According to the current analysis of Reports and Data, The global Biosimilars market size was USD 11.9 Billion in 2020 and is expected to register a CAGR of 24.6% during the forecast period. Biosimilar are alternatives to existing patented, and approved biologicss and possess similar medicinal properties as compared to the original biologics. The biosimilars vary a little from original biologics in terms of structure but must have similar safety and efficacy as compared to the originator biologics. Biosimilars development does not require Phase II clinical trial for approval and the focus is put on determination of ‘biosimilarity’ to the reference originator biologics. Thus it has much reduced clinical development timelines and reduced product costs as compared to use of original biologics.
The global market is driven by various of factors such as global prevalence of target disease prevalence across the globe, launch of biosimilars by various market players, favorable investments scenario, and upcoming patent expiry.
The Biosimilars market is characterized by presence of significant number of pharmaceutical giants as well as emerging players operating across the globe. Additionally, availability of research fundings, demand for cheaper biologics alternative and favorable regulatory scenario in Europe and Asia pacific is propelling the market in these regions. However, some regions such as U.S are facing slow adoption of biosimilars with first biosimilar approved in 2015 for Sandoz’s Zarxio (filgrastim), and 3, 5, and 7, biosimilars approved by FDA in 2016, 2017, and 2018, respectively..
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Further key findings from the report suggest
For the purpose of this report, Reports and Data has segmented the Biosimilars market on the basis of type, disease type, and region:
Type Outlook (Revenue: USD Billion; 2018-2028)
Disease Type Outlook (Revenue: USD Billion; 2018-2028)
Regional Outlook (Revenue: USD Billion; 2018-2028)
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Key findings in the report:
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