Global Biosimilars Market to Project Growth at a CAGR of 21.24% Through 2028, Reports DelveInsight | Pfizer Inc., Dr. Reddy's Laboratories Ltd., Amgen, Inc., Eli Lilly and Company, Novartis AG, Bioeq AG, Fresenius SE & Co. KGaA, STADA Arzneimittel AG, Ged

As per DelveInsight's assessment, the Biosimilars Market is expected to grow at an immense pace in the coming years owing to the The increasing prevalence of pandemic such as COVID-19, Pre- and post-operation and some few of the other applications where Biosimilars have been used, which is expected to drive the demand for Biosimilars in the upcoming years.

DelveInsight's "Biosimilars Market" report provides the current and forecast market outlook, forthcoming device innovation, challenges, market drivers and barriers. The report also covers the major emerging products and key Biosimilars companies actively working in the market.

Biosimilars Overview
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Biosimilars are biologic medical products that are highly similar to an already approved original ("reference") biologic product in terms of safety, purity, and efficacy. These products are derived from living organisms and are used to treat various diseases, including cancer, autoimmune disorders, and diabetes.

Biosimilars Market Insights
Due to the rising prevalence of autoimmune inflammatory diseases (including rheumatoid arthritis and inflammatory bowel diseases), diabetes, cancer, and other chronic illnesses among the global population, the market for biosimilars is currently expanding. For example, rheumatoid arthritis affected almost 14 million individuals worldwide in 2019, according to data released by the World Health Organization (WHO) in 2021.

DelveInsight Analysis: The Global Biosimilars market size is anticipated to reach ~USD 58.84 billion by 2028 with a growing CAGR of 21.54% during the forecasted period (2023-2028).

To know more about why North America is leading the market growth in the Biosimilars market, get a snapshot of the report Biosimilars Market Trends
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Recent Developments in the Biosimilars Market Report
• In September 2021, Senju Pharmaceutical Co., Ltd. received approval for the marketing of the ophthalmic VEGF inhibitor "Ranibizumab BS intravitreal injection kit 10 mg/mL 'Senju'" in Japan.
• In June 2021, Teva Pharmaceutical Industries Ltd. and Bioeq AG (""Bioeq"") entered into a strategic partnership for the exclusive commercialization of Bioeq's FYB201, a biosimilar candidate to Lucentis® (ranibizumab) in Europe, Canada, Israel, and New Zealand.
• In March 2021, Cipla Limiteds' subsidiary, Cipla Gulf expanded its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand. As part of this strategic alliance, Cipla Gulf will be responsible for the commercialization of patented biosimilars of the biologic medicine brands, Aflibercept (Eylea®), Ustekimumab (Stelara), Denosumab (Prolia, Xgeva®), and Golimumab (Simponi®) developed and manufactured by Alvotech.

To read more about the latest highlights related to Biosimilars, get a snapshot of the key highlights entailed in the Biosimilars Market Forecast Report
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Key Players in the Biosimilars Market
Some of the key market players operating in the Biosimilars market include- Pfizer Inc., Dr. Reddy's Laboratories Ltd., Amgen, Inc., Eli Lilly and Company, Novartis AG, Bioeq AG, Fresenius SE & Co. KGaA, STADA Arzneimittel AG, Gedeon Richter PLC, Celltrion Healthcare Co., Ltd., Samsung Bioepis. (Samsung Biologics), Coherus BioSciences, Viatris Inc., Shanghai Henlius Biotech, Inc., Biocon Limited, Biocad, mAbxience, Fujifilm Kyowa Kirin Biologics Co., Ltd., Alvotech, Sanofi, Senju Pharmaceutical Co., Ltd., and others.

COVID-19 Impact Analysis on the Biosimilars Market
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It is anticipated that North America would account for a significant portion of the global biosimilars market throughout the 2023-2028 estimate period. This dominance is due to two factors: the region's growing chronic illness burden among its population and the existence of a biosimilar reimbursement program that works well there. Furthermore, the market for biosimilars in the area is anticipated to grow due to the existence of significant industry players like Pfizer, Amgen, and Eli Lilly, among others, who are actively involved in the development of biosimilars.
Additionally, The adoption of steps to stop the COVID-19 virus from spreading had a detrimental effect on the market for cancer medications. All other medical disciplines experienced a decrease in patient load as a result of the COVID-19 pandemic's demands. For example, during the first lockout, urgent referrals for lung cancer plummeted by up to 75% in the UK alone, according to Cancer Research UK. This did not correspond with the decline in instances; rather, it indicated that fewer individuals sought out and received the critical diagnosis they needed. So, during the projected period, the market for Biosimilars is anticipated to continue expanding (2023-2028).

Scope of the Biosimilars Market Report
• Coverage: Global
• Study Period: 2020-2028
• Biosimilars Market Segmentation By Product Class: Monoclonal Antibodies, Recombinant Hormone/Proteins, Anti-Inflammatory Agents, Immunomodulators, And Others)
• Biosimilars Market Segmentation By Manufacturing Type: Breast Cancer, Lung Cancer, Prostate Cancer, Blood Cancers, And Others
• Biosimilars Market Segmentation By Application: Autoimmune Diseases, Blood Disorders, Oncology, Infectious Diseases, And Others
• Key Biosimilars Companies: Pfizer Inc., Dr. Reddy's Laboratories Ltd., Amgen, Inc., Eli Lilly and Company, Novartis AG, Bioeq AG, Fresenius SE & Co. KGaA, STADA Arzneimittel AG, Gedeon Richter PLC, Celltrion Healthcare Co., Ltd., Samsung Bioepis. (Samsung Biologics), Coherus BioSciences, Viatris Inc., Shanghai Henlius Biotech, Inc., Biocon Limited, Biocad, mAbxience, Fujifilm Kyowa Kirin Biologics Co., Ltd., Alvotech, Sanofi, Senju Pharmaceutical Co., Ltd., and others
• Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View

Which MedTech key players in the Biosimilars market are set to emerge as the trendsetter explore @ Biosimilars Manufacturer
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Table of Contents
1 Biosimilars Market Report Introduction
2 Biosimilars Market Executive summary
3 Regulatory and Patent Analysis
4 Biosimilars Market Key Factors Analysis
5 Porter's Five Forces Analysis
6 COVID-19 Impact Analysis on Biosimilars Market
7 Biosimilars Market Layout
8 Global Company Share Analysis - Key 3-5 Companies
9 Company and Product Profiles
10 Biosimilars Market Drivers
11. Biosimilars Market Barriers
12. Project Approach
13. About DelveInsight

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Contact Us
Gaurav Bora
info@delveinsight.com
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About DelveInsight
DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports Pharma companies by providing comprehensive end-to-end solutions to improve their performance.

This release was published on openPR.