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The global Biosimilars Market 2020 is set to nurture with towering value by the year 2025, as reported in the newest study by Market Research Future. The biosimilars industry outlook is studied, keeping the impact of COVID 19 that has affected the healthcare industry globally. The current Biosimilars Market realities and future possibilities are focused until the forecast period of 2019 to 2025. During this period, analysts have researched that growth of 7.5% is expected after the reopening of the healthcare industry. Thus, a lofty valuation is expected from USD 13,460 Million that was gained in the year 2018.
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Biosimilars Market Boomers & Decliners
The biosimilars market is poised to experience rewarding growth over the forecast period as these are estimated to play an influential role in enhancing the public health issue by addressing customer needs. An increase in demand for biosimilar drugs to reduce the healthcare cost will be one of the leading market boosting factors. Innovations in monoclonal antibodies (mAbs) are expected to evolve in the biosimilars market landscape in the near future. Healthcare companies are escalating their efficacy in hybridoma-based technology to develop improved mAbs with the help of genetic engineering, which is yet another critical reason to hike growth aspects of the market.
The mounting prevalence of chronic diseases globally, particularly in developing regions owing to mount in sedentary lifestyle and escalating habit of fast food consumption, will result in a rising number of people suffering from such diseases. Hence, the prevalence rate in developed as well as in developing nations will augment the demand and adoption rate of biosimilar drugs, fueling the business growth.
On the contrary, the factor of the high development cost of the biosimilar drug will be one of the foremost reasons impeding the adoption rates in under-developed and a few developing countries. As per recent research, it takes around 7 to 8 years and costs around USD 100 million to USD 250 million to develop a biosimilar. The elevated cost associated with biosimilar drug development will persist in hindering market growth over the forecast timeframe.
Biosimilars Market Segment Review
Global Biosimilars Market has been studied for segments such as products, applications, and end-users.
The market, by the segment of the product, has included recombinant glycosylated proteins, recombinant non-glycosylated proteins, and recombinant peptides. Among these, the recombinant non-glycosylated proteins are further divided into granulocyte colony-stimulating factor (filgrastim), human growth hormone (RHGH), insulin, and interferons.
The market, by the segment of applications, has included chronic diseases, oncology, blood disorders, autoimmune diseases, infectious diseases, growth hormone deficiency, and others. The blood disorders segment might expand with a high growth rate due to the augmented prevalence of blood disorders and the adoption of biosimilars as its low cost in comparison to biologics reduces the treatment cost. As per the Centers for Disease Control and Prevention in the US, hemophilia A affects 1 in 5,000 male births, and about 400 babies are born with hemophilia A every year.
The market, by the segment of end-user, the market has included hospitals, and clinics might grab the prevalent share in the market as easy availability for treatment with expert faculties are readily available.
Biosimilars Market Regional Framework
Currently, the biosimilars market in North America might witness an exponential growth during the forecast period. The U.S. is one of the advance developed economies in North America, is faced with some restraints in the current developmental programs for protein products, including insulin, owing to stringent and time-constrained regulatory norms imposed by the FDA. Hence, manufacturers in the biosimilars market are escalating R&D activities to produce affordable biological products before the year 2020 deadline issued by the FDA.
The market in Europe might lead the global biosimilars market owing to the escalating biosimilar product approvals and the emergence of novel market participants in the region. The mounting prevalence of chronic diseases in the US and Canada might drive the market growth. For instance, as per Amgen, in the year 2019, Europe has an advanced biosimilar market, with 53 approved biosimilar products.
The market in Asia-Pacific is expected to illustrate a considerable amount of growth with the patent expiry of biologic products, adoption of biosimilars to reduce the treatment cost, the introduction of new biosimilars, and the involvement of critical companies. In the case of point, as per the National Center for Biotechnology Information, in the year 2019, several vital biologics are scheduled to lose patent by the year 2020, which will allow other biopharmaceutical companies to develop similar biologics.
Biosimilars Market Top Players
The core players in the Global Biosimilars Market are Sandoz International (Germany), Pfizer (US), Biocon (India), Amgen, Inc. (US), Dr. Reddy’s Laboratories (India), Samsung Biologics (South Korea), Hospira Inc.(US), Actavis, Inc.(US), Cipla Ltd (India), and Mylan, Inc.(US).
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Akash Anand
Market Research Future
+1 646 845 9312
Email: [email protected]
NOTE: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required we will be considering covid-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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