Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Biosimilars Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global biosimilars market is experiencing unprecedented growth, with projections indicating a surge to US$ 98 billion by the end of 2031. This significant market expansion is primarily fueled by an increasing burden of chronic health conditions and the subsequent demand for more accessible and cost-efficient therapeutic alternatives.
Market dynamics suggest a favorable outlook for biosimilars, which serve as biologically similar products to existing biologic therapies but are far more economical. Their increasing adoption is transforming the treatment landscape for various chronic diseases such as cancer, diabetes, autoimmune disorders, and cardiovascular illnesses.
Revenue Generators:
- The surge in adoption of biosimilars, attributable to heightened awareness and cost-effectiveness, is catalyzing market revenue.
- Initiatives by public and private entities to promote biosimilars fuel growth, combined with the pharmaceutical sector's expansion and the rising costs of branded biological drugs.
Despite the promising growth trajectory, manufacturers face certain challenges such as high production costs and complex manufacturing processes, which could potentially dampen sales momentum.
However, the market is rife with opportunities:
- Manufacturers offering discounted biosimilar prices are witnessing positive market responses, a trend likely to continue.
- Strategic collaborations and production scale outs are anticipated to boost market expansion and profitability.
Regional Analysis:
Europe maintains its lead as a prime market for biosimilars, with North America following suit. Nonetheless, Asia's biosimilars sector is burgeoning, thanks to countries like China, India, and Korea, which offer a conducive environment for market progress.
The global biosimilars market report provides a comprehensive overview of market participants, including leading manufacturers that are pivotal in shaping the competitive landscape. Insights into product types, applications, and distribution channels elucidate the industry's diverse nature:
Research Insights:
By Product Type:
- Recombinant Glycosylated Proteins
- Recombinant Non-Glycosylated Proteins
By Application:
- Hematology
- Growth Hormone Deficiency
- Oncology
- Diabetes Autoimmune Diseases
By Distribution Channel:
- Hospital Pharmacies
- Online Pharmacies
- Retail Pharmacies
By Region:
- North America
- Latin America
- Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Companies Profiled
- Pfizer Inc.
- Sandoz International GMBH
- Eli Lily & Company
- Hospira Inc.
- Amgen, Inc.
- Biocon Ltd.
- Actavis, Inc.
- Cipla Ltd.
- Teva Pharmaceutical Industries, Ltd.
- Dr. Reddy’s Laboratories Ltd.
- Celltrion, Inc.
- Stada Arzeimittel Ag
- Mylan, Inc.
- Wockhardt Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/np1cnp
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