BIOSIMILARS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2032)

The global biosimilars market was valued at USD 13.5 billion in 2021 and expected to surpass around USD 66.2 billion by 2030, poised to grow at a compound annual growth rate (CAGR) 17.5% during the forecast period 2023 to 2032.

Overview of Biosimilars Market
A biologic medical product that is thought to be extremely similar to a biologic that has already received approval is referred to as a biosimilar. The criteria used to approve these biosimilars include their efficacy, quality, and safety as well as the same pharmaceutical quality requirements that apply to all biologic drugs. Generic versions of biologics whose patents have expired are known as biosimilars. The patent expiration of well-known biologics is anticipated to be a major driver of the biosimilars market. Sales of biologics with a steady or growing demand have significantly decreased as a result of the increased approval and sales of biosimilars.

Biosimilars Market Competitive Analysis
The market for biosimilars is fiercely competitive, and several major companies dominate it. Novartis AG, Pfizer Inc., Amgen Inc., Coherus Biosciences Inc., Mylan NV (Viatris Inc.), and Samsung Bioepis Co., Ltd. are a few of the top competitors in the industry under study. To maintain their position in the global market, the majority of market participants are implementing a variety of expansion tactics, including collaborations, acquisitions, and the launch of new products.

Growth Factors
The expansion of the global biosimilars market is being driven by the biosimilars' affordability in treating a variety of chronic diseases that are common among the world's population. The adoption of biosimilars is anticipated to increase quickly due to the rising prevalence of chronic diseases among the population and the recent approval of multiple biosimilars in numerous countries by the regulatory bodies. The market for biosimilars is increasing globally due to growing awareness of the availability of biosimilar medications and their efficacy in treating a variety of illnesses. Biosimilars are a successful treatment option for a number of chronic diseases, including renal failure, diabetes, cancer, and cardiovascular disease, which is projected to fuel market expansion in the years to come. The International Agency for Research on Cancer estimates that there would be around 19.3 million new cancer cases and 10 million cancer-related deaths worldwide in the year 2020. Furthermore, the market for biosimilars is expanding due to the increased incidence of diabetes. According to the World Health Organization, renal failure, heart attacks, strokes, and blindness are primarily brought on by diabetes.

Scope of the Report
A biosimilar is a biologic that is "similar" to another biologic drug (also known as a reference product) that has already been granted US Food and Drug Administration approval, according to the report's purview (FDA). In terms of safety, purity, and potency, biosimilars are quite comparable to the reference product; nonetheless, there may be slight variations in components that are clinically inactive. A clinical trial (or studies) adequate to prove safety, purity, or potency in one or more purposes for which the reference product is licenced and the biosimilar seeks licensure may be required by the FDA before approving a biosimilar. The biosimilars market is divided into segments by application (blood disorders, growth hormone deficiency, chronic and autoimmune disorders, oncology, and other applications), geography, and product class (monoclonal antibodies, recombinant hormones, immunomodulators, anti-inflammatory agents, and other product classes) (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market research also includes projected market numbers and trends for 17 nations in the world's key geographic areas. For the aforementioned segments, the report provides the value (in USD million).

Click Here To Download Sample Report: https://analyticsmarketresearch.com/sample-request/biosimilars-market/39773/

Market Segmentations:
Global Biosimilars Market: Major Players
Samsung Bioepis
Teva Pharmaceutical Industries Ltd.
Dr. Reddy’s Laboratories Ltd.
Pfizer Inc.
Sandoz International GmbH
F. Hoffmann-La Roche AG
Biocon
Mylan N.V
Amgen Inc

Global Biosimilars Market: By Types
Human Growth Hormone
Erythropoietin
Monoclonal Antibodies
Insulin
Interferon
Granulocyte-Colony Stimulating Factor
Others

Global Biosimilars Market: By Applications
Oncology
Blood Disorders
Growth Hormonal Deficiency
Chronic and Autoimmune Disorders
Others

Global Biosimilars Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Biosimilars market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

Click Here To Purchase Market Report: https://analyticsmarketresearch.com/purchase/biosimilars-market/39773/?license=single

COVID-19 Impact Analysis
The COVID-19 epidemic has had an impact on a number of global businesses, and the biosimilars market is no exception. In order to slow the Covid-19 pandemic's rapid spread, administrative organisations worldwide instituted a number of measures, including lockdown and extreme social seclusion. The global closure of manufacturing facilities during the early phases of the pandemic hurt the biosimilars market. Small and medium-sized businesses, who are the main technological suppliers to the biosimilars market, saw a sharp decline as a result of the pandemic. The limited mobility of persons and products as a result of the lockdown measures put in place during the early stages of the epidemic's development also had an influence on the Biosimilars Market.

The report on Biosimilars Market highlights:
• Evaluation of the market
• Premium Insights
• COVID Impact Analysis
• Competitive Landscape
• Global and Regional Dynamics
• Historic Data, Estimates and Forecast
• Company Profiles

Frequently Asked Questions
• What is the study period of this market?
• What is the growth rate of Global Biosimilars Market?
• Which region has highest growth rate in Global Biosimilars Market?
• Which region has largest share in Global Biosimilars Market?
• Who are the key players in Global Biosimilars Market?

Contact US:
Analytics Market Research
99 WALL STREET, #2124 NEW YORK, NY 10005
Phone: +1(650)-666-4592
Email: sales@analyticsmarketresearch.com
Our More Reports: https://analyticsmarketresearch.com/research-reports/healthcare-and-life-sciences/10

About US:
Analytics Market Research is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.

Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. Analytics Market Research is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.

This release was published on openPR.