The global biosimilars market is estimated to be valued at USD 29.4 billion in 2023 and is expected to exhibit a CAGR of 17.8% over the forecast period (2023-2028) according to a new report published by Coherent Market Insights.
A) Market Overview:
Biosimilars are biologic products that are highly similar to already approved reference biologics. They offer significant cost advantages over the originator biologics and have been gaining traction in the healthcare industry. Biosimilars have the potential to provide cost-effective treatment options for patients while maintaining the same safety and efficacy as the reference products. As a result, the demand for biosimilars is growing rapidly, leading to the growth of the biosimilars market.
B) Market key trends:
One key trend driving the growth of the biosimilars market is the increasing demand for cost-effective biologics. Biologic drugs are known for their high prices, which often make them unaffordable for many patients. Biosimilars offer a more affordable alternative without compromising on quality. This trend is particularly significant in developing countries, where access to expensive biologic treatments is limited. For example, in India, biosimilars have gained popularity due to their affordability and accessibility.
C) PEST Analysis:
– Political: Governments across the globe are promoting the use of biosimilars to reduce healthcare costs.
– Economic: The increasing prevalence of chronic diseases and rising healthcare expenditure are driving the demand for cost-effective treatment options like biosimilars.
– Social: Growing patient awareness about biosimilars and their benefits is contributing to market growth.
– Technological: Advancements in technology are enabling the development and production of high-quality biosimilars.
D) Key Takeaways:
– The global biosimilars market is expected to witness high growth, exhibiting a CAGR of 17.8% over the forecast period, due to increasing demand for cost-effective biologics.
– Regionally, Asia Pacific is expected to be the fastest-growing and dominating region in the biosimilars market. This can be attributed to the presence of a large population, increasing healthcare infrastructure, and favorable government initiatives promoting biosimilars.
– Key players operating in the global Biosimilars Market include Novartis AG, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., Celltrion Healthcare Co., Ltd., Biocon Limited, Amgen, Inc., Dr. Reddy’s Laboratories, and Sanofi S.A. These companies are focused on strategic partnerships, collaborations, and acquisitions to expand their biosimilars portfolio and strengthen their market presence.
In conclusion, the global biosimilars market is expected to witness significant growth in the coming years due to the increasing demand for cost-effective biologics. The market is driven by factors such as government initiatives, rising healthcare expenditure, and growing patient awareness. The Asia Pacific region is expected to be the fastest-growing market for biosimilars, while key players continue to invest in expanding their biosimilars portfolio.
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