biosimilars-market-revenue-to-hit-usd-100-billion-by-2030,-says-global-market-insights-inc.

Biosimilars Market revenue to hit USD 100 Billion by 2030, says Global Market Insights Inc.

 

The biosimilars market value is projected to reach USD 100 Billion by 2030, according to a new research report by Global Market Insights Inc.

Subsequent entry biologics are widely employed in the prevention and treatment of a variety of chronic diseases, including diabetes, cancer, cardiovascular disease (CVD), autoimmune diseases, rheumatoid arthritis, growth hormone insufficiency, hematological diseases, and infectious diseases. Another key reason mentioned that is driving the demand for biosimilars is the growing geriatric population.

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Insulin segment was valued at USD 4.7 billion in 2021. The high prevalence of diabetes amongst geriatric population as well as the growing burden due to lifestyle changes amongst young adults makes insulin biosimilars highly sought-after drugs. For instance, according to the latest statistics, around 11% of the U.S. population suffers from diabetes. Additionally, according to the International Diabetes Federation, around 61 million adults are living with diabetes in Europe.

Some major findings of the biosimilars market report include:

  • Events of Loss of Protection (LoP) of numerous biologics are expected to fuel the market expansion.
  • The cost-effectiveness of these drugs, the ease of availability, continuous innovations in the field of biosimilars will positively affect the growth of key players of this industry.
  • Competitors are emphasizing on strategic collaborations, partnerships, and product launches to garner considerable business share and improve their market position.

Biosimilars market from autoimmune diseases segment accounted for around 16% business share in 2021 and is set to witness 13.3% CAGR during the forecast period. The treatment of autoimmune diseases includes the uptake of biosimilars very commonly. Autoimmune conditions such as arthritis, inflammatory bowel disease, psoriasis is easily managed using biosimilars. Biosimilars prove to be cost-effective, efficient, and safe way of managing the condition. Hence, the biosimilars industry will be positively impacted by the increasing prevalence if autoimmune diseases.

Browse key industry insights spread across 650 pages with 1,202 tables & 19 figures and charts from the report, “Biosimilars Market Analysis By Product (Recombinant Non-Glycosylated Proteins {Human Growth Hormone, Granulocyte Colony-Stimulating Factor, Insulin, Interferon}, Recombinant Glycosylated Proteins {Erythropoietin, Monoclonal Antibodies, Follitropin, Low Molecular Weight Heparin}), Application, Technology, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with Table of Contents:

https://www.gminsights.com/industry-analysis/biosimilars-market

Biosimilars market from in-house manufacturers segment surpassed USD 23 billion in 2021. This can be majorly attributed to the fact that key players of this industry are the manufacturers of the products themselves. For instance, Pfizer, a pharmaceutical company manufactures over biosimilars for over 12 years. Thus, increase in preference for in-house manufacturing of the biosimilar drugs will result in augmenting the product demand.

Recombinant DNA technology (rDNA technology) segment exceeded USD 22.9 billion in 2021. Biosimilars are simply two similarly manufactured rDNA technology products. The recombinant glycosylated and non-glycosylated proteins are widely used in the management of numerous diseases. Owing to their numerous applications, the market is likely to register significant CAGR during the analysis period.

China biosimilars market crossed USD 2.7 billion in 2021. This can be attributed to a significant spur in biosimilars approvals in the last three years. The regulatory body in China approved 13 biosimilars from 2018 to 2021. This trend is expected to continue owing to the large biosimilars pipeline in China. Further, increase in healthcare expenditure across the country to manufacture and distribute more biosimilars drugs for rare health conditions will promote the business growth over the forthcoming years.

Some of the key players of the manufacturing biosimilars industry include Biocon Biologics, Sandoz, Amgen, Viatris, Amgen Inc., and Samsung Bioepis. These players concentrate on strategic developments such as partnerships, new product launch & commercialization, vertical integration for business expansion.