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Oral Biologics & Biosimilar Drugs Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region
Oral Biologics & Biosimilar Drugs Global Market Report 2024
According to The Business Research Company's, The oral biologics & biosimilar drugs market size has grown exponentially in recent years. It will grow from $5.94 billion in 2023 to $7.19 billion in 2024 at a compound annual growth rate (CAGR) of 21.0%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, growing awareness of oral biologics, increasing patent expirations, rising demand for biosimilars.
The oral biologics & biosimilar drugs market size is expected to see exponentially grown in the next few years. It will grow to $13.32 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to targeted therapy, increasing focus on preventive medicine, rising healthcare spending, aging population. Major trends in the forecast period include advancements in oral delivery technology, orally administered biologics, biosimilar innovation, patient-centric care.
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Market Drivers and Trends:
The rising prevalence of chronic diseases such as arthritis, asthma, and cancer is expected to be a major driver of the oral biologics and biosimilar market. Long working hours, limited physical activity, and unhealthy eating and drinking habits contribute to the prevalence of chronic diseases, and biologics are increasingly used to treat these chronic diseases. Biologics activate the immune system response against cancer cells thus helping the immune system to eliminate the cancer cells from the body. According to a United Nations article, by 2030 the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. The global burden of chronic disease is expected to reach about 60%. Therefore, the rise in the prevalence of chronic diseases is projected to propel the demand for biologics and biosimilars, thus driving the oral biologics & biosimilar drugs market growth.
The latest trend in the oral biologics and biosimilar market is the creation of new insulin biosimilars. The key players operating in the oral biologics and biosimilar market are investing in creating a biosimilar copy of insulin. This is also promoting competition among various biosimilar manufacturers. For instance, in April 2023, Eli Lilly and Company, a US-based that manufactures oral biologics and biosimilar drugs launched insulin glargine biosimilar, Rezvoglar (insulin glargine-aglr). For type 1 diabetes in adults, children, and infants, as well as type 2 diabetes in adults, insulin glargine products are used to improve glycemic control .
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Major Key Players of the Market:
Novartis International AG; Rani Therapeutics Holdings Inc.; Eli Lilly and Company; AstraZeneca plc; Novo Nordisk A/S; Biocon Limited; Oramed Pharmaceuticals Inc.; BiosanaPharma; Entera Bio Ltd.; Allergan plc; Emisphere Technologies Inc.; Enteris BioPharma Inc.; Chiasma Inc.; Allena Pharmaceuticals Inc.; Gelgen Corporation; Ganlee Corporation; 3SBio Inc.; Innovent Biologics Inc.; Retractable Technologies Inc.; Changchun High & New Technology Industries (Group) Inc.; Dong Bao Pharmaceutical Co. Ltd.; CP Guojian Pharmaceutical Co. Ltd.; GlaxoSmithKline PLC; Concord Biotech Limited; Aurobindo Pharma Limited; H. Lundbeck A/S; Sanofi S.A.; F. Hoffmann-La Roche Ltd.; Allergan Pharmaceuticals International Limited; Hikma Pharmaceuticals PLC; Mylan N.V.; Pfizer Inc.; Sandoz International GmbH; Teva Pharmaceutical Industries Ltd.
Oral Biologics & Biosimilar Drugs Market 2024 Key Insights:
• The oral biologics & biosimilar drugs market size will grow to $13.32 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%.
• Rising Prevalence Of Chronic Diseases Driving Growth In The Oral Biologics And Biosimilar Drugs Market
• The Emergence Of New Insulin Biosimilars In The Oral Biologics And Biosimilar Market
• North America was the largest region in the oral biologics and biosimilar drugs market in 2023
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