Biosimilars Market Size to grow by USD 54353.3 million between 2024-2028
Technavio, a leading provider of market research reports, has released its latest study on Biosimilars Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 54353.3 million, at a CAGR of 23.63% during the forecast period. In the global biosimilars market, patient acceptance and physician prescribing behavior play a pivotal role in market growth. Many physicians, particularly rheumatologists, often prefer prescribing the bio-originator over biosimilars as the initial or secondary treatment option for rheumatology-related diseases. The primary reason for this resistance is the perception that biosimilars are less effective than their reference products. At the community pharmacy level, substitution of a biosimilar with a bio-originator is only permitted in certain countries, primarily in Central and Eastern Europe. Although the number of patients and physicians transitioning to biosimilars is expanding, the pace is slow due to various legislative constraints. Keywords: biosimilars market, patient attitude, physician prescribing, resistance, legislation, Europe.
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The biosimilars market represents a significant growth opportunity for pharmaceutical companies, with increasing demand driven by cost savings and regulatory approvals. Biosimilars are biologically similar to original biologic drugs, offering affordability without compromising efficacy and safety. Market expansion is expected due to patent expirations, growing regulatory approvals, and a shift towards cost-effective healthcare solutions. Companies investing in biosimilars research and development stand to gain from this lucrative and competitive market.
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