Psoriasis Biosimilars Market Top Companies Study- 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 medication is classified as a biosimilar when it closely resembles an FDA-approved psoriasis treatment, known as the reference product. Psoriasis is a chronic autoimmune skin condition characterized by accelerated skin cell turnover, inflammation, and scaling. After the patent for the original biologic expires, biosimilars are developed to meet the same rigorous standards for efficacy, safety, and quality. The primary factors driving the growth of the psoriasis biosimilars market include the increasing global prevalence of psoriasis and the rising demand for cost-effective treatment alternatives. Additionally, growing awareness among both patients and healthcare providers regarding the effectiveness of biosimilars is fostering greater acceptance and adoption of these therapies.

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:
The rising costs of healthcare have driven the adoption of biosimilars as a cost-effective alternative to traditional biologics, offering similar therapeutic benefits at a lower price point. The introduction of biosimilars has been particularly advantageous for psoriasis patients, as these therapies have demonstrated effectiveness in alleviating symptoms and improving quality of life. Healthcare payers and providers, seeking affordable treatment options, are showing growing interest in the sector. Additionally, the increasing focus on improving healthcare accessibility in developing regions is further fueling the demand for psoriasis biosimilars. Government programs promoting biosimilars, particularly in areas with high psoriasis prevalence, are accelerating market penetration. The growing approval of biosimilars by regulatory bodies such as the FDA and EMA also contributes to the expansion of the market.

Challenges:
A major challenge for the psoriasis biosimilars market is the regulatory uncertainty surrounding their development, approval, and marketing. Regulatory ambiguity, including inconsistent guidelines, evolving frameworks, and difficulties in demonstrating biosimilarity and interchangeability, complicates the process and can delay access to these treatments. These factors create a complex environment that inhibits the market's potential growth and limits patient access to affordable treatment options.

Regional Trends:
North America is expected to hold a significant share of the psoriasis biosimilars market, driven by its strong infrastructure for biotech research and development and its leadership in pharmaceutical innovation. Additionally, the Asia Pacific region is experiencing substantial growth, with the biopharmaceutical industry leveraging modern technologies for the development of biosimilars. The high prevalence of psoriasis within the population underscores the demand for effective treatments, with biosimilars playing a key role in managing chronic conditions in this region.

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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.

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

Read Overview Report- https://www.insightaceanalytic.com/report/psoriasis-biosimilars-market/2891

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This release was published on openPR.