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New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- Biosimilars Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR),“biosimilars market Information, By Product, Application, End Users And By Region - Forecast Till 2030 ”, the market size was valued at USD 24.38 billion in 2021 and is projected to grow from USD 28.13 Billion in 2022 to USD 95.00 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 23.90% during the forecast period (2022 - 2030)
Increase in demand for biosimilars will result in promoting business growth in the future. According to the American Journal of Managed Care (AJMC), biosimilar drugs are priced 20% to 30% lower than their reference drugs. Companies must continually adjust their market positioning and strategy to the shifting competitive landscape as new biosimilars hit the market. We think that successful commercial strategies strike a balance between three competing demands: improving patient affordability and developing tender capabilities to secure volume gains; creating additional cost savings for payers and providers through incentives; and customizing pricing and channel strategies to particular products and nations to gain traction at the physician level.
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| Report Attribute || Details |
| Market Size in 2030 || USD 95 Billion |
| CAGR || 23.90% |
| Base Year || 2021 |
| Forecast Period || 2022-2030 |
| Historical Data || 2020 |
| Forecast Units || Value (USD Billion) |
| Report Coverage || Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered || By Product, Application And End Users |
| Geographies Covered || North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers || Growing Demand for Biosimilars to Boost Market Growth |
| Rising prevalence of cancer patients and high treatment adoption rate |
Biosimilars Market Competitive Dynamics:
The success of biosimilars is sometimes attributed to their capacity to offer lower prices; nevertheless, businesses must take into account the circumstances under which discounting may be more important than in their prelaunch market models. Due to this, originating businesses now compete using a variety of strategies, such as modified commercial terms.
Key Companies in the Market Includes
Pfizer (US) Sandoz (Germany) Biocon (India) Biogen (US) Fresenius Kabi AG (Germany) Boehringer Ingelheim (Germany) Merck KgaA (Germany) Mylan (US) Eli Lilly (US) Teva Pharmaceutical (Israel)
Biosimilars Market Trends:
Due to their affordability and the increasing frequency of chronic diseases worldwide, biosimilars are in more demand. Their decreased cost, which enables both cost-effective patient care and treatment, will be a key growth element. Additionally, the price competition between reference pharmaceuticals and follow-on biologics drives down the cost of reference biologics, accelerating business growth. The lower unit price of a biologic due to its competitor drug and enhanced patient access to a variety of biosimilars are two ways that these drugs' cost-effectiveness helps to reduce total healthcare costs. Therefore, it is anticipated that the succeeding entry biologics' overall competitive costs will support their demand during the course of the analysis period. However, there have been major advancements to credit to their cost-effectiveness in order to meet the demand for biosimilars on the market.
The complexity of the biosimilars' manufacture, however, poses a significant problem for the market's players. Additionally, the high expense of producing biosimilars may limit market expansion in the years to come.
Browse In-depth Market Research Report (95 Pages) on Biosimilars :
The capacity to balance business models across many channels will be crucial in developed markets. To do this, one must first build a thorough understanding of how doctors and patients make decisions, as well as how money moves at payers and providers, before using that information to divide these groups into different channels. This is not a one-time issue but an ongoing effort. Companies will need to continue changing and fine-tuning their strategy in response to how physicians and payers get more comfortable with biosimilars and how stakeholder engagement evolves-partly as a result of the disruptions brought on by the COVID-19 epidemic.
Biosimilars Market Segmentation:
The majority of the revenue generated by the biosimilars market in 2021 was accounted for by the segment of recombinant non-glycosylated proteins. The high treatment adoption rate and increased prevalence of cancer patients are the main causes of this. Additionally, because to technical development, cancer has recently become a condition that is partly controllable. Some of the serious side effects from the chemotherapy and radiotherapy given to cancer patients include neutropenia, or reduced white blood cells. As a result, one of the key factors driving the industry's need for biosimilars for both treatment and auxiliary therapies is the increased incidence of cancer.
In terms of revenue generated by the biosimilars market in 2021, the oncology category dominated the market. This is a result of the widespread high prevalence of cancer. Additionally, it is anticipated that an increase in cancer cases will increase the demand for sophisticated cancer treatments. Therefore, increasing cancer rates have a favorable effect on the growth of the biosimilars industry.
In terms of the revenue generated by the biosimilars industry in 2021, hospital pharmacies held the biggest market share. This is due to the fact that these medications are simple to obtain and that using them in hospital pharmacies has enhanced treatment options for important ailments. Retail pharmacies, on the other hand, controlled the second-largest market share in 2021. The expected expansion of this market can be attributed to rising healthcare investment as well as an increase in retail pharmacies around the world.
Biosimilars Market Regional Analysis:
The Americas In 2021, biosimilars had the biggest market share. This is a result of both increased investment in research and development efforts by the leading firms in the region and the rising incidence of chronic diseases like cancer.
Due to the increasing prevalence of chronic diseases, the implementation of biological product patent expiration, the rise of new competitors, and the introduction of novel biosimilars, Europe holds the second-largest market share for biosimilars. Additionally, the UK market had the quickest rate of growth in the European region, while the Germany market had the largest market share. With the use of multistakeholder platforms that include payers and providers, support for hospitals and statutory-health-insurance doctors about biosimilars might be formed in Germany. Manufacturers in the UK could coordinate distribution with "chemo at home" suppliers and chemo compounding businesses.
Throughout the anticipated period, the Asia-Pacific biosimilars market is anticipated to expand at a considerable rate. This is a result of an increase in pharmaceutical businesses and significant R&D spending on biosimilar research. Additionally, the India market had the quickest rate of growth in the Asia-Pacific region, while China's market had the largest market share.
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