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How is the Growth Rate of the Biosimilars Market Estimated for 2024-2033?

The size of the biosimilars market has seen swift expansion in recent years, with predictions showing a jump from $15.86 billion in 2023 to $18.85 billion in 2024, indicating a compound annual growth rate (CAGR) of 18.9%. This rise during the historic period can be traced back to several factors including a rise in cancer cases, robust economic development in emerging markets, an upswing in pharmaceutical research and development investments, elevated healthcare spending, increased government initiatives, a solid drug pipeline, more affordable biosimilars, and a spike in patent expirations.

In the coming years, the biosimilars market is projected to witness rapid expansion, growing to a worth of $35.81 billion in 2028 with a compound annual growth rate (CAGR) of 17.4%. This robust growth during the forecast period can be attributed to several factors including an increased incidence of cancer, growing demand for prophylaxis with granulocyte colony-stimulating factor (g-csf), enhanced healthcare spending, the high potential of growing economies, advancements in technology, widespread use of biological drugs, an ageing population and improved access to healthcare services. The forecast period would see a proliferation of trends such as the emphasis on solid R&D activities for the creation of efficient and innovative drugs, the focus on mergers and acquisitions as growth strategies, the establishment of strategic partnerships, a surge in investments, and the application of artificial intelligence.

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What Key Drivers Are Propelling the biosimilars Market’s Growth?

An upsurge in the occurrence of chronic health conditions such as arthritis, asthma, and cancer is set to be a key driving force behind the expansion of the biosimilars market. Factors such as prolonged working hours, a dearth of physical exercise, and unhealthy eating and drinking practices contribute to the high incidence rates of these ailments, with biosimilars being progressively utilized for their management. Biosimilars instigate the immune system to react against cancer cells, facilitating their elimination. As cited in a United Nations publication, by 2030, chronic diseases are predicted to account for 70% of the total deaths globally. The worldwide affliction related to chronic ailments is projected to reach nearly 60%. Consequently, the escalating prevalence of chronic diseases is set to fuel the demand for biosimilars and in turn, drive the biosimilars market forward.

What Are the Distinct Segments of the Biosimilars Market?

1) By Type: Monoclonal Antibodies, Insulin, Erythropoietin, Granulocyte-Colony Stimulating Factor, Other Hormones, Others

2) By Product: Recombinant Non-glycosylated Proteins, Recombinant Glycosylated Proteins

3) By Application: Oncology, Chronic And Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, Other Applications

Which New Trends Are Making Waves in the Biosimilars Market?

Leading competitors in the biosimilars market are concentrating on the development of novel products to secure a competitive advantage. AMJEVITA, the first biosimilar to Humira in the U.S., is utilized by over a million patients suffering from certain severe inflammatory diseases. For example, Amgen Inc., a biotechnology organization based in the U.S., introduced AMJEVITA (adalimumab-atto), a biosimilar of Humira (adalimumab), onto the U.S. market in January 2023. AMJEVITA (40 mg) is being offered at a wholesale acquisition cost which is 55% less than the prevalent Humira list price. Furthermore, AMJEVITA is available at a list price which is 5% below the current Humira pricing.

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Which Regions Are Significant to the Growth of the Biosimilars Market?

North America was the largest region in the global biosimilars market in 2023. Middle East is expected to be the fastest growing region in the forecast period. The regions covered in the biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Biosimilars 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 biosimilars market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Biosimilars Market Include

1. Biosimilars Market Executive Summary

2. Biosimilars Market Segments

3. Biosimilars Market Size And Template Market Growth Rate

4. Key Biosimilars Market Trends

5. Major Biosimilars Market Drivers

……

25. Key Mergers And Acquisitions In The Biosimilars Market

26. Top Biosimilars Companies

27. Biosimilars Market Opportunities And Strategies

28. Biosimilars Market, Conclusions And Recommendations

29. Appendix

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