Biosimilar Market: Global Industry Analysis, Trends, Market Size & Forecasts up to 2023

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Biosimilar Market Global Industry Analysis,
Trends, Market Size Forecasts up to 2023
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The report on Biosimilar Market by product (human
growth hormones, monoclonal antibodies, insulin,
peptides, erythropoietin and others),
application, (oncology, chronic and autoimmune
diseases, growth hormone deficiency, infectious
diseases and others) trends analysis and
forecasts up to 2023 studies the market sizes,
key trends and opportunities in the main
geographies such as North America, Europe, Asia-
Pacific, Rest of the World. According to the
report the Global Biosimilar Market is projected
to grow at a CAGR between 25.0 to 26.0 in
terms of value over the period of 2017-2023. The
growth in the world market is primarily driven
by significant contribution by North America
(Leading region) region to this market. Get
Sample Copy of this Report- https//www.infinium
globalresearch.com/Reports/MakeSampleRequest/17
A product is termed as biosimilar product, if it
is a biological product with similar
characteristics as that of a reference
biological product, which possesses approval from
agencies such as FDA. There would not be any
major clinical difference in effectiveness and
safety as that of reference product. Biosimilar
products are made of complex molecules with high
molecular weight produced through genetic
engineering in living cells. Biologics drugs are
costlier than respective chemical drugs.
Biosimilar drugs can save around 30 to 40 in
terms of price relative to the respective
biologics drugs. Biosimilars are useful for the
treatment of illnesses such as anemia,
autoimmune diseases, cancer, diabetes, growth
hormone deficiencies, hematological diseases,
kidney failure, rheumatoid arthritis and others.
For the manufacturing of biosimilars,
manufacturers have to develop environments that
are ideal for the living cells, which remain
sensitive to environmental conditions. Moreover,
they need to develop distinctive process to
entice the living cells for producing similar
outcome to a prevalent biological treatment. The
substitution of biological drugs with biosimilar
drugs can save lot of money for public health
care sector and patients. The regulatory
authorities in developed nations are promoting
biosimilar products.
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Increasing awareness about biosimilars among the
patients and doctors is a major factor for the
growth of the global biosimilar market. Presence
of 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. 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 attain more
demand and drive the growth of the global
biosimilar market during the forecast period.
Segments related to diabetes medicine and
oncology are expected to attain faster growth
during the forecast period. 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 the opportunities for
the smaller pharmaceutical manufacturer to
produce biosimilars in those segments. The
reimbursement policies of various governments and
the increasing interests from the insurance
companies are expected to make biosimilars
affordable to more people and drive the growth
of the global biosimilar market. Non-original
biologics and bio betters provide major
challenge to the biosimilar market. Non-original
biologics are duplicate products of reference
biologics found in markets with lesser
regulations or relaxed intellectual property
protection. Though bio betters are regulated, as
stepwise upgrade of innovator molecules, they are
finding space in the drugs market. The lack of
clear guidelines for the interchangeability or
substitution of drugs with bio-similar is a
restraint for the growth of the biosimilar
market. 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 market during the forecast
period. However, due to the lower prices of
biosimilars, the treatment for many diseases
such as diabetes , rheumatoid arthritis and types
of cancers, are anticipated to become affordable
in developing countries and it provide
opportunities for major players in the global
biosimilar market to expand during the forecast
period. Moreover, strategic partnerships between
biosimilar manufacturers, manufacturing of
multiple biosimilar products in same production
facility and outsourcing of manufacturing to
third parties are expected to help the major
players to expand faster during the forecast
period.
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rch.com/Reports/MakeEnquiryRequest/17 Segments
Covered The report segments the global
biosimilar market by product, application and
region. On the basis of product, the market is
segmented as human growth hormones, monoclonal
antibodies, insulin, peptides, erythropoietin
and others. Based on application, the market is
segmented as oncology, chronic and autoimmune
diseases, growth hormone deficiency, infectious
diseases and others. Geographic Coverage and
Analysis The report provides regional analysis
covering geographies such as North America,
Europe, Asia-Pacific, and Rest of the World.
With the maximum number of approved biosimilars,
European market is the major biosimilar market
in the world. Countries such as France, Germany,
Italy and United Kingdom drive the growth of the
European biosimilar market with high demand for
low cost alternatives for biologics medicines.
Expiry of patents for certain biologics medicines
and presence of good regulatory frameworks set up
by European Medical Association are expected to
aid the growth of the European biosimilar market,
during the forecast period. Asia-Pacific region
has significant biosimilars in use due to the
relaxed regulations in various countries. Due to
the presence of large population and need for low
cost alternative medicines for various diseases
in countries such as China, India, South Korea
and others drive the growth of biosimilar market
in Asia-Pacific. As the rate of approvals for
biosimilars are increasing at a faster pace in
the U.S., the North- American region is expected
to become the fastest growing biosimilar market
during the forecast period. The pharmaceutical
companies in the North American region are
expected to make use of the research and
development initiatives related to biosimilars
and expiring biologics patents for increasing the
production of
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biosimilar medicine to meet the requirements of
the geriatric population and the patients with
chronic illnesses depending upon the
reimbursement and insurance policies.
Companies Profiled Allergan plc,
BIOCAD, Biocon, BioXpress Therapeutics
SA, Boehringer Ingelheim GmbH, Celltrion
Inc., Coherus BioSciences, Inc, Dr. Reddys
Laboratories Ltd., Genor BioPharma Co.
Ltd, Intas Pharmaceuticals Limited, Novartis AG,
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Pfizer, Inc., Reliance Life Sciences. Click the
Below Full Report Link- https//www.infiniumglob
alresearch.com/healthcare_medical_devices/biosimil
ar_market Report Highlights The report
provides deep insights on demand forecasts,
market trends and micro and macro indicators. In
addition, this report provides insights on the
factors that are driving and restraining the
demand of biosimilar globally as well as
regionally. Moreover, IGR-Growth Matrix analysis
given in the report brings an insight on the
investment areas that existing or new market
players can consider. The report provides
insights into the market using analytical tools
such as Porters five forces analysis and DRO
analysis of biosimilar market. Moreover, the
study highlights current market trends and
provides forecast from 2017 to 2023. We also have
highlighted future trends in the biosimilar
market that will impact the demand during the
forecast period. Moreover, the competitive
analysis given in each regional market brings an
insight on the market share of the leading
players. Additionally, the analysis highlights
rise and fall in the market shares of the key
players in the market.