New York, July 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biologic & Biosimilar RA Drugs Global Market Report 2023" - https://www.reportlinker.com/p06457409/?utm_source=GNW
Inc., Eli Lilly and Company, Novartis AG, Bayer AG, F. Hoffmann-La Roche Ltd., AstraZeneca PLC., Teva Pharmaceutical Industries Ltd., Fresenius Se & Co. KGaA, Stada Arzneimittel AG, Boehringer Ingelheim Pharmaceuticals Inc., and Gedeon Richter Plc.
The global biologic & biosimilar RA drugs market is expected to grow from $12.08 billion in 2022 to $12.65 billion in 2023 at a compound annual growth rate (CAGR) of 4.8%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The biologic & biosimilar RA drugs market is expected to grow to $15.19 billion in 2027 at a CAGR of 4.7%.
The biologics and biosimilars RA drugs market consists of sales of branded and generic biologics and biosimilar RA drugs.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.
Biologics and biosimilars refer to a class of drugs that are extracted from living organisms such as living cells, microorganisms, and other living creatures.Biosimilars are biologics that have similar characteristics to an already approved biological molecule.
These drugs are used for the treatment of rheumatoid arthritis.
North America was the largest region in the biologic & biosimilar RA drugs market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the biologic & biosimilar RA drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main sources of biologic & biosimilar RA drugs are microbial, mammalian and others.Microbial sources refer to sources such as bacteria, yeast, and fungi.
The various disease involved are oncology, immunological disorders, cardiovascular disorders, hematological disorders, and others whose drugs are manufactured by outsourced and in-house. They are sold by prescription drugs, over-the-counter (OTC) drugs in hospital pharmacies, retail pharmacies, and online pharmacies.
The rising older population and increasing incidence of rheumatoid arthritis are driving the biologics and biosimilars RA drugs market forward.The older population refers to people who are aged 60 years or older.
Rheumatoid arthritis is an autoimmune disease in which the immune system of a person attacks its healthy cells and the joints of the person are affected.Rheumatoid arthritis is most likely to affect people in old age as the immune system gets weaker with old age.
Biologics and biosimilar RA drugs are very useful for the treatment of rheumatoid arthritis as compared to conventional drugs. For instance, according to the world health organization (WHO), a Switzerland-based specialized health agency of the United Nations, there were about 1 billion people aged 60 and above in the world in 2020 and this population is expected to reach 1.4 billion by 2030 and 2.1 billion by 2050. Furthermore, according to the Centers for Disease Control and Prevention, a US-based governmental public health agency, the number of adults suffering from arthritis in the USA is expected to increase to 78.4 million by 2040 while 34.6 million people may suffer from arthritis-related activity limitations. Therefore, the increasing geriatric population along with the increasing RA cases is driving the biologics and biosimilars RA drugs market forward.
Product innovations are a key trend gaining popularity in the biologics and biosimilars RA drugs market.Major companies in the biologics and biosimilars RA drugs market are introducing innovative products to sustain their position in the market.
For instance, in January 2020, Bio-Thera Solutions, a China-based biosimilar developer and manufacturer, launched QLETLI.The new product is the first adalimumab biosimilar approved by the China National Medical Products Administration (NMPA).
It will be useful for the treatment of rheumatoid arthritis, ankylosing spondylitis, and plaque psoriasis.
In November 2022, Biocon, an India-based biopharmaceutical company acquired Viatris’ global biosimilars business for $3 billion.The acquisition brings patients, consumers, and payors closer to Biocon Biologics by giving it direct commercial capabilities and supporting infrastructure in numerous emerging markets as well as advanced markets.
Viatris is a US-based pharmaceutical company manufacturing biosimilars for the treatment of rheumatoid arthritis along with other diseases.
The countries covered in the biologic & biosimilar RA drugs 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 the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The biologic & biosimilar RA drugs market research report is one of a series of new reports that provides biologic & biosimilar RA drugs market statistics, including biologic & biosimilar RA drugs industry global market size, regional shares, competitors with biologic & biosimilar RA drugs market share, detailed biologic & biosimilar RA drugs market segments, market trends, and opportunities, and any further data you may need to thrive in the biologic & biosimilar RA drugs industry. This biologic & biosimilar RA drugs 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.
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