Biosimilars Market to Hit USD 91.81 Billion by 2030 owing to Rising Chronic Diseases and Global Regulatory Support
According to SNS Insider, Biosimilars Market Poised for Exponential Growth, Driven by Cost Savings and Increasing Chronic Disease Burden
Based on SNS Insiderโs research, supportive regulatory environments globally are fostering innovation and development in the biosimilars sector, accelerating biosimilars market growth.”
AUSTIN, TEXAS, UNITED STATES, January 10, 2024 /EINPresswire.com/ -- The Biosimilars Market, as per the SNS Insider report, achieved a valuation of USD 25.10 billion in 2022, with projections indicating a substantial growth to reach USD 91.81 billion by 2030. The anticipated compound annual growth rate (CAGR) for the forecast period spanning from 2023 to 2030 is 17.6%.— SNS Insider
๐๐๐ฒ ๐ ๐๐๐ญ๐จ๐ซ๐ฌ ๐๐ซ๐ข๐ฏ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐ข๐จ๐ฌ๐ข๐ฆ๐ข๐ฅ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก:
Patent expirations on high-cost biologics: As patents expire on some of the world's most expensive drugs, biosimilars offer a cost-effective alternative, potentially generating billions of dollars in savings for healthcare systems.
Rising healthcare costs: Healthcare costs are rising globally, putting pressure on governments and insurers to find more affordable treatment options. Biosimilars offer a viable solution by reducing medication costs.
Increasing prevalence of chronic diseases: The growing burden of chronic diseases like cancer, diabetes, and autoimmune disorders is creating a significant demand for effective and affordable treatments. Biosimilars can play a crucial role in meeting this demand.
Supportive regulatory environment: Regulatory agencies worldwide are increasingly streamlining the approval process for biosimilars, further boosting market growth.
Growing awareness and acceptance: Patients and healthcare professionals are becoming increasingly aware of the benefits of biosimilars, leading to higher adoption rates.
๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐จ๐ฉ๐
Biosimilars represent a revolutionary category of pharmaceuticals designed to mimic the biological structures and functions of existing biologic drugs. These complex molecules are highly similar to their reference products, such as monoclonal antibodies and therapeutic proteins, yet they offer a more cost-effective alternative. One of the primary driving factors behind the growing prominence of biosimilars is the increasing demand for affordable and accessible biologic treatments.
๐๐๐ญ ๐ ๐ซ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐จ๐ ๐๐ข๐จ๐ฌ๐ข๐ฆ๐ข๐ฅ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.snsinsider.com/sample-request/2941
๐๐๐ซ๐ค๐๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ
The biosimilars market is propelled by several robust growth drivers, ensuring its sustained expansion and influence within the pharmaceutical landscape. The relentless pursuit of cost-effective treatment options, coupled with regulatory support, has established a fertile ground for the market to flourish. The economic advantage of biosimilars over originator biologics is a key driver, attracting healthcare providers, payers, and patients seeking affordable treatment options. The imminent expiry of patents for several blockbuster biologics is creating opportunities for biosimilar developers to enter the market with competitive offerings. The increasing prevalence of chronic diseases necessitates cost-effective therapeutic solutions, driving the demand for biosimilars in disease management.
๐๐จ๐ฆ๐ ๐จ๐ ๐๐๐ฃ๐จ๐ซ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐๐ข๐ฌ๐ญ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐ข๐จ๐ฌ๐ข๐ฆ๐ข๐ฅ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ซ๐:
โข Dr Reddyโs Laboratories
โข Eli Lilly and Company
โข Pfizer Inc.
โข Intas Pharmaceutical Ltd
โข Biocon Ltd
โข Merck & Co. Inc.
โข Amgen Inc.
โข Teva Pharmaceutical Industries Limited
โข Kashiv BioSciences
โข Reliance life sciences
๐๐๐ฒ ๐๐๐ ๐ฆ๐๐ง๐ญ๐ฌ ๐๐จ๐ฏ๐๐ซ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐ฆ๐๐ซ๐ค๐๐ญ:
By Type
โข Human growth hormone
โข Erythropoietin
โข Monoclonal antibodies
โข Insulin
โข Granulocyte-Colony Stimulating Factor
By Application
โข Blood disorders
โข Oncology diseases
โข Chronic and autoimmune diseases
๐๐ฆ๐ฉ๐๐๐ญ ๐จ๐ ๐๐๐๐๐ฌ๐ฌ๐ข๐จ๐ง
The biosimilars market, while resilient, faces the dual challenges of economic recession and global healthcare uncertainties. The impact of the ongoing recession on the market is nuanced, with both positive and negative implications. Recession-driven cost-consciousness may boost the adoption of biosimilars as cost-effective alternatives, especially in regions grappling with economic downturns. Economic uncertainties may pose challenges in funding for biosimilar development, potentially slowing down research and innovation in the sector.
๐๐ฆ๐ฉ๐๐๐ญ ๐จ๐ ๐๐ฎ๐ฌ๐ฌ๐ข๐-๐๐ค๐ซ๐๐ข๐ง๐ ๐๐๐ซ
The Russia-Ukraine war has sent shockwaves across global markets, and the biosimilars sector is not immune to its far-reaching consequences. The impact on the biosimilars market is contingent upon geopolitical and economic factors. Geopolitical tensions can disrupt the global supply chain for biosimilar manufacturing, potentially leading to shortages and delays in production. Uncertainties resulting from the conflict may trigger market volatility, impacting investor confidence and influencing the pace of biosimilar development and commercialization.
๐๐๐๐ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฌ ๐ฉ๐๐ซ ๐๐จ๐ฎ๐ซ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ ๐๐ฌ๐ค ๐๐๐ซ๐: https://www.snsinsider.com/enquiry/2941
๐๐๐ฒ ๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ
The North American biosimilars market is thriving, driven by a robust regulatory framework, increasing acceptance of biosimilars among healthcare providers, and the urgency to curb rising healthcare costs. Market players are strategically navigating patent expirations and forging partnerships to capitalize on the region's growing demand for cost-effective biologics. Europe remains a frontrunner in biosimilar adoption, with well-established regulatory pathways and a history of successful market penetration. The European market is characterized by a competitive landscape, fostering innovation and affordability in the region's healthcare systems. The Asia-Pacific market is experiencing exponential growth, propelled by rising healthcare needs, expanding biopharmaceutical capabilities, and supportive government initiatives.
๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ ๐๐ซ๐จ๐ฆ ๐๐ข๐จ๐ฌ๐ข๐ฆ๐ข๐ฅ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ญ๐ฎ๐๐ฒ
โข The human growth hormone (HGH) segment stands poised to dominate the market, driven by its critical role in treating growth disorders and hormonal deficiencies. The increasing prevalence of growth-related disorders, coupled with the need for cost-effective treatment options, positions HGH biosimilars as a cornerstone in the market's therapeutic landscape.
โข Within the biosimilars market, the blood disorders segment emerges as a dominant force. The demand for biosimilar alternatives for blood-related conditions, such as anemia and clotting disorders, is on the rise. Enhanced patient access, coupled with the economic advantage of biosimilars, is propelling the blood disorders segment to the forefront of biosimilar therapeutic advancements.
๐๐๐๐๐ง๐ญ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ ๐๐๐ฅ๐๐ญ๐๐ ๐ญ๐จ ๐๐ข๐จ๐ฌ๐ข๐ฆ๐ข๐ฅ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ
โข In a groundbreaking move, CVS, a stalwart in the healthcare industry, has launched a cutting-edge biosimilars brand, marking a significant stride in the realm of pharmaceuticals. The newly introduced biosimilars brand by CVS is poised to provide patients with more cost-effective alternatives to existing biologics, ensuring a wider demographic can benefit from these crucial treatments.
โข In a strategic and forward-looking collaboration, Meitheal, a prominent player in the pharmaceutical domain, has forged a partnership with a leading Chinese company for the licensing of insulin biosimilars in the United States. This collaboration heralds a new era in the availability of insulin treatments, reflecting Meitheal's dedication to addressing critical healthcare needs through international partnerships.
๐๐ฎ๐ฒ ๐๐ข๐จ๐ฌ๐ข๐ฆ๐ข๐ฅ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.snsinsider.com/checkout/2941
๐๐๐๐ฅ๐ ๐จ๐ ๐๐จ๐ง๐ญ๐๐ง๐ญ๐ฌ
Chapter 1: Introduction
1.1 Background
1.2 Objectives of the Study
1.3 Scope and Limitations
1.4 Research Questions
1.5 Significance of the Study
Chapter 2: Research Methodology
2.1 Research Design
2.2 Data Collection Methods
2.3 Sampling Techniques
2.4 Data Analysis
2.5 Ethical Considerations
Chapter 3: Biosimilars Market Dynamics
3.1 Market Overview
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Trends
Chapter 4: Impact Analysis
4.1 COVID-19
4.2 Ukraine-Russia War
4.3 Ongoing Recession on Major Economies
Chapter 5: Value Chain Analysis
Chapter 6: Porterโs 5 Forces Model
Chapter 7: PEST Analysis
Chapter 8: Biosimilars Market Segmentation, By Type
Chapter 9: Biosimilars Market Segmentation, By Application
Chapter 10: Biosimilars Market Segmentation, By End Use
Chapter 11: Regional Analysis
Chapter 12: Company Profile
Chapter 13: Competitive Landscape
Chapter 14: Use Case and Best Practices
Chapter 15: Conclusion
Akash Anand
SNS Insider Pvt. Ltd
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