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Biosimilars Market Size Growing at 24.7% CAGR, Set to Reach USD 143.6 Bn By 2031, Exclusive Report
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Key Takeaways:
The biosimilars market has been experiencing significant growth in recent years. Biosimilars are highly similar versions of approved biologic drugs, offering comparable safety, efficacy, and quality to the reference products.
The primary driving factors behind the biosimilars market growth include the expiry of patents for several biologic drugs, increasing healthcare costs, and the need for affordable treatment options.
Biosimilars provide an opportunity for cost savings and improved access to essential therapies. They can potentially reduce healthcare expenditures by offering lower-priced alternatives to expensive biologics.
Regulatory frameworks have been established in various countries to ensure the safety and efficacy of biosimilars. These frameworks include stringent comparability studies and clinical trials to demonstrate biosimilarity to the reference product.
Market Drivers:
Patent Expirations: The expiration of patents for reference biologic drugs creates opportunities for biosimilar manufacturers to enter the market and offer more affordable alternatives.
Cost Savings: Biosimilars provide cost savings compared to their reference biologic drugs. As healthcare costs continue to rise, payers and healthcare providers are increasingly seeking cost-effective treatment options, driving the demand for biosimilars.
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Market Segmentation:
By Product Type: Biosimilar products can be categorized based on the type of biologic drug they are designed to replicate. This includes monoclonal antibodies, insulin, erythropoietin, growth hormones, and others.
By Therapeutic Area: Biosimilars are developed for specific therapeutic areas or diseases. Common therapeutic areas targeted by biosimilars include oncology, autoimmune diseases (such as rheumatoid arthritis and psoriasis), inflammatory disorders (such as Crohn's disease and ulcerative colitis), and supportive care (such as anemia and growth disorders).
By Geography: The biosimilars market can be segmented by geographical regions, such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Market dynamics and regulatory landscapes vary across regions, impacting the adoption and growth of biosimilars.
By Distribution Channel: Biosimilar products can be distributed through various channels, including hospital pharmacies, retail pharmacies, specialty pharmacies, and online pharmacies. The choice of distribution channel can vary based on the product and the healthcare system in a particular region.
Competitive Landscape:
Pfizer Inc.
Novartis AG (Sandoz)
Amgen Inc.
Biocon Ltd.
Celltrion Inc.
Samsung Bioepis Co., Ltd.
Teva Pharmaceutical Industries Ltd.
Mylan N.V.
Fresenius Kabi AG
Dr. Reddy's Laboratories Ltd.
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