has provided asubstantial barrier to pharmaceutical firms working on biosimilar development.During the current pandemic, the FDA's approval of non-COVID medicines has beenreduced, which is likely to slow the process of product approval and marketing,stifling market growth. Furthermore, because most clinical studies have beenpostponed in order to battle the COVID-19 issue and reduce the risk ofinfection among participants, most pipeline items are moving at a snail's pacein terms of research and development. There is also a supply scarcity owing tothe worldwide lockdown and travel restrictions.
DownloadSample Copy of the Report to understand the structure of the complete report(Including Full TOC, Table & Figures) @https://www.decisionforesight.com/reports/biosimilars-market
Segmentation
On the basis of drug class filgrastim and pegfilgrastim,monoclonal antibodies, and others are the medication classes that make up themarket. Filgrastim and pegfilgrastim are dominating the market, due to theUSFDA's approval and introduction of these products. The involvement of majorpharmaceutical companies such as Mylan N.V. and Pfizer, Inc. in the developmentand marketing of filgrastim and pegfilgrastim in the United States is expectedto fuel sector expansion in the future years.
Based on disease indication, market is segmented between cancer,autoimmune disorders, and others. Autoimmune illness has the largest marketshare. Increased medication approvals and the launch of additional biosimilarsfor neutropenia and arthritis in the United States, as well as excellentsuccess of brands like Renflexis, Zarxio, and Inflectra, have contributed tothe domination. During the projection period, cancer is expected to have thesecond biggest market share.
Based on distribution channels, hospital pharmacies,retail pharmacies, and internet pharmacies are the three types. In terms ofrevenue, hospital pharmacies led the market and are expected to continue to doso during the projected period.
Drivers and Restraints
ExpiringPatents of Biological Drugs, Initiatives for financial sustainability andcost-cutting and Growing Geriatric Population to Drive Market Growth
Factors such as the increased prevalence ofchronic illnesses such as cancer and diabetes, as well as the growing demand forpharmaceutical medications, particularly high-priced patented pharmaceuticals,are driving the industry. The high cost of reference goods, on the other hand,limits market expansion by increasing the financial burden on patients andreimbursement service providers. A factor that contributes to these high pricesis a lack of economies of scale due to reduced demand. Furthermore, the absenceof regulatory standards, consumer brand preferences, physician reluctance toprescribe biosimilars, and the expensive capital necessary for research anddevelopment are all impeding the growth of the biosimilars industry.
Browse Full report on Global Network Forensics Market@ https://www.decisionforesight.com/reports/biosimilars-market
Regional Insights
Thebiosimilars market in North America is expected to grow at a substantial CAGRover the projected period. The increasing prevalence of chronic illnesses, suchas cancers, as well as increased investment in research and developmentactivities by the key players, are the main drivers driving the expansion ofthe studied market in the area.
Accordingto Globocon 2020, in 2020, there will be 2,281,658 new cancer cases diagnosedin the United States, with 612,390 fatalities. Breast cancer had the greatestincidence of all malignancies, with 253,465 cases, followed by lung (227,875),prostate (209,512), and colon cancer (101,809).Furthermore, according to astudy published in Biosimilar Development 2020, the majority of biosimilars areinjectables that must be administered to patients by a clinician. Due of thehigh prevalence of SARS-CoV2 viral transmission, most hospitals and clinics inthe United States have prohibited physical consultations. During the pandemic,this factor is likely to stifle market growth in the region. In addition, NorthAmerica is home to a number of major market participants, including PfizerInc., Mylan NV, Amgen Inc., and Coherus Biosciences Inc., among others.
Competitive Landscape
Advanced and innovative Tactics Adopted by Key Players to Sustain their Position
In terms of revenue, the market hasconsolidated, with two companies accounting for more than two third of themarket. Due to higher sales of Zarxio and Erelzi, Novartis AG is expected tomaintain its dominance in the US biosimilars market. Pfizer Inc.'s marketposition in the US biosimilars market is projected to grow as a result of FDAapprovals for TRAZIMERA and NIVESTYM, as well as a strong pipeline of medicines.Merck & Co., F. Hoffmann-La Roche Ltd., Coherus BioSciences, Inc., AbbVieInc., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., CelltrionInc., and others are among the market's other competitors.
Industry Development
June 2020: PfizerInc. received the FDA Clearance for its pegfilgrastim biosimilar, Nyvepria, whichis indicated for use in lowering the probability of infections.
List of Key Players Covered in thisMarket Report
· Novartis AG(Switzerland)
· Mylan N.V.(U.S)
· CoherusBioSciences, Inc. (U.S.)
· AbbVie Inc.(U.S/)
· Pfizer Inc.(U.S.)
· F.Hoffmann-La Roche Ltd. (Switzerland)
· Eli Lillyand Company (U.S.)
· TevaPharmaceutical Industries Ltd. (Israel)
· CelltrionInc. (South Korea)
Amgen Inc. (U.S)
Consult with Analyst@ https://www.decisionforesight.com/speak-analyst/DFS020175
Buy This PremiumResearch Report@ https://www.decisionforesight.com/checkout/DFS020175
About Us:
Decision Foresight is a market research organization known for itsreliable and genuine content, market estimation and the best analysis which isdesigned to deliver state-of-the-art quality syndicate reports to our customers.Apart from syndicate reports, you will find the best market insights,strategies that will help in taking better business decisions on subjects thatmay require you to develop and grow your business-like health, science,technology and many more. At Decision Foresight, we truly believe indisseminating the right piece of knowledge to a large section of the audienceand cover the in-depth insights of market leaders across various verticals andhorizontals.
Contact:
Email: sales@decisionforesight.com
For Latest Update Follow Us:
https://www.facebook.com/Decision-Foresight-110793387201935
https://twitter.com/DecisionFs
https://www.linkedin.com/company/decision-foresight/
