Biosimilars Market to Exceed US$85 Billion Valuation by 2031: TMR Study Notes

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  • The demand for recombinant proteins without glycosylation in the biosimilars market is increasing due to the need for advanced and affordable treatments for chronic diseases in the world; application of advanced technologies to broaden the avenues
  • Expiration of patents on several important biologic drugs to drive revenue potential in biosimilar production; Europe has emerged as a remarkably lucrative market and will continue to witness profitable opportunities

ALBANY, NY, June 13, 2022 /PRNewswire/ — The market value of biosimilars is steadily increasing due to their growing acceptance around the world in the management of chronic and life-threatening conditions. Advances in biotechnology have enabled pharmaceutical companies to derive revenue from an increasing number of product approvals, particularly in oncology. A study by TMR has forecast that the global biosimilars market valuation will grow at a CAGR of 15.5% during the period 2022-2031.

Healthcare professionals are showing increased interest in prescribing biosimilars due to their desire to increase access to biologic therapies for their patients, thereby driving sales of biosimilar market products. Biosimilars have proven to be essential in reducing healthcare costs in the management of a wide range of chronic diseases, biosimilars market key insights reiterate. Along with wider access to treatments, the cost factor will be crucial in guiding the shift from biologics to biosimilars, which will greatly increase the market share of biosimilars.

A favorable regulatory landscape, especially with regard to regular updates of product-specific directives, especially in Europe pivoted the rapidly changing biosimilars market. These trends are catalyzing product penetration. It should be noted that biosimilar monoclonal antibodies are widely used in the treatment of cancer and rheumatoid arthritis, thereby generating profitable opportunities in the biosimilars market.

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Key Findings from the Biosimilars Market Study

  • Biosimilar companies will derive substantial revenue from cancer care: Biosimilar producers aim to exploit the vast revenue potential of oncology drugs. The high cost of biologics has hampered access to therapies in cancer management. The need for new immunotherapy drugs has strongly driven the development of biosimilars for oncology, observed the TMR study on the biosimilar market.
  • The need to reduce costs in chronic disease management opens up huge market opportunities for pharmaceutical companies: The prospect of biosimilars for a wide range of chronic diseases has grown. This is partly due to the remarkable safety and effectiveness of these in their management. The demand for biosimilar drugs is likely to increase in diabetes, hypertension, respiratory diseases, obesity, arthritis, gastrointestinal diseases. The unmet need for these due to high cost will catalyze product sales in the biosimilars market.
  • Producers will benefit from investments in recombinant proteins without glycosylation: The TMR study revealed that a growing number of companies in the biosimilars market are seeing an incredible opportunity to add value to recombinant proteins without glycosylation. As a result, R&D funding on these is expected to increase rapidly over the forecast period.

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Biosimilars Market: Key Drivers

  • Leading pharmaceutical companies are leveraging evidence from clinical data to support their claims regarding efficacy, side effect risk profile and product quality, which continue to play a key role in expanding the market for biosimilars.
  • The increasing number of originator biologics that are no longer patented or losing data exclusivity and market exclusivity is likely to drive healthcare professionals and patients to switch from biologics to biosimilars in the years to come. coming. The factor will increasingly define the contours of biosimilar market development.

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Biosimilars market: regional growth momentum

Europe held a large and substantial share of the global biosimilars market in 2021. Huge revenue streams in the regional market were fueled by strong licensing pathways and increased spending on biosimilar drugs. A significant number of licensees to date have also worked on behalf of pharmaceutical companies seeking to profit from their investments in the Europe biosimilars market. A large number of biosimilars approved for various active substances in the EU will continue to propel lucrative growth for industry players Europe biosimilars market.

Biosimilars market: key players

Some of the major players in the industry are Apotex Inc., STADA Arzneimittel AG, Amgen, Inc., Celltrion Inc., Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Biocon, Intas Pharmaceuticals Ltd. and Pfizer, Inc.

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Segmentation of the biosimilars market

  • Product
    • Recombinant glycosylated proteins
      • Monoclonal antibodies
      • Erythropoietin
      • Others
    • Recombinant non-glycosylated proteins
      • Insulin
      • Granulocyte Colony Stimulating Factor
      • Recombinant human growth factor
      • interferons
    • Recombinant peptides
  • Indication
    • Chronic diseases
    • Oncology
    • Autoimmune diseases
    • Infectious diseases
    • Blood disorders
    • Growth hormone deficiency
    • Others

Regions covered

  • North America
  • Latin America
  • Europe
  • Latin America
  • Middle East & Africa

Countries

  • WE
  • Canada
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • China
  • India
  • Japan
  • Australia & New Zealand
  • Brazil
  • Mexico
  • GCC countries
  • South Africa

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