Biosimilar Market in Europe: Exploring Growth Drivers and Overcoming Challenges to Reach US$ 35,993 Million by 2028

According to the latest report by IMARC Group, titled "Biosimilar Market in Europe: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the biosimilar market in Europe size reached US$ 9,841 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 35,993 Million by 2028, exhibiting a growth rate (CAGR) of 20.41% during 2023-2028.

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Biosimilars are medical products that are generally manufactured from biological substances, such as microorganisms and animal or plant cells. They are extensively used in the production of vaccines, therapeutic proteins and monoclonal antibodies. Additionally, they are utilized by healthcare professionals for preventing, determining, and treating numerous medical ailments. These products are usually produced under the guidance of licensed facilities that are tracked as an essential part of post-market surveillance. They are considered to be harmless and safe for medical use with minor differences in clinically inactive components.    

Europe Biosimilar Market Trends:

The market in Europe is primarily driven by the rising prevalence of chronic illnesses due to the sedentary lifestyle patterns of the masses. Additionally, the multiple initiatives undertaken by the governments of numerous countries towards the development of a comprehensive set of stringent regulatory guidelines for biosimilar review are positively influencing the market growth across the region. Furthermore, increasing investments and funding by private and public agencies to upgrade the existing healthcare infrastructure and various technological advancements across the sector are considered to be major growth-inducing factors. Other factors, including the rising awareness regarding the availability of biosimilars among patients, patent expiration of numerous blockbuster biologics and extensive research and development (R&D) activities conducted by key players in biotechnology and medical science, are further projected to drive the market growth across Europe.

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Europe Biosimilar Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the biosimilar market in Europe has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these Key Players Include:

Novartis
Pfizer
Teva
Celltrion
Samsung Bioepis
Amgen
Apotex
Ratiopharm
Mylan
Merck Sharp & Dohme
Eli Lilly
Accord Healthcare Ltd
Boehringer Ingelheim
Hexal Ag
Stada Arzneimittel Ag

Key Market Segmentation:

Breakup by Country:

Italy
Germany
United Kingdom
France
Spain
Rest of Europe

Breakup by Molecule:

Infliximab
Insulin Glargine
Epoetin Alfa
Etanercept
Filgrastim
Somatropin
Rituximab
Follitropin Alfa
Adalimumab

Breakup by Indication:

Auto-Immune Diseases
Blood Disorder
Diabetes
Oncology
Growth Deficiency
Female Infertility

Breakup by Manufacturing Type:

In-house Manufacturing
Contract Manufacturing

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Key Highlights of the Report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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