Press release
Biosimilars Market is projected to expand at a noteworthy CAGR of 14.1% and reach a size of US$ 100.5 Bn by the end of 2032
A biosimilar is a type of biologic medication that is highly similar to an existing, already-approved biologic. The biosimilars market refers to the sales and distribution of these medications, which are designed to offer patients and healthcare providers more affordable options compared to their reference biologics. This market is growing rapidly, with increased demand for cost-effective treatments for various chronic diseases and the expiry of patents for several biologics.Request For Free Sample Report of "Biosimilars Market"@ https://www.persistencemarketresearch.com/samples/2782
Biosimilars are intended to be interchangeable with their reference products, meaning they can be substituted for the reference product without the need for additional clinical studies. They are typically priced at a lower cost than the reference product, making them an attractive option for patients and healthcare providers.
Companies
Pfizer Inc.
Sandoz International GMBH
Eli Lily & Company
Hospira Inc.
Amgen, Inc.
Biocon Ltd.
Actavis, Inc.
Cipla Ltd.
Teva Pharmaceutical Industries, Ltd.
Reddy's Laboratories Ltd.
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The global biosimilars market is expected to experience significant growth in the coming years, driven by factors such as the increasing prevalence of chronic diseases, the expiry of patents on many biologics, and the push for healthcare cost containment. However, the market also faces challenges such as regulatory hurdles and concerns about the safety and efficacy of biosimilars.
Regional Analysis
Geographical segmentation of the global biosimilars market is North America, Latin America, Europe, South Asia and Pacific, East Asia, and the Middle East and Africa.
The biosimilars industry was solely concentrated in the European market since 2006 when the first biosimilar was approved in the EU by the EMA (European Medicines Agency). Europe has been the first and the largest market for biosimilars, now followed by North America.
Owing to the ready availability of skilled labor, relatively lower manufacturing costs, and less complicated regulatory measures, the market for biosimilars in Asian countries is expected to witness significant growth in the near future. The biosimilars market is currently witnessing active growth in regions, such as China, India, and Korea. The number of biosimilar manufacturers within China is drastically surging, as a result of which the FDA of China recently developed and finalized the biosimilars guidelines confined to the market for biosimilars production, sale, and consumption across China.
Some of the leading Asian manufacturers are already trading approved biosimilar products in the EU. Several Asian market players are likely to get product approvals in Western markets over the forecast period.
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Biosimilars Industry Research by Category
By Product Type:
Recombinant Glycosylated Proteins
Recombinant Non-Glycosylated Proteins
By Application:
Hematology
Growth Hormone Deficiency
Oncology
Diabetes Autoimmune
Disease
Others
By Distribution Channel:
Hospital Pharmacies
Online Pharmacies
Retail Pharmacies
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Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations. Click here to learn more about how we zero in on the critical aspects of this industry.
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