Biosimilars Market to Witness CAGR of 18% (2022-2028) Due to Increase in Development of Biologics Drugs Made from Living Organisms | UnivDatos Market Insights

NOIDA, India, Dec. 5, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Biosimilars Market was valued at USD 13 billion in 2020 and is expected to grow at a CAGR of around 18% from 2022-2028. The analysis has been segmented into Product (Monoclonal Antibodies, Recombinant Hormones, Immunomodulators, Anti-Inflammatory Agents, and Others); Application (Oncology, Inflammatory & Autoimmune Disorders, Chronic Diseases, Blood Disorders, and Others); Region/Country.

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The Biosimilars market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Biosimilars market. The Biosimilars market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Biosimilars market at the global and regional levels.

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Market Overview

A biosimilar is a biologic medical product that is an exact copy of an original reference product that is manufactured by a different company. Both reference drugs and biosimilar drugs are derived from living things, however, they may be produced in somewhat different methods and with slightly different substances. The growth of the biosimilars market can be attributed to the rising incidences of autoimmune diseases such as ankylosing spondylitis, rheumatoid arthritis, and others. For instance, according to the estimates of the Arthritis Foundation (AF), the global prevalence of rheumatoid arthritis is 0.5⁠ to 1% in developed countries.

The Biosimilars Market is expected to grow at a steady rate of around 18%. The cost-effectiveness of biosimilars, loss of protection events of original drug manufacturers, strong product pipeline and increasing FDA approvals in major countries are some of the factors contributing to the growth of the market.

Some of the major players operating in the market include Novartis AG, Pfizer Inc., Dr. Reddy's Laboratories Ltd., Amgen Inc., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Fresenius Se & Co. KGAA, Boehringer Ingelheim, Intas Pharmaceutical Ltd., Biocon Limited.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The Biosimilars market has been significantly impacted during these times owing to the increased demand for these drugs for emergency use in treating severe COVID-19 incidences across the globe leading to the demand for fast approvals of biosimilars of these drugs.

The global biosimilars market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on the product, the biosimilars market is segmented into monoclonal antibodies, recombinant hormones, immunomodulators, anti-inflammatory agents, and others. The monoclonal antibodies segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to the rising demand for cost-effective treatment options and the wide scope of applications of monoclonal antibodies in treating cancer, autoimmune disorders, and others.
• Based on application, the market is fragmented into oncology, inflammatory & autoimmune disorders, chronic diseases, blood disorders, and others. The oncology segment is expected to grab a considerable market share in 2020 and is expected to grow with a lucrative CAGR during the forecast period owing to the growing prevalence of cancer and an increase in the number of ongoing studies in the biosimilars filed across the globe.

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Biosimilars Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

For a better understanding of the market adoption of the biosimilars, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure, and rising incidences of chronic diseases. For instance, According to GLOBOCAN 2020, the number of new cancer cases diagnosed was 2,281,658 in the United States in 2020, with 612,390 deaths. Furthermore, rising investment in research and development activities by the key industry players and an increasing pipeline of products & new product launches in the market are also driving the market growth.

The major players targeting the market include

• Novartis AG
• Pfizer Inc.
• Dr. Reddy's Laboratories Ltd.
• Amgen Inc.
• Eli Lilly and Company
• Teva Pharmaceutical Industries Ltd.
• Fresenius Se & Co. KGAA
• Boehringer Ingelheim
• Intas Pharmaceutical Ltd.
• Biocon Limited

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Biosimilars market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the biosimilars market?
• Which factors are influencing the biosimilars market over the forecast period?
• What are the global challenges, threats, and risks in the biosimilars market?
• Which factors are propelling and restraining the biosimilars market?
• What are the demanding global regions of the biosimilars market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Biosimilars Market Report Coverage

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