PORTLAND, OREGON, UNITED STATES, May 2, 2023 /EINPresswire.com/ — Biosimilars are biological drugs that are similar to existing, approved biologic drugs but are manufactured by different companies. They are often called “generic biologics” because they are similar to the original drugs, but not identical. The biosimilars market is a growing industry as it offers an alternative to expensive biologic drugs.
When a biologic drug’s patent expires, other companies can start manufacturing biosimilars, which are usually sold at a lower price than the original drug. This creates competition in the market, which can lead to lower prices and increased access to these drugs for patients.
According to the report, the global biosimilars industry was estimated at $15.9 billion in 2021, and is anticipated to hit $143.6 billion by 2031, registering a CAGR of 24.7% from 2022 to 2031.
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Biosimilars are used to treat a variety of medical conditions, such as cancer, autoimmune diseases, and diabetes. They are often used in countries with universal healthcare systems, where the cost of biologic drugs can be a barrier to access.
The development and approval process for biosimilars is complex and involves demonstrating similarity to the original drug in terms of safety, efficacy, and quality. Regulatory bodies such as the FDA and EMA are responsible for approving biosimilars before they can be sold on the market.
Overall, the biosimilars market provides an important alternative to expensive biologic drugs, and is expected to continue to grow in the coming years.
The COVID-19 pandemic created difficulties for the pharmaceutical industry to focus on R&D activities including biosimilar development, which impacted the global biosimilars market negatively.
Moreover, there was a delay in product approvals and product launches, owing to the global health crisis, which further restricted the expansion of the market.
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The biosimilars market can be segmented based on several factors such as product type, application, manufacturing type, and region. Here are some common segments used in the biosimilars market:
Product Type: Biosimilars can be classified based on the type of original biologic drug they are similar to. For example, biosimilars for monoclonal antibodies, insulin, erythropoietin, and granulocyte-colony stimulating factor are some common product types.
Application: Biosimilars are used to treat various medical conditions such as cancer, autoimmune diseases, infectious diseases, and others. Therefore, the market can be segmented based on the application area of biosimilars.
Manufacturing Type: Biosimilars can be manufactured using different technologies such as mammalian cell culture, microbial fermentation, and others. This segment classifies biosimilars based on the manufacturing process.
Region: The biosimilars market can also be segmented based on the region or country in which they are sold. This is because regulatory bodies and approval processes may differ across regions, which affects the availability and demand for biosimilars.
These segments help to understand the biosimilars market and identify opportunities for growth and development.
Here are the top 10 key players in the biosimilars market:
Novartis International AG
Samsung Bioepis Co., Ltd.
Teva Pharmaceutical Industries Ltd.
Dr. Reddy’s Laboratories Ltd.
Sandoz International GmbH
These companies have a significant presence in the biosimilars market and are actively engaged in developing and marketing biosimilars.
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Europe garnered the major share in 2021-
Based on region, Europe held the major share in 2021, generating nearly two-fifths of the global biosimilars market. At the same time, the same region would also grow at the fastest CAGR of 25.9% by 2031. This is attributed to rise in the prevalence of cancer and increase in launches of multiple biosimilars in the region.
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Article originally published on www.einpresswire.com as Biosimilars Market: Driving Access to Affordable Biologic Drugs Globally