Global Biosimilars Market is valued at USD 159.02 Billion by 2030 from USD 15.6 Billion in 2021, at a CAGR of 23.5% during the forecast of 2021 to 2030.
Another significant problem in the production of biosimilars is the capacity to regulate variability during the manufacturing process, resulting in end products that are identical to their biological counterparts. In terms of safety and efficacy, biosimilars should meet established quality requirements. Additional preclinical and/or clinical evidence may be required by regulatory agencies to establish that the manufacturing process has no impact on the product’s efficacy or safety, and that there is no variability between the biosimilar and the biologic medication.
Truvada, Chantix, Forteo, Ciprodex, and Afinitor, among other blockbuster biologic medications from major pharmaceutical companies, lost exclusivity in the United States in 2020. Several existing biological medications, such as Erbitux, Avastin, and Orencia, will see their patents expire in the coming decade, providing an opportunity for several innovator businesses as well as generic manufacturers to offer services specifically geared to biosimilars. The global biosimilar market is likely to be driven by factors such as the cost-effective nature of biosimilars, rising acceptance and adoption by various stakeholders, the need for diversification in technology and business strategies, and the rising prevalence of chronic diseases. The estimated incidence of cancer cases in the United States, according to Globocan 2020. Truvada, Chantix, Forteo, Ciprodex, and Afinitor, among other blockbuster biologic medications from major pharmaceutical companies, lost exclusivity in the United States in 2020. Several existing biological medications, such as Erbitux, Avastin, and Orencia, will see their patents expire in the coming decade, providing an opportunity for several innovator businesses as well as generic manufacturers to offer services specifically geared to biosimilars. The global biosimilar market is likely to be driven by factors such as the cost-effective nature of biosimilars, rising acceptance and adoption by various stakeholders, the need for diversification in technology and business strategies, and the rising prevalence of chronic diseases. The estimated incidence of cancer cases in the United States, according to Globocan 2020.
Factors such as the increased prevalence of chronic diseases such as cancer and diabetes, as well as the growing demand for pharmaceutical treatments, particularly high-priced patented drugs, are driving the industry. The high cost of reference items, on the other hand, limits market expansion by increasing the financial burden on patients and reimbursement service providers. These high costs are a result of a lack of economies of scale due to decreasing demand. Furthermore, the absence of regulatory guidelines, consumer brand preferences, physician reluctance to prescribe biosimilars, and the high capital necessary for research and development are all impeding the growth of the biosimilars industry. Because of favourable government laws, European Union countries currently dominate the market.
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A biosimilar is a biologic medical product that is identical to another biological medicine that has been approved. These medicinal items are highly similar and meet the same pharmaceutical quality, efficacy, and safety standards as all other biological medications. The development of biosimilars, as well as their validation using reference biologics, is an important part of the whole development process. Biosimilars regulations are critical for preserving the viability and balance of original medications and biosimilars products. Several regulatory agencies, including the European Medicines Agency and the Food and Drug Administration, are actively involved in regulating the sale and development of biosimilars.
Global Biosimilars Market- Segmental Analysis
Key Players
- LG Life Sciences
- Fresenius SE & Co. KGaA
- Pfizer, Inc.
- Hospira
- STADA Arzneimittel AG
- Reddy’s Laboratories Ltd.
- Eli Lilly and Company
- Genentech (Roche Group).
- Synthon Pharmaceuticals, Inc.
- Celltrion
- Boehringer Ingelheim
- Amgen, Inc.
- Gedeon Richter PLC
- Merck Serono (Merck Group)
- Teva Pharmaceutical Industries Ltd.
- Biocon Limited
- Samsung Biologics
- Biogen idec, Inc.
- Coherus BioSciences
- Viatris, Inc
- Fujifilm Kyowa Kirin Biologics Co., Ltd.
Biosimilar Market segment based on Molecule
- Filgrastim
- Rituximab
Segmentation Based on Indication Insights
- Oncology
- Female Infertility
Segmentation on the basis of Manufacturing
- Contract Manufacturing
- In- house Manufacturing
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Competitive Landscape
The competitive landscape of the Global Biosimilar Market is as following; Novartis, Pfizer, Celltrion, Teva, Merck & Co, Biocon, Amgen and Eli Lilly are some the major market players in the Biosimilar market. This ranges from macro overview of the market to micro details of the industry performance, key market drivers, recent trends and challenges, SWOT analysis, value chain analysis, Porter’s five forces analysis, etc.
Key Questions Answered in This Report:
- How has the global Biosimilar market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global Biosimilar market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the product?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global Biosimilar market and who are the key players?
- What is the degree of competition in the industry?
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