Global Psoriasis Biosimilars Market Set for Robust Growth, Projected to Reach USD 26,679.9 Million by 2034 rise at a CAGR of 11.2% | FMI

The global psoriasis biosimilars market is on a strong growth trajectory, with market sales expected to surge from USD 9,228.6 million in 2024 to USD 26,679.9 million by 2034. This remarkable expansion represents a compound annual growth rate (CAGR) of 11.2% over the forecast period.

In 2023, the market generated a revenue of USD 8,412.6 million, reflecting a growing demand for affordable and effective psoriasis treatments. The increasing prevalence of psoriasis worldwide, coupled with the high cost of biologics, has driven the adoption of biosimilars as a cost-effective alternative.

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Psoriasis is a chronic, immune-mediated skin condition that affects millions of individuals worldwide, characterized by red, scaly patches of skin that can cause both physical and emotional discomfort. With advances in biotechnology, biosimilars have emerged as a game-changer in the treatment landscape, offering effective, affordable options for patients with moderate to severe psoriasis.

As we look toward the future, the psoriasis biosimilars market is poised for significant growth from 2024 to 2034. Let's dive into the key trends, market drivers, and opportunities shaping this dynamic sector.

What Are Psoriasis Biosimilars?
Biosimilars are biologic medical products that are highly similar to an already approved reference product in terms of safety, efficacy, and quality. For psoriasis patients, biosimilars provide access to advanced therapies at a reduced cost, making treatment more accessible to broader populations globally.

Market Drivers Fueling Growth:

1. Increasing Psoriasis Prevalence:
The rising incidence of psoriasis worldwide is a key factor driving the demand for effective treatment options. According to the World Psoriasis Day Consortium, over 125 million people globally are affected by psoriasis, creating a large patient pool in need of advanced therapies.

2. Patent Expiry of Biologic Blockbusters:
As patents for blockbuster biologic drugs expire, the entry of biosimilars into the market is accelerating. These alternatives offer similar therapeutic benefits while being more cost-effective, attracting healthcare providers and patients alike.

3. Growing Demand for Cost-Effective Treatments:
With rising healthcare costs, biosimilars present an economically viable solution for managing psoriasis, especially in emerging markets. Governments and insurance providers are also incentivizing the adoption of biosimilars to reduce the financial burden on healthcare systems.

4. Regulatory Support and Approvals:
Regulatory agencies, including the FDA and EMA, are streamlining approval processes for biosimilars, encouraging manufacturers to invest in the development of high-quality products. This has led to a surge in the number of approved psoriasis biosimilars in recent years.

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Market Challenges:

While the outlook for psoriasis biosimilars is promising, the market is not without challenges:

• Physician and Patient Awareness: Limited awareness about biosimilars among healthcare providers and patients may hinder their adoption.
• Biosimilar Switching Hesitation: Some physicians remain hesitant to switch patients from biologics to biosimilars due to perceived differences in efficacy or safety.
• Pricing Competition: The intense competition among manufacturers may lead to pricing pressures, affecting profit margins.

Emerging Trends and Opportunities:

1. Expansion in Emerging Markets:
The psoriasis biosimilars market is expanding rapidly in emerging economies due to increasing healthcare expenditure and a growing focus on improving access to biologics. Markets in Asia-Pacific, Latin America, and the Middle East are expected to drive significant growth.

2. Technological Innovations:
Advancements in biotechnology and manufacturing processes are enhancing the quality and affordability of biosimilars. Companies are leveraging cutting-edge technologies to ensure biosimilars are produced efficiently and at scale.

3. Collaborations and Partnerships:
Strategic collaborations between pharmaceutical companies and research organizations are fostering innovation and speeding up product launches, further propelling the market's growth.

Market Outlook: 2024 to 2034

The psoriasis biosimilars market is expected to witness a robust compound annual growth rate (CAGR) during the forecast period of 2024 to 2034. Key players are investing heavily in R&D and expanding their portfolios to cater to the growing demand. Regulatory agencies are also playing a pivotal role in ensuring that biosimilars meet stringent quality and safety standards.

By 2034, biosimilars are anticipated to dominate the psoriasis treatment landscape, reshaping the industry and offering hope to millions of patients worldwide.

Key Players of Psoriasis Biosimilars Market:

• Merck KGaA
• Gyros Protein Technologies AB
• Pfizer Inc.
• Novartis International AG
• Amgen Inc
• Samsung Bioepis Co., Ltd.
• Coherus BioSciences
• Hoffmann-La Roche Ltd
• Celltrion
• Samsung Bioepis
• Sandoz
• Fresenius Kabi

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Key Segments of Psoriasis Biosimilars Market:

By Drug Class:

In terms of drug class, the industry is divided into TNF-alpha inhibitors (infliximab, etanercept, adalimumab) and other biosimilars.

By Indication:

In terms of Indication, the industry is segregated into plaque psoriasis, psoriatic arthritis and other types.

By Route of Administration:

In terms of route of administration, the industry is segregated into subcutaneous, intravenous oral and topical.

By Distribution Channel:

In the terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacy chains and online pharmacies.

By Region:

Key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia and Middle East and Africa (MEA) have been covered in the report.

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This release was published on openPR.