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Written by Business News » Updated on: November 19th, 2024
IMARC Group, a leading market research company, has recently released a report titled "Biosimilar Market Report by Molecule (Infliximab, Insulin Glargine, Epoetin Alfa, Etanercept, Filgrastim, Somatropin, Rituximab, Follitropin Alfa, Adalimumab, Pegfilgrastim, Trastuzumab, Bevacizumab, and Others), Indication (Auto-Immune Diseases, Blood Disorders, Diabetes, Oncology, Growth Deficiency, Female Infertility, and Others), Manufacturing Type (In-house Manufacturing, Contract Manufacturing), and Region 2024-2032". The study provides a detailed analysis of the industry, including the biosimilar market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global biosimilar market size reached US$ 21.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 164.5 Billion by 2032, exhibiting a growth rate (CAGR) of 25.1% during 2024-2032.
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Factors Affecting the Growth of the Biosimilar Industry:
Patent Expirations of Biologics:
Patent expirations of biologic drugs are one of the most significant factors driving the growth of the biosimilar market. Biologic drugs, which are complex molecules derived from living organisms, have revolutionized the treatment of various chronic and life-threatening diseases. However, these drugs are often protected by patents that grant their developers exclusive rights to manufacture and sell them for a certain period. As these patents expire, the market opens up to biosimilar manufacturers who can produce and sell similar versions of these biologics but at a lower cost. This not only provides a lucrative opportunity for biosimilar companies but also promotes competition in the market, leading to more affordable treatment options for patients.
Cost-Effectiveness:
Cost-effectiveness is a crucial driver of the biosimilar market, influencing both healthcare providers' and patients' choices. Biosimilars offer a more affordable alternative to expensive biologic therapies without compromising on efficacy or safety. This affordability is particularly important in the context of rising healthcare costs and budget constraints faced by healthcare systems worldwide. Biologic drugs are among the most expensive treatments available. By offering similar therapeutic benefits at a reduced price, biosimilars play a vital role in making healthcare more sustainable and accessible. The cost savings associated with biosimilars can be substantial. These savings can be redirected towards other healthcare needs, such as expanding access to treatments, funding innovative therapies, or improving healthcare infrastructure.
Increasing Prevalence of Chronic Diseases:
The rising prevalence of chronic diseases such as cancer, diabetes, and autoimmune disorders is a significant factor propelling the growth of the biosimilar market. Chronic diseases are long-lasting conditions that require ongoing medical attention and can limit daily activities. Biologic therapies have proven to be highly effective in managing and treating chronic diseases, offering improved outcomes for patients. However, the high cost of biologics can be a barrier to access for many patients and healthcare systems. Biosimilars provide a viable solution to this challenge by offering similar therapeutic benefits at a lower cost. As the prevalence of chronic diseases rises, the need for affordable treatment options becomes more critical. Biosimilars enable healthcare systems to expand access to biologic therapies, ensuring that more patients can benefit from these advanced treatments.
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Biosimilar Market Report Segmentation:
By Molecule:
Infliximab holds the majority of the market share due to its extensive application in treating various chronic conditions such as rheumatoid arthritis and Crohn's disease, and its early entry into the biosimilar market.
By Indication:
Auto-immune diseases accounted for the largest market share because they encompass a broad range of chronic conditions requiring long-term biologic treatments, which are effectively managed by biosimilars.
By Manufacturing Type:
In-house manufacturing represented the largest segment because it allows for greater control over production quality, cost efficiency, and supply chain management.
Regional Insights:
Europe's dominance in the market is attributed to its well-established regulatory framework for biosimilars, high acceptance among healthcare providers and patients, and supportive healthcare policies.
Global Biosimilar Market Trends:
The introduction of a favorable regulatory environment, which has established clear pathways for the approval of biosimilars, encouraging their development and adoption, is propelling the market growth. Furthermore, the ongoing improvements in biotechnology and manufacturing processes, which have made it easier and more cost-effective to produce high-quality biosimilars, are fueling the market growth. Additionally, the implementation of government policies, providing incentives to promote the use of biosimilars to manage healthcare costs is contributing to the market growth. Besides this, the increasing awareness and acceptance of biosimilars among physicians and other healthcare providers is acting as another growth-inducing factor.
Top Companies Operated in Biosimilar Industry:
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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IMARC Group
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