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:

• Market Research Overview: The global pharmaceuticals market encompasses entities involved in the research and development (R&D) or manufacturing of various categories of drugs, including generics, non-generics, and veterinary medicines. According to Technavio, the healthcare industry's overall size is determined by the consolidated revenue generated by providers of medical equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Key growth drivers for the pharmaceuticals sector include the increasing aging population. By 2050, approximately one-quarter of the US population and by 2030 in Europe are projected to be over the age of 60 years, leading to a significant demand for healthcare solutions, including pharmaceuticals. - The Biosimilars Market is experiencing significant growth, fueled by the Price advantage of biosimilars over biologics. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Price advantage of biosimilars over biologics
  • Patent expiry of major biologics
  • Market access barriers for biosimilars
  • Supply chain challenges of biosimilars
• Growth Projections

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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• Regional Insights

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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