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Biosimilar Market is Predicted to Witness a Significant CAGR during the forecast period 2020-2027 | Research Report Size, Share & Forecast

09-13-2022 04:48 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: GMI Research

Biosimilar Market

The Biosimilar Market is estimated to expand at a significant CAGR during the forecast period (2020-2027).

The factors driving the growth of Biosimilar Market includes rising prevalence of chronic diseases around the world, growing emphasis by Governments on reducing the expenditure on healthcare, cost effectiveness of biosimilar drugs and increasing geriatric population. According to the report published by World Health Organization (WHO), the population aged 60 and above worldwide was calculated around 1 billion in 2019 and this figure is predicted to reach 1.4 billion by the end of 2030, which will accelerate the demand for biosimilar drugs in the approaching years. Moreover, expiry of blockbuster biologics increasing partnership between pharmaceutical and biotech companies and growing demand for cost-effective medicines across the globe, are some of the additional factors supplementing the Biosimilar Market Growth. In addition, increasing investments by major corporations on research and development, rising disposable incomes, rapid urbanization, and improvements in the living standards, are further pushing the Biosimilar Market share.

For More Info, Click to Access Complete Report - https://www.gmiresearch.com/report/global-biosimilar-market/

However, the growth of Biosimilar Market is hindered due to complexities in the manufacturing of biosimilars.

The major players operating in the market are Celltrion Healthcare Co., Ltd., Samsung Biologics, Amgen Inc., Pfizer Inc., Sandoz International GmbH, Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Eli Lilly, and Company, Biocon, and Viatris Inc., among others.

Based on Product, the Monoclonal Antibodies segment is predicted to grow at a remarkable CAGR over the forecast period

According to the Biosimilar Market Forecast, increasing use of monoclonal antibodies by biotech companies for treating cancer, diabetes, and autoimmune diseases along with monoclonal, are propelling the segment's growth.

Based on Indication, the Indication segment is projected to grow at a robust CAGR during the forecast period

As per the Biosimilar Market Report, rise in the launches of innovative products and growing investments by pharmaceutical companies on research and development, are some of the factors augmenting the segment's growth.

Based on Region, the European region is anticipated to hold the highest market share during the forecast period

Presence of the leading pharmaceutical companies, rising incidences of chronic diseases, growing geriatric population, increase in the launch of innovative products and high per capita incomes, are some of the important factors augmenting the Biosimilar Market size in Europe.

Key Developments:

In 2020, Pfizer Inc. introduced three new biosimilars in the United States, ZIRABEV™ (bevacizumab-bvzr), RUXIENCE™ (rituximab-pvvr) and TRAZIMERA™ (trastuzumab-qyyp).
In 2020, Sandoz International GmbH introduced two biosimilars in the Canadian pharmacies and hospitals namely Riximyo and Ziextenzo.
Market Segmentation

Segmentation by Product

Insulin
Monoclonal Antibodies
Erythropoietin
Granulocyte Colony-Stimulating Factor
Etanercept
Recombinant Human Growth Hormone
Teriparatide
Follitropin
Interferons
Enoxaparin Sodium
Calcitonin
Glucagon

Segmentation by Type of Manufacturing

Contract Manufacturing
In-House Manufacturing

Segmentation by Indication

Chronic Diseases
Oncology
Blood Disorders
Autoimmune Diseases
Infectious Diseases
Growth Hormone Deficiency
Other Indications

Segmentation by Region    

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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Website: https://www.gmiresearch.com/

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Biosimilar Market is Predicted to Witness a Significant CAGR during the forecast period 2020-2027 | Research Report Size, Share & Forecast

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