Psoriasis Biosimilars Market Key Players Analysis - Merck KGaA, Coherus BioSciences, Gyros Protein Technologies AB, Fresenius Kabi, Viatris, Amgen Inc.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " Psoriasis Biosimilars Market - (By Drug Class (TNF-alpha inhibitors (Infliximab, Etanercept, Adalimumab), Other biosimilars), By Route of Administration (Subcutaneous, Intravenous, Oral, Topical), By Indication (Plaque psoriasis, Psoriatic arthritis, Other types), By Distribution Channel (Hospital pharmacies, Retail pharmacy chains, Online pharmacies)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Psoriasis Biosimilars Market is valued at US$ 8.5 billion in 2023, and it is expected to reach US$ 19.3 billion by 2031, with a CAGR of 10.9% during the forecast period of 2024-2031.

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A biologic medicine is referred to as a biosimilar if it is very similar to an FDA-approved psoriasis treatment (the reference product). Psoriasis is a long-term autoimmune skin condition characterized by rapid skin cell turnover, skin irritation, and scaling. Following the original biologic's patent expiration, biosimilars are produced to the same exacting standards of efficacy, safety, and quality. Primary drivers of the psoriasis biosimilars market expansion are the growing global population affected by psoriasis and the demand for more affordable treatment options. The growing awareness among patients as well as healthcare providers about the efficacy of biosimilars is also promoting acceptance and adoption.

List of Prominent Players in the Psoriasis Biosimilars Market:
• Merck KGaA
• Coherus BioSciences
• Gyros Protein Technologies AB
• Fresenius Kabi
• Viatris
• Amgen Inc
• Samsung Bioepis Co., Ltd.
• Hoffmann-La Roche Ltd
• Celltrion
• Pfizer Inc.
• Samsung Bioepis
• Sandoz
• Novartis International AG
• Reddy's Laboratories
• GenScript

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Market Dynamics:
Drivers-
Given the escalating costs of healthcare, biosimilars offer a financially viable substitute for conventional biologics, providing identical therapeutic advantages at a reduced cost. The emergence of biosimilars has been beneficial for patients with psoriasis in particular, as these drugs have been shown to be successful in symptom reduction and quality of life enhancement. Payers and healthcare providers looking for affordable treatment options are showing a lot of interest in the sector. Furthermore, the increasing emphasis on healthcare accessibility in developing nations is a major driver of the industry. The psoriasis biosimilars market is being penetrated more quickly by government programs to support biosimilars, particularly in areas where psoriasis prevalence is high. The FDA and EMA, among other regulatory organizations, are increasingly approving biosimilars, which helps to fuel the market's growth.

Challenges:
One of the biggest obstacles facing the psoriasis biosimilars market is regulatory ambiguity, which will have an impact on the creation, licensing, and marketing of potentially life-saving treatments. Various aspects of uncertainty in the regulatory environment include inconsistent guidelines, changing regulatory frameworks, and challenging aspects of proving biosimilarity and interchangeability. Together, these create a complex environment that hinders the psoriasis biosimilars market's ability to reach its maximum potential and affects psoriasis patients' access to reasonably priced treatment alternatives.

Regional Trends:
North American psoriasis biosimilar market is anticipated to register a major market revenue share. North America has a strong infrastructure for conducting biotech research and development because of its robust pharmaceutical innovation. Besides, Asia Pacific had a remarkable market share. Modern technologies are being used in the development of biosimilars thanks to the region's prominence in the biopharmaceutical industry. In addition, the high occurrence in the population highlights the need for effective therapy, with biosimilars playing a particularly significant role in the management of chronic illnesses.

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Recent Developments:
• In July 2023, Coherus introduced YUSIMRY™, a biosimilar of Humira®, priced at $995 per carton in the United States. YUSIMRY, sanctioned by the United States Food and Drug Administration (FDA) in 2021, is a tumour necrosis factor (TNF) inhibitor indicated for alleviating the signs and symptoms of rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, and ankylosing spondylitis, as well as for the treatment of Crohn's disease, ulcerative colitis, plaque psoriasis, and hidradenitis suppurativa.

Segmentation of Psoriasis Biosimilars Market-
By Drug Class-
• TNF-alpha inhibitors
o Infliximab
o Etanercept
o Adalimumab
• Other biosimilars
By Route of Administration-
• Subcutaneous
• Intravenous
• Oral
• Topical
By Indication-
• Plaque psoriasis
• Psoriatic arthritis
• Other types
By Distribution Channel-
• Hospital pharmacies
• Retail pharmacy chains
• Online pharmacies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.