The Biosimilar Hormones Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Biosimilar Hormones Global Market Report 2024, The biosimilar hormones market size has grown exponentially in recent years. It will grow from $3.9 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, increasing aging population, growing awareness of biosimilar hormones, expanded access to healthcare.
The biosimilar hormones market size is expected to see exponentially grown in the next few years. It will grow to $11.77 billion in 2028 at a compound annual growth rate (CAGR) of 24.0%. The growth in the forecast period can be attributed to expanding hormone targets, growing patient acceptance, advances in manufacturing, government support, growing clinical trial data, expanded access to healthcare. Major trends in the forecast period include personalized hormone replacement, product launches, pricing and access, patient-centric care.
The prevalence of deficiencies in growth hormones and metabolic hormones contributes to the market. The treatments required for hormone-related conditions are evolving over the years, and the prevalence of hormonal deficiencies is generating higher demand for the hormone biosimilars market. For instance, in January 2022, according to the British Medical Journal, a UK-based peer-reviewed medical trade journal, the prevalence of GH deficiency (GHD) in children is thought to range from 1 in 3500 to 1 in 10000 across the globe. Also, in June 2022, according to a Medscape report, about 6,000 adults are expected to be diagnosed with growth hormone (GH) deficiency in the USA. The growing need to treat patients with prevailing hormonal deficiencies drives the growth of the biosimilar hormones market.
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The Biosimilar Hormones Market Covered In This Report Is Segmented –
1) By Type: Teriparatide Biosimilars, Follitropin Alfa Biosimilars, Insulin Biosimilars, Somatropin Biosimilars, Other Types
2) By Application: Research & Biotechnology, Diagnostics, Biocatalysts, Therapeutics, Other Applications
3) By Distribution Channel: Hospital And Retail Pharmacy, Online Pharmacy/epharmacy, Speciality Clinics
Major companies operating in the biosimilar interleukins market are innovating new products such as Tofidence (tocilizumab-bavi) to increase their profitability in the market.Tofidence is a monoclonal antibody that targets and attaches to interleukin-6 receptors, employed in the treatment of various inflammatory autoimmune disorders. For instance, in September 2023, Biogen, a US-based biotechnology company got approval from the FDA for Tofidence (tocilizumab-bavi) as the first biosimilar to reference Genentech’s Actemra (tocilizumab).Tofidence is administered through intravenous infusion and has received approval for the treatment of severely active rheumatoid arthritis, polyarticular juvenile idiopathic arthritis, and systemic juvenile idiopathic arthritis.
The Biosimilar Hormones Market Report Table Of Contents Includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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