New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global Interchangeable Biosimilars market size is slated to expand at ~ 20 % CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 65 Billion by the end of 2035, up from a revenue of ~USD 25 Billion in the year 2022. owing to the increasing awareness regarding biosimilars and their therapeutic advantages, the increasing demand for cost-effective treatments, and the increasing number of regulatory approvals for biosimilars. A total of 33 biosimilars had been approved by the FDA by January 2022, of which 21 are available in the United States.
Request Free Sample Copy of this Report @
https://www.researchnester.com/sample-request- 4047
Furthermore, bevacizumab (42%), trastuzumab (38%), and rituximab (20%) have experienced significant uptake since their launches. Furthermore, as healthcare infrastructure improves, more doctors tend to access and prescribe biologic drugs, contributing to an increased demand for inexpensive interchangeable biosimilars. Additionally, governments are often pushing for lower drug prices and are incentivizing the use of biosimilars, which is also expected to drive the growth of the market in the coming years
Global Interchangeable Biosimilars Market: Key Takeaways
- Market in North America to have the highest growth in the near future
- A high growth rate is expected for the retail pharmacy segment
- Market in Asia Pacific to grow at the highest rate
Intensifying Research and Development in the Pharmaceutical Industry to Boost Market Growth
Pharmaceutical companies are increasingly investing in R&D to develop biosimilars that are more cost-effective, have fewer side effects, and are more efficient substitutes for existing drugs. This is expected to result in increased demand for interchangeable biosimilars in the coming years. It was observed that in 2019, USD 82 billion was spent on research and development by the pharmaceutical industry. With a peak of 59 new drugs approved for sale in 2018, the number of new drugs approved between 2010 and 2019 increased by 58%. In addition, the cost of developing biosimilars is much lower than the cost of developing new drugs since the research and development for biosimilars is based on existing drugs. This makes investing in R&D for biosimilars a more attractive option for pharmaceutical companies. As a result, the demand for interchangeable biosimilars is expected to grow in the near future.
Global Interchangeable Biosimilars Market: Regional Overview
The global interchangeable biosimilars market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The FDA's Increasing Approval of Biosimilars to Boost Market Growth in North America
The interchangeable biosimilars market in the North American region is estimated to garner the largest revenue by the end of 2035. Diabetes is a chronic disease that requires ongoing treatment. Biosimilars are more affordable than branded drugs, and they can reduce the cost of treating diabetes, making them an attractive option for patients in the North American region. With the region's growing diabetic population, physicians and doctors are increasingly prescribing biosimilars for diabetes treatment, which is expected to drive regional market growth.The Centers for Disease Control and Prevention report that there are 37.3 million people living with diabetes in the US, representing 11.3% of the population. 28.7 million people are diagnosed with diabetes, including 28.5 million adults. Moreover, it was the first interchangeable biosimilar to be approved in the U.S. for diabetics. The FDA approved the first interchangeable biosimilar to Viatris' Semglee (insulin glargine-yfgn), referencing the long-acting insulin Lantus for diabetes, in July 2021. Moreover, the government's laws promoting generic drug competition and reducing prescription drug costs are expected to further increase market growth in the region. For instance, in April 2021, President Biden signed into law two bipartisan bills to support generics and biosimilars as alternatives to branded medicines in order to reduce prescription drug prices.
The Growing Number of People Suffering from Chronic Diseases to Drive the Market Growth in the Asia Pacific Region
The interchangeable biosimilars market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035 owing to the increasing prevalence of chronic diseases in the region, which is driving the demand for more affordable treatments. There are about 74 million Indians over 60 who suffer from chronic diseases, and noncommunicable diseases account for 52% of all deaths. With 76 million diabetics living in India and another 133 million projected by 2045, India has the highest percentage of diabetics in the world. The lower cost of biosimilars makes them an attractive option for healthcare providers, as they offer options to their patients at a lower cost. Furthermore, the interchangeable nature of biosimilars means that patients can switch between different versions of the same drug, which offers them more flexibility and choice. This increased access to affordable treatments is expected to drive regional market growth. Additionally, governments in the region are providing incentives to the manufacturers to encourage the production of biosimilars. This is further aiding the growth of the global interchangeable biosimilars market in the Asia Pacific region.
Make an Inquiry Before Buying this Report @
https://www.researchnester.com/inquiries-before-buying- 4047
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity 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).
Global Interchangeable Biosimilars, Segmentation by Disease Type
- Crohn’s Disease
- Ulcerative Colitis
- Psoriasis
- Diabetes
- Cancer
- Others
The psoriasis segment is anticipated to hold the largest revenue by the end of 2035, backed by the increasing prevalence of psoriasis across the world, coupled with the growing number of drugs and biosimilars available for treating this condition. Worldwide, 124 million people suffer from psoriasis, which represents 3% of the population. In the United States, more than 7 million people suffer from psoriasis. Moreover, in recent years, several biosimilars have been approved by the FDA for the treatment of psoriasis and psoriatic arthritis (PsA), contributing to this segment's growth. For instance, as reported by the FDA, Abrilada (adalimumab-afzb), Cyltezo (adalimumab-adbm), Hadlima (adalimumab-bwwd), Hulio (adalimumab-fkjp) and Hyrimoz (adalimumab-adaz) are all biosimilars to Humira (adalimumab). In addition, the expanding awareness of psoriasis and its treatments, along with the increasing number of clinical trials for the development of interchangeable biosimilars market for psoriasis, is expected to boost in the coming years.
Request for Customization of this Report @
https://www.researchnester.com/customized-reports- 4047
Global Interchangeable Biosimilars, Segmentation by Distribution Channel
- Hospital
- Retail Pharmacies
- Others
The retail pharmacies segment is anticipated to hold the largest revenue by the end of 2035 backed by the increasing number of patients being prescribed biosimilars, as well as the increasing number of retail pharmacies operating across the world. According to research, as of 2023, there are 27,850 retail pharmacies and drugstores in the United States, an increase of 0.9% as compared to 2022. Additionally, the growing number of collaborations between retail pharmacies and drug manufacturers is expected to further contribute to the growth of the segment. Moreover, retail pharmacies are more accessible to patients than specialty pharmacies, and the presence of a large number of retail pharmacies allows them to offer competitive prices. Additionally, retail pharmacies have the infrastructure and resources to provide comprehensive care and assistance to patients. This includes providing educational materials, ensuring accurate dosing, and providing support services such as refill reminders, which can help increase patient adherence.
Few of the well-known market leaders in the global interchangeable biosimilars market that are profiled by Research Nester are Biocon Limited, Mylan N.V., Amgen Inc., Coherus BioSciences, Inc., Pfizer Inc., Sandoz International GmbH, Merck & Co., Boehringer Ingelheim group, Samsung Bioepis Co., Ltd., Teva Pharmaceutical Industries Ltd., and other key market players
Recent Development in the Global Interchangeable Biosimilars Market
- The approval of BYOOVIZ by Health Canada was announced by Samsung Bioepis Co., Ltd. and Biogen Canada Inc. LUCENTIS (ranibizumab) is the reference biosimilar of BYOOVIZ.
- FDA-approved biosimilar trastuzumab has been submitted by Sandoz International GmbH, a leading global manufacturer of generic and biosimilar medicines. Biosimilar trastuzumab is a generic version of a biologic drug that is similar in structure to the original biologic drug. It is intended to provide patients with access to a lower-cost version of the drug, while still maintaining the same safety and efficacy as the original.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach to helping global industrial players, conglomerates, and executives for their future investments while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided the right guidance at the right time is available through strategic minds.
