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Global Biosimilar Interleukins Market: Size, Share, Trends, and Revenue Forecast
Biosimilar Interleukins Global Market Report 2024
According to The Business Research Company's, The biosimilar interleukins market size has grown exponentially in recent years. It will grow from $3.9 billion in 2023 to $5.41 billion in 2024 at a compound annual growth rate (CAGR) of 39.0%. The growth in the historic period can be attributed to rising prevalence of autoimmune diseases, increasing awareness of biosimilar interleukins, growing government support for biosimilars, expansion of the biosimilar, increasing patient demand for biosimilars.
The biosimilar interleukins market size is expected to see exponentially grown in the next few years. It will grow to $20.79 billion in 2028 at a compound annual growth rate (CAGR) of 40.0%. The growth in the forecast period can be attributed to growing patient population, increased access to healthcare, growing demand for personalized medicine, growing demand for minimally invasive procedures. Major trends in the forecast period include advances in biosimilar technology, targeted immunotherapies, quality control and manufacturing, global collaboration.
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Market Drivers and Trends:
The increasing prevalence of autoimmune diseases such as psoriasis and rheumatoid arthritis is expected to boost the growth of the interleukin biosimilars market in the forecast period. Autoimmune disorders are conditions in which the immune cells cannot distinguish healthy cells from potentially dangerous antibodies. Biologic drugs such as anti-interleukin antibodies have shown significant clinical benefits in regulating the cells, and in directing proliferation, activation, and migration of the cells. According to a Johns Hopkins University report published in 2021, autoimmune diseases affected approximately 3% of the population in the United States or approximately 10 million people. Therefore the increasing prevalence of autoimmune diseases is increasing the demand for the biosimilar interleukins market and is expected to drive the growth of the market.
Major companies operating in the biosimilar interleukins market are innovating new products such as Tofidence (tocilizumab-bavi) to increase their profitability in the market.Tofidence is a monoclonal antibody that targets and attaches to interleukin-6 receptors, employed in the treatment of various inflammatory autoimmune disorders. For instance, in September 2023, Biogen, a US-based biotechnology company got approval from the FDA for Tofidence (tocilizumab-bavi) as the first biosimilar to reference Genentech's Actemra (tocilizumab).Tofidence is administered through intravenous infusion and has received approval for the treatment of severely active rheumatoid arthritis, polyarticular juvenile idiopathic arthritis, and systemic juvenile idiopathic arthritis.
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Major Key Players of the Market:
Mabpharm Limitied; Gedeon Richter plc; Bio-Thera Solutions Ltd.; Sorrento Therapeutics; Sunshine Guojian Pharmaceutical; Stada Arzneimittel AG; Teva Pharmaceutical Industries; 3SBio Inc.; Shanghai Fosun Pharmaceuticals; Biogen Inc.; Novartis AG; Pfizer Inc.; AbbVie Inc.; Amgen Inc.; F. Hoffmann-La Roche AG; Sanofi SA; Merck & Co. Inc.; GlaxoSmithKline plc; Eli Lilly and Company; AstraZeneca plc; Bristol-Myers Squibb Company; Qilu Pharmaceutical; Tonghua Dongbao; PROBIOMED S.A. de C.V.; Biosidus S.A.; LG Life Sciences; Mylan N.V.
Biosimilar Interleukins Market 2024 Key Insights:
• The biosimilar interleukins market size will grow to $20.79 billion in 2028 at a compound annual growth rate (CAGR) of 40.0%.
• Surging Autoimmune Diseases Propel Growth In Interleukin Biosimilars Market
• Biogen Launches Tofidence, An Innovative Biologic Treatment
• North America was the largest region in the biosimilar interleukins market in 2023
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