Biosimilars Market Overview:
The market refers to the production and sale of biosimilars, which are biological products that are highly similar to and have no clinically meaningful differences from an existing FDA-approved biological product. Biosimilars are used to treat a wide range of diseases, including cancer, autoimmune disorders, and infectious diseases.
The Biosimilars Market is projected to be worth USD 70.14 Billion by 2028, registering a CAGR of 24.3% CAGR during the forecast period (2022-2028), the market was valued at USD 15.30 Billion in 2021.
The biosimilars market is primarily propelled by several factors such as the high incidence of chronic diseases, the expensive nature of biologic drugs, and the need to curtail healthcare costs. It offer an economical alternative to biologic drugs, which can be expensive due to their complex manufacturing procedures. Moreover, the lapse of patents for several biologic drugs has created a favorable environment for biosimilar manufacturers to make their way into the market.
There is a growing demand for biosimilars in emerging economies due to the high prevalence of chronic diseases, and this is driving investment in their development and manufacturing. Moreover, the rising trend towards personalized medicine, which involves customized treatment plans using biosimilars to cater to the specific needs of individual patients, is expected to create significant growth opportunities for the market in the future.
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Market Segment:
By Type
- Human growth hormone
- Erythropoietin
- Monoclonal antibodies
- Insulin
- Granulocyte-Colony Stimulating Factor
- Others
By Application
- Blood disorders
- Oncology diseases
- Chronic and autoimmune diseases
- Others
Europe is the largest market for biosimilars, owing to the favorable regulatory environment and the presence of several biosimilar manufacturers in the region. The region has been at the forefront of biosimilar development and has established a robust regulatory framework to ensure the safety and efficacy of biosimilars.
The biosimilars market Report is expected to witness significant growth during the forecast period, driven by the increasing demand for cost-effective biologic drugs, the patent expiry of several biologic drugs, and the growing investments in biosimilar development and manufacturing.
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