New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biosimilar Hormones Global Market Report 2023" - https://www.reportlinker.com/p06241857/?utm_source=GNW
The global biosimilar hormones market is expected to grow from $1.74 billion in 2021 to $2.31 billion in 2022 at a compound annual growth rate (CAGR) of 32.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The biosimilar hormones market is expected to reach $6.22 billion in 2026 at a CAGR of 28.1%.
The biosimilar hormones market consists of sales of estrace, estradil, and estring.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Biosimilar hormones refer to the hormones included in the product that are chemically identical to those produced by your body.In fact, it’s possible that the hormones in bioidentical drugs are identical to those used in conventional hormone therapy.
They are used to treat persons whose hormone levels are low or out of whack.
The main types of biosimilar hormones are teriparatide biosimilars, follitropin alfa biosimilars, insulin biosimilars, somatropin biosimilars and others.Teriparatide is a parathyroid hormone recombinant (PTH).
Teriparatide is similar to a component of human PTH, and when taken regularly, it stimulates osteoblasts more than osteoclasts, increasing bone mass. The different applications include research and biotechnology, diagnostics, biocatalysts, therapeutics, and others and are distributed through various channels such as hospital and retail pharmacies, online pharmacies or e-pharmacy, and specialty clinics.
The prevalence of deficiencies in growth hormones and metabolic hormones contributes to the market.The treatments required for hormone-related conditions are evolving over the years, and the prevalence of hormonal deficiencies is generating higher demand for the hormone biosimilars market.
For instance, in January 2022, according to the British Medical Journal, a UK-based peer-reviewed medical trade journal, the prevalence of GH deficiency (GHD) in children is thought to range from 1 in 3500 to 1 in 10000 across the globe.Also, in June 2022, according to a Medscape report, annually, about 6,000 adults are diagnosed with growth hormone (GH) deficiency in the USA.
The growing need to treat patients with prevailing hormonal deficiencies drives the biosimilar hormones market.
Stringent regulations imposed on the approval of hormone biosimilars limit the growth of the biosimilar hormones market.Biosimilars are approved on the same standard of pharmaceutical quality, efficacy, and safety that apply to all biologics approved in the European Union.
There should be a similarity between the biologics and biosimilars, and as the process of manufacturing differs, the approval process becomes expensive and likely hinders the growth of the biosimilar hormones market.
Key players operating in the biosimilar hormones market are undertaking various strategic initiatives such as new product launches in untapped regions to make the drug accessible to a large population.The companies are focusing on launching their products in various locations to boost sales and maximize profits.
For instance, in February 2022, Alvotech Holdings S.A., a Luxembourg-based biopharmaceutical company specializing in the development of biosimilar medicines, announced partnerships with Fuji Pharma Co. Ltd., a Japan based pharmaceutical company, to develop biosimilar drug candidates in Japan. Through this partnership, both companies have decided to add new elements to their strategic alliance for the creation and marketing of biosimilar medicines in Japan.
The regions covered in the biosimilar hormones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the biosimilar hormones market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The biosimilar hormones market research report is one of a series of new reports that provides biosimilar hormones market statistics, including biosimilar hormones industry global market size, regional shares, competitors with a biosimilar hormones market share, detailed biosimilar hormones market segments, market trends and opportunities, and any further data you may need to thrive in the biosimilar hormones industry. This biosimilar hormones market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06241857/?utm_source=GNW
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