Press release
Biosimilar Hormones Market Size, Insights, Outlook, Overview By 2024-2033
Biosimilar Hormones Market
The Business Research Company offers in-depth market insights through Biosimilar Hormones Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The biosimilar hormones market size has grown exponentially in recent years. It will grow from $3.9 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, increasing aging population, growing awareness of biosimilar hormones, expanded access to healthcare.
The biosimilar hormones market size is expected to see exponentially grown in the next few years. It will grow to $11.77 billion in 2028 at a compound annual growth rate (CAGR) of 24.0%. The growth in the forecast period can be attributed to expanding hormone targets, growing patient acceptance, advances in manufacturing, government support, growing clinical trial data, expanded access to healthcare. Major trends in the forecast period include personalized hormone replacement, product launches, pricing and access, patient-centric care.
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Market Segmentation:
The biosimilar hormones market covered in this report is segmented -
1) By Type: Teriparatide Biosimilars, Follitropin Alfa Biosimilars, Insulin Biosimilars, Somatropin Biosimilars, Other Types
2) By Application: Research & Biotechnology, Diagnostics, Biocatalysts, Therapeutics, Other Applications
3) By Distribution Channel: Hospital And Retail Pharmacy, Online Pharmacy/epharmacy, Speciality Clinics
Major Driver - Rising Demand For Hormone Biosimilarsfueled By Prevalence Of Hormonal Deficiencies
The prevalence of deficiencies in growth hormones and metabolic hormones contributes to the market. The treatments required for hormone-related conditions are evolving over the years, and the prevalence of hormonal deficiencies is generating higher demand for the hormone biosimilars market. For instance, in January 2022, according to the British Medical Journal, a UK-based peer-reviewed medical trade journal, the prevalence of GH deficiency (GHD) in children is thought to range from 1 in 3500 to 1 in 10000 across the globe. Also, in June 2022, according to a Medscape report, about 6,000 adults are expected to be diagnosed with growth hormone (GH) deficiency in the USA. The growing need to treat patients with prevailing hormonal deficiencies drives the growth of the biosimilar hormones market.
Competitive Landscape:
Major companies operating in the biosimilar hormones market include Teva Pharmaceutical Industries Ltd., Gedeon Richter Plc., Intas Pharmaceuticals Ltd., Biocon Limited, Mylan, Sanofi, Sandoz (Novartis), LG Life Sciences, Ferring Pharmaceuticals, GC Pharma, Pfizer Inc., Dr. Reddy's Laboratories, Amgen Inc., Eli Lilly and Company, Celltrion Inc., Samsungbioepis Co.Ltd, Merck & Co., Biogen Inc., Boehringer Ingelheim, Coherus BioSciences Inc., Alvotech, BioXpress Therapeutics, Cipla Limited, Lupin Ltd., Stada Arzneimittel AG, Torrent Pharmaceuticals, Zydus Cadila, Accord Healthcare, Hetero Drugs, Wockhardt
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Top Trend - Leading Biosimilar Hormones Manufacturers Forge Partnerships And Launch In Untapped Markets
Key players operating in the biosimilar hormones market are undertaking various strategic initiatives such as new product launches in untapped regions to make the drug accessible to a large population. The companies are focusing on launching their products in various locations to boost sales and maximize profits. For instance, in February 2022, Alvotech Holdings S.A., a Luxembourg-based biopharmaceutical company specialising in the development of biosimilar medicines, announced partnerships with Fuji Pharma Co. Ltd., a Japan based pharmaceutical company, to develop biosimilar drug candidates in Japan. Through this partnership, both companies have decided to add new elements to their strategic alliance for the creation and marketing of biosimilar medicines in Japan.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Biosimilar Hormones Market Characteristics
3. Biosimilar Hormones Market Trends And Strategies
4. Biosimilar Hormones Market - Macro Economic Scenario
5. Biosimilar Hormones Market Size And Growth
…..
27. Biosimilar Hormones Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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