Research Nester published a report titled “Interchangeable Biosimilars Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global interchangeable biosimilars market in terms of market segmentation by disease type, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global interchangeable biosimilars market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. The market is segmented on the basis of disease type into Crohn’s disease, ulcerative colitis, psoriasis, diabetes, cancer, and others. Among these, the cancer segment is anticipated to hold a substantial share in the terms of revenue over the forecast period on the back of increasing prevalence of cancer worldwide. According to the data by the World Health Organization (WHO), nearly 10 million deaths were caused due to cancer, in 2020, globally.
The global interchangeable biosimilars market is estimated to grow on the back of high investments in medical research activities, across the globe. As per the data by the World Bank, 2.203% of the global gross domestic product was spent on R&D activities in 2018. Interchangeable biosimilars are used as an alternate to reference products for the treatment of various diseases, including cancer, diabetes, and rheumatoid arthritis. Moreover, interchangeable biosimilars are comparatively very cost effective and are easily available at local pharmacies, which are some major factors estimated to promote the market growth.
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On the basis of geographical analysis, the global interchangeable biosimilars market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share over the forecast period, on the back of growing investment in medical research activities in the region. Moreover, the emergence of new pharmaceutical companies manufacturing biosimilar products in developed countries, is also projected to boost the market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Growing Investment in Medical R&D to fuel the Market Growth
The increasing investment for research activities across the globe is bound to promote the launch of new medical products and treatment methods. This is estimated to boost the market growth. Furthermore, supportive government policies and cost-effective nature of interchangeable biosimilars are expected to boost the market growth.
However, rigorous regulations regarding the approval of biosimilars is expected to operate as key restraint to the growth of global interchangeable biosimilars market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global interchangeable biosimilars market which includes company profiling of Biocon Limited, Mylan N.V., Amgen Inc., Coherus BioSciences, Inc., Pfizer Inc., Sandoz International GmbH, Merck & Co., Boehringer Ingelheim group, Samsung Bioepis Co., Ltd., and Teva Pharmaceutical Industries Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global interchangeable biosimilars market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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