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DUBLIN--(BUSINESS WIRE)--Nov 16, 2022--
The "Global Biosimilars Market, By Indication Type, By Product & By Region- Forecast and Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.
Global Biosimilars Market is valued at $15.2 billion in 2021 and is projected to attain a value of $68.95 billion by 2028 at a CAGR of 24.2% during the forecast period, 2022-2028.
A biosimilar, often known as a biologic, is a biopharmaceutical product that is very similar to a typical biologic drug. Cells or living organisms construct its intricate molecular system. When the patents on a biologic medication expire, companies concentrate on getting approval from the relevant regulatory authority to begin producing biosimilars. To be branded as a biosimilar, a biological drug must be shown to be equivalent in terms of quality, safety, and effectiveness. Because of the higher R&D costs and greater complexity of their creation, biosimilars are substantially more expensive than generic medications.
Segments covered in this report
The Global Biosimilars Market segmentation is based on indication type, product type, and region. Based on indication the market is segmented into auto-immune diseases, blood disorders, diabetes, oncology, growth deficiency, and female infertility. Based on product the market is segmented into human growth hormone, erythropoietin, monoclonal antibodies, insulin, interferon, colony-stimulating factors, and others. Based on region the Global Biosimilars market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
The price of developing a biosimilar is less than that of an original biologic. Lower R&D costs result in a decrease in the cost of biosimilars. Because of supplier price competition, cheaper biosimilars frequently result in lower prices for reference biologics. Because of their significant cost-to-benefit ratio, consumers are expected to seek more biosimilar medicines in the coming years.
Restraint
Producing biosimilars is a challenging and expensive procedure that requires significant financial investments, technological know-how, experience with clinical trials, research criteria, and quality control systems. Makers of biosimilars are required to make comparable investments in clinical trials and post-approval safety monitoring systems, in contrast to manufacturers of generic medications. This can limit market expansion.
Market Trend
The innovation's cost reductions are the newest trends among manufacturers located in growing biosimilar marketplaces. Over the course of the projection period, this will continue to be a typical trend, which will ultimately support the growth of the global biosimilars market. Additionally, biosimilar manufacturers will presumably try out new production volumes or sizes. The capacity to produce numerous biosimilar medications at a single location may be advantageous to biosimilar manufacturers during the anticipated period.
Companies Mentioned
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KEYWORD:
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/16/2022 05:50 AM/DISC: 11/16/2022 05:51 AM
http://www.businesswire.com/news/home/20221116005501/en