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What Growth Rate is the Biologic and Biosimilar RA Drugs Market Anticipated to Experience from 2024-2033?

The market for biologic and biosimilar ra drugs has seen robust growth in the past few years. It is anticipated to expand from a size of $13.44 billion in 2023 to about $14.15 billion in 2024, with an annual compound growth rate (CAGR) of 5.3%. The historic growth can be accredited to factors such as market adoption rates, results of clinical trials, shifts in market share, long-term patient outcomes and effective pricing strategies.

The market size of biologic & biosimilar ra drugs is predicted to experience significant growth in the years to come. The projection suggests that it will reach up to $18.16 billion by 2028, growing at a compound annual growth rate (CAGR) of 6.4%. The upturn during the prediction period can be linked to an upsurge in the development of biologic drugs, market rivalry, healthcare protocols, patient choices, and clinical research & development. Notable trends during the prediction period comprise increased competition in the biosimilar market, personalised medicine and precision therapy, developments in drug delivery systems, emphasis on safety and effectiveness, and patient-driven healthcare.

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What Are the Significant Influencers of Growth in the biologic and biosimilar ra drugs Market?

The escalating number of elderly individuals and the growing prevalence of rheumatoid arthritis are propelling the expansion of the biologics and biosimilar RA drug market. The term elderly refers to those who are 60 years old or above. Rheumatoid arthritis is a disease in which a person’s immune system mistakenly attacks their own healthy cells, primarily affecting their joints. The likelihood of developing rheumatoid arthritis increases with age as the immune system weakens. Compared to conventional medication, biologic and biosimilar RA drugs are significantly more efficient in treating rheumatoid arthritis. For instance, the World Health Organization, a specialized health agency of the United Nations based in Switzerland, estimated that approximately 1 billion individuals aged 60 and above existed worldwide in 2020. They predict this population will grow to 1.4 billion by 2030 and 2.1 billion by 2050. Additionally, the Centers for Disease Control and Prevention, a public health agency from the US, anticipates the number of US adults afflicted with arthritis to rise to 78.4 million by 2040, with 34.6 million potentially experiencing restrictions due to arthritis-related complications. Hence, the rising elderly population and increasing cases of rheumatoid arthritis contribute to the advancement of the biologics and biosimilars RA drug market.

What Key Segments Define the Biologic and Biosimilar RA Drugs Market?

1) By Source: Microbial, Mammalian, Other Sources

2) By Disease: Oncology, Immunological Disorders, Cardiovascular Disorders, Hematological Disorders, Other Diseases

3) By Manufacturing: Outsourced, In-House

4) By Mode Of Purchase: Prescription Drugs, Over-The-Counter (OTC) Drugs

5) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

What Are the Key Developments Shaping the Biologic and Biosimilar RA Drugs Market?

Emerging innovations play a pivotal role in boosting the growth of the biologic & biosimilar RA drugs market. Leading businesses in this market are keenly developing biosimilar therapies like Dual Concentration Biosimilar Options to offer less expensive substitutes. For example, in July 2023, Organon – a healthcare firm based in the US, and Samsung Bioepis, a biopharmaceutical company from South Korea, instigated HADLIMA, a Humira (adalimumab) biosimilar in the US. Available in both high and low doses, HADLIMA aims to improve access and reduce costs for patients with autoimmune disorders. The biosimilar is sold at an 85% discount compared to Humira, thus widening patient accessibility. HADLIMA comes with an autoinjector, acknowledged by the Arthritis Foundation, and a patient support program named “HADLIMA For You,” which provides educational resources and co-payment assistance. It is recommended for various medical conditions, including rheumatoid arthritis and Crohn’s disease. HADLIMA is offered in both citrate-free high concentration (100 mg/mL) and citrate-containing low concentration (50 mg/mL), assuring patients with a smooth continuity of care.

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What Regions Are Driving Expansion in the Biologic and Biosimilar RA Drugs Market?

North America was the largest region in the biologic & biosimilar RA drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the biologic & biosimilar RA drugs market report during the forecast period. The regions covered in the biologic & biosimilar ra drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Biologic and Biosimilar RA Drugs Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the biologic and biosimilar ra drugs market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Biologic and Biosimilar RA Drugs Market Include

1. Biologic and Biosimilar RA Drugs Market Executive Summary

2. Biologic and Biosimilar RA Drugs Market Segments

3. Biologic and Biosimilar RA Drugs Market Size And Template Market Growth Rate

4. Key Biologic and Biosimilar RA Drugs Market Trends

5. Major Biologic and Biosimilar RA Drugs Market Drivers

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25. Key Mergers And Acquisitions In The Biologic and Biosimilar RA Drugs Market

26. Top Biologic and Biosimilar RA Drugs Companies

27. Biologic and Biosimilar RA Drugs Market Opportunities And Strategies

28. Biologic and Biosimilar RA Drugs Market, Conclusions And Recommendations

29. Appendix

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