Jul 31, 2023, 07:28 EST
New York, United States, Jul 31, 2023, 07:28 /Comserve / -- Biosimilars Market to be Propelled by Increasing Burden of Various Diseases & Rising Approvals Biosimilars by CAGR of ~22.9% During 2023 – 2033
Research Nester published a report titled “Biosimilars Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global biosimilars market in terms of market segmentation by product type, technology, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global biosimilars market is anticipated to grow with a CAGR of ~22.9% during the forecast period, i.e., 2023-2033. The market is segmented by product type segment into recombinant non-glycosylated proteins, recombinant glycosylated proteins, recombinant peptides. Out of these segments, the recombinant non-glycosylated proteins segment garnered the highest market share of 63% in the year 2022, owing to the increasing incidences of diabetes. In addition, increasing cases of diabetes worldwide also expected to boost the growth of the segment in the coming years.
The global biosimilars market is estimated to garner a revenue of ~USD 209.9 billion by the end of 2033, backed by the increasing cancer cases worldwide. As biosimilars have no meaningful differences clinically in terms of safety and effectiveness from the reference product, it is projected that there will be a boost in sales of these drugs in the coming years. Moreover, rising prevalence of kidney diseases as well as increasing cases of bowel disease is also projected to propel the growth of the market during the forecast period.
Geographically, the global biosimilars market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Europe garnered the highest market share of 55% in 2022, owing to the rising prescription of biosimilar medications. Apart from this, the market in North America is anticipated to register significant growth in the coming years.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Approval of Biosimilars to Drive the Market Growth
According to the data, by 2020, around 29 biosimilars were approved by the FDA in the United States.
The approval of biosimilars is expected to accelerate the market growth in the coming years, as biosimilars will help in increasing access to healthcare for many as it is responsible for reduction in the healthcare costs associated with the use of biologics. Moreover, the rising savings owing to the use of biosimilars as well as the reduction in the spending on biologics are also expected to drive the growth of the global biosimilars market during the forecast period.
However, the stringent regulatory policies for approval of biosimilars along with concerns regarding the manufacturing processes of biosimilar agents are expected to operate as key restraints to the growth of global biosimilars market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the of global biosimilars market which includes company profiling of Biocon Limited, Amgen Inc., Novartis AG, Intas Pharmaceuticals Ltd., BioXpress Therapeutics SA, Genor Biopharma Co. Ltd., Allergan plc (AbbVie Inc.), Coherus BioSciences, Inc., Pfizer Inc., Reliance Life Sciences Private Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the of global biosimilars market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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