A recent report published by Infinium Global Research on biosimilar market provides an in-depth analysis of segments and sub-segments in the global as well as regional biosimilar market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biosimilar market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global biosimilar market. According to the report, the global biosimilar market is projected to grow at a CAGR of 35.12% over the forecast period of 2019-2025.
A biosimilar is a biological product with similar characteristics that are referred to as a biological product, which possesses approval from agencies such as the FDA. Biosimilar products are made of complex molecules with high molecular weight produced through genetic engineering in living cells. Biosimilar drugs can save around 30 to 40 % in terms of price relative to the respective biologics drugs. Biosimilar is useful for the treatment of illnesses such as anemia, autoimmune diseases, cancer, diabetes, growth hormone deficiencies, hematological diseases, kidney failure, rheumatoid arthritis, and others. The substitution of biological drugs with biosimilar drugs can save a lot of money for the public health care sector and patients.
Increasing awareness about biosimilar among the patients and doctors is a major factor for the growth of the global biosimilar market. The presence of a large number of geriatric population is expected to aid the growth of the global biosimilar market during the forecast period, as they need treatment for various chronical illnesses. An increasing number of patients with chronic illnesses such as diabetes and cancer drive the demand for effective patented biologics medicines. Due to the lower cost, biosimilar medicines are expected to attain more demand and drive the growth of the global biosimilar market during the forecast period. The reimbursement policies of various governments and the increasing interests of the insurance companies are expected to make biosimilar affordable to more people and drive the growth of the global biosimilar market. On the other side, the high manufacturing cost and complexity of production, along with the unclear regulatory policies in many countries are expected to be the major restraints for the global biosimilar. Besides, the expiry of patents of various blockbuster drugs is a major factor for the growth of the global biosimilar market, as it is expected to provide opportunities during the forecast period.
In terms of geographies, the European market holds a major share in the biosimilar market. Countries such as France, Germany, Italy, and United Kingdom drive the growth of the European biosimilar market due to the high demand for low-cost alternatives for biologics medicines. Further, the Asia-Pacific region has significant biosimilar in use due to the relaxed regulations in various countries. Due to the presence of a large population and the need for low-cost alternative medicines for various diseases in countries such as China, India, South Korea, and others drive the growth of the biosimilar market in Asia-Pacific. Moreover, the rate of approvals for a biosimilar is increasing at a faster pace in the U.S., due to this the North-American region is expected to become the fastest growing biosimilar market during the forecast period.
The report on global biosimilar market covers segments such as product and application. On the basis of product, the sub-markets include human growth hormones, monoclonal antibodies, insulin, peptides, erythropoietin, and other products. On the basis of application, the sub-markets include oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and other application.
The report provides profiles of the companies in the market such as Allergan plc, BIOCAD, Biocon Limited, BioXpress Therapeutics SA, Boehringer Ingelheim International GmbH, Celltrion Inc, Coherus BioSciences, Inc, Dr. Reddy’s Laboratories Ltd, Genor BioPharma Co. Ltd, Intas Pharmaceuticals Limited, Novartis AG, and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of biosimilar market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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