Press release
Interchangeable Biosimilars Market 2021: Global Industry Analysis, Size, Share, Growth, Trends And Forecast To 2031
According to the latest research by Future Market Insights, the interchangeable biosimilars market is set to experience 6% growth during the year 2021-2031. Biosimilars are products that are highly similar to reference products. This means that there are no clinical differences between the biosimilar product and the reference product in any terms (e.g. efficiency, safety and purity).The biosimilar products approved by FDA and can be given by pharmacists without any physician’s prescription is known as an interchangeable biosimilar. The interchangeable biosimilars market is mainly driven by new product launches, increase research and development and approvals from the governing authorities.
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What is the Driving Demand for Interchangeable Biosimilars?
Biosimilars can be used instead of reference biologics. The growth of this market is anticipated due to the rise in research and development, cost-effectiveness and approval from the governing bodies.
According to FDA, currently, 31 biosimilars are approved and are available in the market. Biosimilars are usually cheaper than the original product and hence is expected to give huge savings without compromising the course of treatment.
This cost-effective property of biosimilars acts as a driver for the market. Since these products are cheaper and can be used instead of the reference product, there has been a surge in the demand. For instance, Amgen achieved a 56% growth in the revenues of biosimilars during the second quarter of 2021. The companies are investing in the research and development of interchangeable biosimilars and for their approval. For instance, in July 2021, FDA approved the first interchangeable biosimilar, Semglee, produce by Biocon.
Impact of COVID on Interchangeable Biosimilars Market
The COVID-19 has impacted the interchangeable biosimilars market. Due to the pandemic, the research and development were mainly carried out in the field of COVID. Due to this shift, the research of biosimilars was affected. However, due to an increase in out-of-pocket spending and cheaper rates of biosimilars, the demand for the market increased. Hence, COVID-19 had both positive and negative impacts on the interchangeable biosimilars market.
Regional Demand Outlook for Interchangeable Biosimilars
The interchangeable biosimilars market is dominated by the North American region. This is due to the presence of the market player and the availability of interchangeable biosimilars. Also, the expiration of patents of leading drugs is expected to surge the demand of the market. Apart from this, there has been an increase in government initiatives and funding for improving the healthcare infrastructure. Followed by North America, Europe and Asia is dominating the interchangeable biosimilars market. This is due to the approval of more biosimilars for use in Europe and patients acceptance of the use of biosimilar.
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Who are the Key Manufacturers and Suppliers of Interchangeable Biosimilars?
The manufacturers and suppliers of interchangeable biosimilars are Biocon and Mylan.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Interchangeable Biosimilars Market Report Highlights:
Detailed overview of the parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint
Note: Although care has been taken to maintain the highest levels of accuracy in reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Key Segment
By Indication:
- Crohn’s disease
- Ulcerative Colitis
- Psoriasis
- Diabetes
- Cancer
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
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United Arab Emirates
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About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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