Biosimilars Market Estimated to Experience a Hike in Growth by 2024

Global Biosimilars Market: Overview

The global market for biosimilars is projected to grow at a significant rate in the coming few years, owing to the low cost of these products. With the growing focus on research and development activities, the market is expected to generate promising opportunities in the next few years.

The research study offers a thorough overview of the global biosimilars market, providing understanding into the major factors that are projected to affect the development of the market in the next few years. The segmentation of the global biosimilars market with the help of analytical tools helps the readers and market players in attaining a strong understanding of the overall market. Furthermore, the growth drivers, restraints, current trends, opportunities, and the limitations in the market have been discussed in the research report.

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Global Biosimilars Market: Drivers and Barriers

The emergence of off-patent biologic products is one of the major factors anticipated to encourage the growth of the global biosimilars market in the next few years. These drugs are comparatively cost-effective, owing to which the demand is expected to increase substantially in the next few years. In addition, the growing prevalence of different ailments across the globe is predicted to fuel the growth of the market.

On the other hand, the innovative strategies that have been devised by biologic drug manufacturers are estimated to curb the development of the global biosimilars market, especially the new entrants of the market. Furthermore, the global biosimilars market is expected to witness several challenges throughout the forecast period. The need for a complex infrastructure for the production of biosimilars and the lengthy clinical trials required to attain the approval from the regulatory bodies are some of the important factors likely to restrict the growth of the global market in the next few years.

Global Biosimilars Market: Regional Outlook

From a geographical viewpoint, Europe is expected to lead the global biosimilars market and account for a large share in the next few years. The high growth of this region can be attributed to the presence of several biosimilar drugs including, binocrits, tevagrastim, and omnitrope. In addition, the strict regulatory framework and the rising products in the pipeline are estimated to contribute substantially towards the development of the Europe biosimilars market in the next few years.

Furthermore, the promising opportunities for the key players in the developing economies are estimated to encourage the growth of the biosimilars market in Asia Pacific in the next few years. As per the research study, this region is expected to register a progressive growth rate in the near future. On the other hand, the stringent government regulations in the U.S. are projected to restrict the growth of the North America market.

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Companies Mentioned in the Research Report

Some of the leading players operating in the biosimilars market across the globe are Genentech, Ranbaxy Laboratories, Sandoz, Bristol-Myers Squibb, Cipla, Abbott, and Astra Zeneca. The growing focus of technological developments in the global market and the notable efforts taken by the leading players are some of the factors likely to supplement the growth of the global market in the next few years. The increasing level of competition owing to the growing participation of players is predicted to encourage the market growth in the coming years.

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This release was published on openPR.