The biosimilars market is projected to grow at a CAGR of 7.5% during the forecast period. As per the biosimilars market research report, the global market for biosimilars is projected to grow swiftly. According to analysts, the rising pressure on the industry to reduce healthcare expenditures as well as the rising demand for biosimilars owing to the cost-effectiveness of solutions will drive the market growth during the forecast period. The biosimilars market research report offers a comprehensive analysis of the global biosimilars market and its applications, end users, region, and product segments. The dearth of healthcare professionals along with slow approval process in some regions are the elements that could influence the biosimilars market advancement throughout the forecast period. The biosimilars market research report by the healthcare and wellness industry’s expert analysts is developed to assist organizations in the biosimilars market.
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Market Drivers and Restraints:
Increasing consumer inclination towards biosimilars over generic medicine is majorly driving the global biosimilars market. The high demand for cheap medical products that provide similar result as that of the expensive ones and rise in prevalence of various acute and chronic diseases due to the changing lifestyle, food habits and biological factors are projected to be propelling the growth of the global biosimilars market in the coming years. However, lack of awareness regarding biosimilars and physician skepticism are the primary factors that are likely to hamper the growth of the global biosimilars market.
Regional Overview
North America, Europe, Asia Pacific and the rest of the world regional market for biosimilars are predominantly covered in the global biosimilars market research report. Country-level biosimilars markets spread across North America – the United States, Canada, and Mexico are also covered in the report. In South America – Brazil and other country-level biosimilars markets are covered in the report. In Asia-Pacific (APAC) region, the country-level biosimilars markets covered are Japan, India, China, and others. The biosimilars market research report also explores the regional market for biosimilars present in Europe in the United Kingdom, France, Italy, Spain, and Germany, etc. The biosimilars market research report also covers regional markets from the rest of the world alongside biosimilars markets of Africa and the Middle East.
Industry Segments
The market for biosimilars globally is segmented on the basis of product into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and other. The Recombinant glycosylated proteins are additionally sub segmented into monoclonal antibody (mAb) and EPO. Recombinant non-glycosylated proteins is sub segmented into growth hormones, insulin and other. On the basis of application, the market is segmented into immune diseases, blood related disorders, oncology and other. On the basis of manufacturing, the market is segmented into in-house manufacturing and contract manufacturing.
Regional Analysis:
Geographically, the global biosimilars market has been segmented into four major regions such as North America, Asia Pacific, Europe and the Middle East and Africa. Among these, the Europe region is projecting dominance over the global biosimilars market owing to the rise in research and development activities in the healthcare sector and high healthcare expenditure by the population of this region. With respect to market size, the North America region stands second in the global biosimilars market. The high prevalence of chronic and acute diseases and easy adoption of advanced technology for diagnosis of these diseases in the well-developed healthcare sector is majorly driving the biosimilars market in the North America region. The biosimilars market in the Asia Pacific region is projecting significant growth owing to increasing demand for advanced diagnostic techniques and increasing prevalence of chronic diseases in this region.
Competitive Landscape
Rapid biosimilar drug approvals are presumed to drive the biosimilars market growth worldwide. The global biosimilars market could be challenged by the lack of investment in healthcare across developing countries, nevertheless, organizations in the biosimilars market will carry the growth rate forward. The biosimilars market research report presents company profiles of major companies active in the biosimilars market globally. Furthermore, the global biosimilars market report offers an all-inclusive analysis of the market collected from the biosimilars market’s primary and secondary sources covering both decision makers and thought leaders. The biosimilars market research report highlights such key areas assisting businesses operating in the biosimilars market to build better growth strategies.
Industry News
In 2021, Sudarschan Jain, PGDM secretary general of the Indian Pharmaceutical Alliance was appointed to the new head of the International Generic and Biosimilar Drugs Association (IGBA) a trading organization of global members. He substitutes for Hanan Sboul, the outgoing IGBA chair. In a joint study with IQVIA, IGBA pointed out that reducing the terms of product exclusiva would limit investment in new and enhanced medicines. IQVIA also pointed out that the team claimed to have found several examples of how exclusivity rights for originating goods limited the savings that generic and biosimilar competition might have resulted
LIST OF TABLES
TABLE 1 GLOBAL BIOSIMILARS MARKET SYNOPSIS, 2020-2027
TABLE 2 GLOBAL BIOSIMILARS MARKET ESTIMATES & FORECAST, 2020-2027 (USD MILLION)
TABLE 3 GLOBAL BIOSIMILARS MARKET, BY PRODUCT, 2020-2027 (USD MILLION)
TABLE 4 GLOBAL BIOSIMILARS MARKET, BY APPLICATIONS, 2020-2027 (USD MILLION)
TABLE 5 GLOBAL BIOSIMILARS MARKET, BY END USERS, 2020-2027 (USD MILLION)
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