Biosimilars Market And its Growth prospect in the Near Future

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Biosimilars Market Size to Reach 26.7 Billion
by 2024
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Biosimilars market is expected to generate 26.7
billion revenue by 2024, advancing at a CAGR of
29.6 during the forecast period, according to
PS Intelligence. The market is majorly driven
by rising prevalence of chronic diseases,
increasing investment in research and development
(RD) activities by biopharmaceutical companies,
extensive pipeline of biosimilars, growing
geriatric population, and inexpensive nature of
biosimilars as compared to reference drugs. On
the basis of technology, the biosimilars market
is categorized into five categories, such as
monoclonal antibody (mAb), recombinant
deoxyribonucleic acid (rDNA), bioassays, nuclear
magnetic resonance (NMR), and electrophoresis.
Biosimilars manufactured using mAb technology
held the largest share, of 56, in 2018. This
technology is also expected to be the fastest
growing category in the market, owing to large
development of therapeutics with the help of this
technology for various diseases such as cancer,
immunological, and infectious diseases. Access
Detailed Report Summary https//www.psmarketresea
rch.com/market-analysis/biosimilars-market

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Additionally, according to the Arthritis
Foundation, among people aged 1864 years, about
one in three people (both men and women) have
doctor-diagnosed arthritis and/or report joint
symptoms consistent with a diagnosis of arthritis
in the U.S. People over 65 years of age, more
than one in two men may have arthritis and over
two in three women are reported to have
arthritis. Biosimilars have potential to treat
such chronic diseases, which are most frequently
reported among aged people. Moreover, companies
in North America are more independent for pricing
their products as compared to other regions, and
trained scientific personnel and advanced
technologies are readily accessible in North
America, which make the region more suitable for
pharmaceutical companies. Request to Get the
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Furthermore, in January 2019, Samsung Bioepis Co.
Ltd. partnered with 3SBio Group to expand the
biosimilar business in China. Through the
partnership, Samsung Bioepis Co. Ltd. will be
able to widen its biosimilars portfolio and 3SBio
Group will be benefited from the sales of
Avastin. In another strategic move, Celltrion
Inc. in partnership with Teva Pharmaceutical
Industries Ltd. announced the approval of
Herceptins biosimilar, Herzuma, in October 2016.
As a result, both companies got benefit from the
sales of Herzuma. Also, Amgen Inc., Sandoz
International GmbH, Samsung Bioepis, and Mylan
N.V. jointly launched adalimumab in 2018 in the
European biosimilars market and they are expected
to launch this biosimilar in the U.S. market by
2023. Make Enquiry Before Buying the Report
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Some of the key players in the global biosimilars
market are AMEGA Biotech, Samsung Bioepis Co.
Ltd., Coherus BioSciences Inc., Synthon Holding
B.V., BIOCAD, Zydus Cadila, Celltrion Inc., Dr.
Reddys Laboratories Ltd., Teva Pharmaceutical
Industries Limited, Novartis AG, Pfizer Inc., and
Mylan N.V.

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