New York, USA, March 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global biosimilar market is expected to garner a revenue of $83,836.40 million by 2028, growing expeditiously at a CAGR of 24.90% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Key Players of the Biosimilar Market
The major players in the biosimilar market include
- Biogen Idec, Inc.
- Novartis (Sandoz)
- Synthon Pharmaceuticals, Inc.
- LG Life Sciences
- Merck Serono (Merck Group)
- Teva Pharmaceutical Industries Ltd.
- Celltrion
- Biocon
- Hospira
- Genentech (Roche Group), and many more.
These players are working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in December 2021, lvotech, a fully integrated specialty biopharmaceutical company focused exclusively on the development and manufacturing of high-quality biosimilar medicines, collaborated with Oaktree Acquisition Corporation II, to enhance Alvotech's capacity to develop and manufacture biosimilar medications on a global scale.
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COVID-19 Impact on the Biosimilar Market
The outbreak of COVID-19 has had a negative impact on the growth of the global biosimilar market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to large-scale disruptions in the supply chain and manufacturing capacity due to the stringent restrictions imposed by the government on using a limited workforce and practicing social distancing, in order to curb the spread of the virus during the pandemic. In addition, constant delays in biosimilar drug approvals and launches further decreased their demand during the pandemic period.
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Segments of the Biosimilar Market
The report has divided the market into various segments based on product type, application, and region.
Product Type: Monoclonal Antibodies Sub-segment to be Most Profitable
The monoclonal antibodies sub-segment is expected to generate a revenue of $29,987.30 million during the forecast period. Multiple applications of monoclonal antibodies in the treatment of cancer, autoimmune disorders, osteoporosis, and others are expected to accelerate the growth of the biosimilar market sub-segment during the forecast period.
Application: Oncology Diseases Sub-segment to be Most Lucrative
The oncology diseases sub-segment is expected to register a revenue of $29,241.40 million during the forecast period. The growing prevalence of biosimilars at affordable costs coupled with the rising number of cancer patients across the globe are expected to stimulate the growth of the sub-segment during the forecast period.
Region: Europe Region to Dominate the Global Biosimilar Market
The Europe region is expected to generate a revenue of $34,121.40 million during the forecast period. Growing cases of chronic disorders among people in this region is expected to drive the growth of the market. In addition, the growing prevalence of new players and persistent launches of new biosimilars in this region is expected to bolster the growth of the regional biosimilar market during the forecast period.
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Dynamics of the Biosimilar Market
Drivers: Rising demand for biosimilar drugs due to their cost-effectiveness is expected to drive the growth of the market. In addition, the growing prevalence of biosimilar drugs in treating type-1 and type-2 diabetes among people in a safe and constructive way is expected to bolster the growth of the biosimilar market during the forecast period.
Restraints: Numerous complexities regarding manufacturing and producing biosimilar drugs are expected to impede the growth of the market during the forecast period.
Opportunities: Persistent research and development activities on new biosimilars are expected to create massive opportunities for the growth of the global biosimilar market during the forecast period.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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- The Global Biosimilar Market Anticipated To Generate A Revenue Of $83,836.40 Million, Growing At A CAGR Of 24.90% From 2021 To 2028
