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 The biosimilar hormones market has witnessed remarkable growth, escalating from $2.31 billion in 2022 to $3.03 billion in 2023, boasting a staggering compound annual growth rate (CAGR) of 31.3%. This trend is set to continue, with the market size projected to reach $7.68 billion in 2027 at a CAGR of 26.2%. Let’s explore the driving factors, key players, and market segmentation shaping the landscape of biosimilar hormones.

1. Addressing Hormonal Deficiencies: A Market Catalyst

• The prevalence of deficiencies in growth hormones (GH) and metabolic hormones is a primary contributor to the robust growth of the biosimilar hormones market.
• Evolving treatments for hormone-related conditions and an increasing prevalence of hormonal deficiencies globally are fueling the demand for biosimilar hormones.
• According to the British Medical Journal, GH deficiency in children is estimated to range from 1 in 3500 to 1 in 10000 worldwide, underscoring the global impact of hormonal deficiencies.
• In the USA, a Medscape report estimates that approximately 6,000 adults are expected to be diagnosed with GH deficiency, further emphasizing the growing need for effective hormonal treatments.

2. Industry Leaders and Strategic Initiatives

• Major players in the biosimilar hormones market, including Teva Pharmaceutical, Gedeon Richter, and Biocon, are at the forefront of driving innovation and accessibility.
• Strategic initiatives, such as new product launches in untapped regions, are a key focus for market leaders to expand accessibility to a larger population.
• Alvotech Holdings S.A., in February 2022, announced a strategic partnership with Fuji Pharma Co. Ltd., aiming to develop biosimilar drug candidates in Japan.
• Partnerships like these showcase the commitment of industry leaders to enhance the availability and reach of biosimilar hormones across diverse markets.

3. Market Segmentation: Tailoring Solutions for Varied Needs

The biosimilar hormones market is segmented to cater to a diverse range of applications and distribution channels, ensuring tailored solutions for specific needs.

• By Type:
  • Teriparatide Biosimilars
  • Follitropin Alfa Biosimilars
  • Insulin Biosimilars
  • Somatropin Biosimilars
  • Other Types
• By Application:
  • Research & Biotechnology
  • Diagnostics
  • Biocatalysts
  • Therapeutics
  • Other Applications
• By Distribution Channel:
  • Hospital And Retail Pharmacy
  • Online Pharmacy/e-pharmacy
  • Specialty Clinics

4. Regional Dominance: North America Leads the Way

In 2022, North America emerged as the largest region in the biosimilar hormones market, highlighting the region’s significant contribution to the market’s overall growth.

View More On The Biosimilar Hormones Market Report 2023 – https://www.thebusinessresearchcompany.com/report/biosimilar-hormone-global-market-report

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The Biosimilar Hormones Global Market Report 2023  provides a comprehensive overview on the biosimilar hormones market size, trends and drivers, opportunities, strategies, and companies analysis. Through our reports businesses can effectively analyze data and frame well-informed strategies

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