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Biosimilars Market Projected to Exhibit Growth at 15.5% CAGR by 2031- TMR Study
The biosimilars sector, defined by its development of biologic medical products akin to approved biologics, stands on the cusp of rapid expansion. As numerous pharmaceutical companies worldwide engage in the creation of biosimilars, a confluence of factors fuels this growth trajectory.
Key Players and Innovations
The biosimilars industry, dominated by a few key players, witnesses substantial investments in R&D activities. Companies such as Pfizer, Biocon, Amgen, and Teva Pharmaceutical Industries lead the market, employing strategies like product diversification and mergers to consolidate their positions.
Pfizer, Inc.,Intas Pharmaceuticals Ltd.,Biocon,Dr. Reddy's Laboratories Ltd.,Teva Pharmaceutical Industries Ltd.,Sandoz International GmbH (A Novartis Division),Celltrion Inc.,Amgen, Inc.,STADA Arzneimittel AG,Apotex Inc.,Other prominent players
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ (๐๐ฌ๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ ๐๐๐ข๐ฅ ๐๐ ๐๐จ๐ซ ๐๐ฎ๐ข๐๐ค ๐๐๐ฌ๐ฉ๐จ๐ง๐ฌ๐) -
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Market Dynamics
Driving Forces: The impetus behind this market surge primarily arises from impending patent expirations of established biologics, prompting a shift toward biosimilar utilization. Additionally, the advent of lower healthcare costs and supportive governmental regulatory changes is fueling market expansion.
Challenges: While the market outlook is promising, stringent policies and market entry barriers pose challenges for new entrants. Despite these barriers, an upsurge in research efforts among manufacturers aims to develop enhanced immunotherapy drugs, potentially mitigating side effects in cancer patients.
COVID-19 Impact: Notably, the pandemic's influence on the usage of monoclonal antibodies for COVID-19 treatment has rekindled interest and investment in the biosimilars market, fostering its growth.
Market Segmentation and Growth Factors
Chronic Diseases and Cancer Prevalence: The increasing burden of chronic diseases worldwide, accentuated by aging populations and lifestyle changes, underscores the demand for biosimilars. Moreover, the escalating number of cancer cases globally propels the need for biosimilar development, especially in oncology treatments.
Product Segments: Recombinant non-glycosylated proteins, encompassing insulin, growth factors, and interferons, occupy a significant market share. The rise in chronic diseases necessitating these proteins and evolving regulations drive this segment's growth.
Oncology Treatments: With advancements in biomedical technology, the oncology segment emerges as a substantial contributor. Monoclonal antibodies play a pivotal role in treating various cancers, fostering growth within this sector.
Regional Perspectives
Europe's Dominance: Europe currently leads the biosimilars market, accounting for a substantial share and displaying a mature market landscape. The region's proactive regulatory environment has led to a higher number of biosimilar approvals compared to other continents.
Noteworthy Developments
Recent notable advancements include Amneal Pharmaceuticals' FDA approval for a Neupogen biosimilar, Gedeon Richter's agreement with Hikma Pharmaceuticals for denosumab biosimilars, and Biocon Ltd.'s FDA approval for insulin glargine biosimilar SEMGLEE in collaboration with Viatris.
The biosimilars market's exponential growth trajectory, propelled by patent expirations, rising chronic diseases, and advancements in biotechnological treatments, underscores its significance in revolutionizing healthcare accessibility and affordability. With key players innovating and expanding their portfolios, the future of biosimilars seems promising, poised for unparalleled growth and advancements in therapeutic solutions.
๐๐ฎ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ | ๐๐ฆ๐ฆ๐๐๐ข๐๐ญ๐ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐ญ -
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๐๐๐จ๐ฎ๐ญ ๐๐ฌ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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