The Global Biosimilars Market is expecting around 17% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The active participation of governments of different countries in the development of the healthcare infrastructure to cater to the needs of the growing influx of patients suffering from various chronic diseases like cancer, diabetes, etc., is boosting the demand for affordable, safe, & effective medications like Biosimilars and, in turn, is driving the global market.
Besides, the presence of favorable policies for the development & clinical trials of Biosimilars, especially across countries like Germany, the UK, France, the US, China, Japan, & India, among others, are also contributing to the global market expansion. Additionally, with the swift escalation in the number of research & development activities worldwide, various pharmaceutical & healthcare companies are collaborating while offering an extensive range of biosimilars to gain leadership in consumer retention and expand product portfolios, further states the research report, “Global Biosimilars Market Analysis, 2022.”
Increasing Influx of Cancer Patients to Drive the Demand for Biosimilars for Oncological Application
Oncology is anticipated to dominate the Global Biosimilars Market with the largest share through 2027. It attributes to the increasing influx of patients suffering from cancers like breast, lung, liver, gastric, and colorectal, among others, and the mounting patient requirements for effective & cost-effective treatments.
Besides, since treatments for cancers are expensive & restrain several patients from opting for appropriate therapies, the easy availability of affordable biosimilars is anticipated to elevate the patient pool owing to their similar efficacy in cancer treatment.
Nonetheless, the growing prevalence of cancers and massive investments by governments of different countries in the oncology sector toward bringing innovations in existing therapies and introducing new drugs is another prominent factor attributing to the growing application of biosimilars in the oncology sector, and, as a result, driving the global market.
With Extensive Presence & Participation of Biopharmaceutical Companies, Europe to Dominate the Biosimilars Market
Various favorable policies present across countries like Germany, the UK, France, etc., are promoting the development & clinical trials of Biosimilars to address multiple chronic health issues among people and, in turn, driving the Europe Biosimilars Market. Companies like Novartis, AstraZeneca, Pfizer, Merck, etc., are conducting various research & development activities associated with biosimilars to maintain their competitive pricing & introduce new drugs in order to cater to high unmet patient needs for treatments, which, in turn, further project remunerative prospects for the Europe Biosimilars Market through 2027.
The major companies in the Global Biosimilars Market include Amgen Inc., Biocon, Biogen Inc., Celltrion, Dr. Reddy’s Laboratories Ltd., Eli Lilly and Company, F. Hoffmann-La Roche AG, Merck & Co., Inc., Novartis International AG, Pfizer Inc., & Samsung Bioepis.
Key Questions Answered in the Research Report