MarkNtel Advisors has undertaken a thorough examination of the Biosimilars Market, covering the forecast period from 2022-27 and leveraging data from the historical span of 2017-20, with 2021 as the baseline year. The forecast period from 2022 to 2027 anticipates a notable CAGR of approximately 17% in the Global Biosimilars Market. Key drivers of this growth include the escalating incidence of chronic diseases worldwide and the increasing need for safe and efficacious medications for their management.
The market is propelled forward by a rising demand for economically viable alternatives that offer treatment effects akin to biologics, especially as the high treatment costs associated with conditions such as cancer pose affordability challenges for a significant number of patients. This surge in demand for cost-effective solutions is a significant factor contributing to the rapid expansion of the Global Biosimilars Market.
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We, at MarkNtel Advisors, extensively cover government initiatives that could foster the adoption of Biosimilars, benefiting key market participants such as Amgen Inc., Biocon, Biogen Inc., Celltrion, Dr. Reddy’s Laboratories Ltd, Eli Lilly and Company, F. Hoffmann-La Roche AG, Merck & Co., Inc., Novartis International AG, Pfizer Inc., Samsung Bioepis, Others. Our inclusive coverage of lucrative prospects makes our research analysis valuable for investors and other stakeholders. The Biosimilars Market exhibits high robustness and fragmentation, comprising segments such as Application and Products. The market is also divided on the basis of numerous regions.
- Application (Growth Hormonal Deficiency, Chronic & Autoimmune Disorders, Hematology, Oncology)
The global market is expected to be dominated by oncology, holding the largest share through 2027. This is primarily due to the rising prevalence of various cancers such as breast, lung, liver, colorectal, gastric, and blood cancers worldwide. These cancers play a significant role in driving the demand for affordable yet effective treatments. Consequently, there is a growing interest in biosimilars, which replicate the efficacy of biologics for these illnesses at a more affordable cost.
Moreover, with cancer emerging as a leading cause of death, governments around the world are increasing their healthcare expenditure to facilitate rapid advancements in the field of oncology. Substantial investments are being made in research and development activities, aiming to bring about innovations in biosimilars that address the unmet needs of patients.
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- Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific)
Europe is poised to exert significant influence over the Biosimilars Market, holding the largest market share from 2022 to 2027. This dominance is primarily attributed to favorable policies in countries such as Germany, the UK, France, etc., supporting the development and clinical trials of Biosimilars to address diverse health conditions. The presence of these policies is stimulating leading players in the regional market to engage in extensive research and development activities related to Biosimilars.
The escalating demand for Biosimilars in Europe is prompting major biopharmaceutical companies like Novartis, AstraZeneca, Pfizer, Merck, etc., to establish their facilities in various countries within the region. This strategic move reflects the active involvement of key players in Biosimilar development to maintain competitive pricing and introduce innovative products to meet the unmet needs of patients, thereby fostering regional market growth in the future. Moreover, the well-established healthcare infrastructure and the increasing number of new biosimilar product launches are pivotal factors further propelling the expansion of the Biosimilars Market across Europe.
- Product (Recombinant Non-Glycosylated Proteins (Human growth hormones, Granulocyte colony-stimulating factor, Interferons, Insulin), Recombinant Glycosylated Proteins (Erythropoietin, Monoclonal Antibodies, Follitropin))
Recombinant Glycosylated Proteins are poised to dominate the global biosimilars market, claiming the largest market share and presenting lucrative opportunities for industry leaders from 2022 to 2027. Within this category, monoclonal antibodies (mAbs) are anticipated to play a significant role in driving market growth. This is primarily attributed to the expiration of patents for various biologics and the swift approvals by the FDA for new biosimilars designed to address diverse health conditions.
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