Yahoo Finance Biosimilars Global Market Report 2023
Major players in the biosimilars market are Pfizer, Amgen, Biocon, Celltrion, Dr. Reddy’s Laboratories, Boehringer Ingelheim, Elli Lilly and Company, Mylan N.V., Sanofi, STADA Arzneimittel, Sandoz International, Samsung Bioepis, Teva Pharmaceuticals, Apotex, AMEGA Biotech S.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biosimilars Global Market Report 2023" - https://www.reportlinker.com/p06241831/?utm_source=GNW
A., Bioton S.A., Innovent Biologics International, Allergan plc, BioXpress Therapeutics, 3SBio, Intas Biopharmaceuticals, Lupin Merck, Novartis, Ratiopharm, Wockhardt, Zydus Cadila, Allergan Plc., Hospira International., Actavis International., Johnson & Johnson and Roche.
The global biosimilars market is expected to grow from $15.67 billion in 2021 to $19.10 billion in 2022 at a compound annual growth rate (CAGR) of 21.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The biosimilars market is expected to reach $42.30 billion in 2026 at a CAGR of 22%.
The biosimilars market consists of sales of binocrit, epoetin alfa hexal, and abseamed.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Biosimilars refer to medications manufactured from living things, albeit they may be made in many methods and using slightly different materials. Due to the intricacy and high cost of their creation, as well as their molecular size and structure, biosimilars are fundamentally distinct from generic drugs.
North America was the largest region in the biosimilars market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of biosimilars are human growth hormone, erythropoietin, monoclonal antibodies, insulin, interferon, granulocyte-colony stimulating factor, and others.Erythropoietin is a hormone produced by the kidneys to stimulate the production and maintenance of vital red blood cells.
The various products include recombinant non-glycosylated proteins and recombinant glycosylated proteins that are used for the treatment of oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and others.
The rising prevalence of chronic diseases such as arthritis, asthma, and cancer is expected to be a major driver of the biosimilars market.Long working hours, limited physical activity, and unhealthy eating and drinking habits contribute to the prevalence of chronic diseases and biosimilars are increasingly used to treat these chronic diseases.
Biosimilars activate the immune system response against cancer cells thus helping the immune system to eliminate the cancer cells from the body.According to a United Nations article, by 2030 the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths.
The global burden of chronic disease is expected to reach about 60%. Therefore, the rise in the prevalence of chronic diseases is projected to propel the demand for biosimilars, thus driving the biosimilars market.
The lack of awareness about biosimilars among primary care physicians (PCPs) and specialists limits the growth of the biosimilars market.Biosimilars are manufactured from cell lines and offer the same effectiveness as biologics.
However, a lack of familiarity with biosimilars reduces the likelihood of prescribing the drugs to patients which affects the demand for new biosimilars in the market.For instance, according to the PwC’s Health Research Institute, out of 442 clinicians surveyed 55% of clinicians were unfamiliar with biosimilars and 35% were reluctant to prescribe them due to concerns including the safety of the follow-on biologic.
Thus, the lack of awareness about biosimilars among primary care physicians (PCPs) and specialists restricts the growth of the biosimilars market.
Production of new insulin biosimilars is trending in the biosimilars market.The key players operating in the biosimilars market are investing in creating a biosimilar of insulin.
This is also promoting competition among various biosimilar manufacturers. For instance, in August 2020, Biocon Biologics India Ltd., an India-based fully integrated global biosimilars organization, in partnership with Mylan, a US-based biosimilar company, has launched Semglee, insulin glargine injection in the U.S. to aid in lowering blood sugar levels in adults with type 2 diabetes and children with type 1 diabetes.
The countries covered in the biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The biosimilars market research report is one of a series of new reports that provides biosimilars market statistics, including biosimilars industry global market size, regional shares, competitors with a biosimilars market share, detailed biosimilars market segments, market trends, and opportunities, and any further data you may need to thrive in the biosimilars industry. This biosimilars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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