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Psoriasis Biosimilars Market Future Trends and Scope Analysis Report
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 biosimilar is a biologic medication that demonstrates a high degree of similarity to an FDA-approved reference product used in the treatment of psoriasis, an autoimmune skin disorder characterized by accelerated skin cell turnover, inflammation, and scaling. Biosimilars are developed following the expiration of the reference biologic's patent and must adhere to stringent regulatory standards for efficacy, safety, and quality.
The expansion of the psoriasis biosimilars market is primarily driven by the rising global prevalence of psoriasis and the increasing demand for cost-effective treatment alternatives. Additionally, growing awareness among patients and healthcare providers regarding the effectiveness and reliability of biosimilars is fostering greater acceptance and adoption of these treatments.
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
Market Dynamics:
Drivers-
The rising cost of healthcare has led to an increasing demand for cost-effective treatment alternatives, positioning biosimilars as a viable substitute for traditional biologics. These alternatives offer equivalent therapeutic benefits at a reduced cost, making them particularly advantageous for psoriasis patients by effectively alleviating symptoms and enhancing quality of life. The growing interest from healthcare providers and payers seeking affordable treatment solutions is further propelling market growth. Additionally, government initiatives aimed at supporting biosimilars-particularly in regions with a high prevalence of psoriasis-are accelerating market penetration.
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Challenges:
A significant challenge in the psoriasis biosimilars market is the regulatory uncertainty surrounding their development, approval, and commercialization. The market faces hurdles such as inconsistent regulatory guidelines, evolving frameworks, and stringent requirements for demonstrating biosimilarity and interchangeability. These complexities slow down market expansion and limit patient access to affordable treatment options for psoriasis.
Regional Trends:
The North American psoriasis biosimilars market is expected to capture a substantial revenue share, driven by strong pharmaceutical innovation and a well-established biotechnology research and development infrastructure. Meanwhile, the Asia-Pacific region is witnessing notable market growth, attributed to its advancements in biopharmaceutical technology and the widespread adoption of biosimilars. The high prevalence of psoriasis in the region further underscores the growing need for effective therapies, with biosimilars playing a crucial role in the management of chronic conditions.
Recent Developments:
• In July 2023, Coherus introduced YUSIMRYTM, 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.
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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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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