The biosimilars market involves of sales of biosimilars and associated services that are cast-off to treat chronic sicknesses such as diabetes, arthritis, and cancer. The Biosimilars are pharmaceuticals that are produced using cell lines and offers no clinical difference as linked to biologics. The Biosimilars are made once the patent of biologics is deceased.
According to the report analysis, ‘Biosimilars Market Global Report 2020-30’ states that the worldwide biosimilars market was worth USD 7.79 billion during 2019. It is predicted to augment at a compound annual growth rate (CAGR) of 31.70% and reach USD 23.63 billion by 2023.
Additionally, the production of fresh insulin biosimilars is trending in the biosimilars market. The foremost players functioning in the biosimilars market are contributing in generating a biosimilar of insulin. This is also encouraging competition amongst several biosimilar producers. For instance, during 2019, Mylan, a U.S-based pharmaceutical company, in partnership with Biocon, an Indian grounded biopharmaceutical company launched biosimilar insulin glargine named Semglee. Also, during 2019, Oramed Pharmaceuticals, a Jerusalem based pharmaceutical company improved an oral insulin drug named ORMD-0801 to indulgence type 2 diabetes. Thus, corporates in the biosimilars market are underwriting in the improvement of insulin biosimilar to obtain the profits.
During June 2018, Japan-based Fuji Pharma Co., Ltd. obtained a 4.2% stake of Alvotech for USD 50 million. The acquisition comprises Alvotech to advance, produce and supply biosimilars and Fuji Pharma will sell the biosimilars during Japan. The Alvotech is an Iceland-based biopharmaceutical organization.
While, the shortage of awareness about biosimilars amongst the primary care physicians (PCPs) and specialists restricts the growth of the biosimilars market. Biosimilars are produced from cell lines and offer the similar effectiveness as biologics. However, shortage of familiarity with biosimilars decreases the likelihood of suggesting the drugs to patients which affects the requirement for fresh biosimilars in the market. For instance, during 2018, according to the PwC's Health Research Institute, out of 442 clinicians surveyed 55% of clinicians were unfamiliar with the biosimilars and 35% were disinclined to prescribe them owing to concerns involved protection of the follow-on biologic. Thus, the shortage of awareness about biosimilars amongst the primary care physicians (PCPs) and specialists limits the growth of the biosimilars market.
Whereas, the effective growth in the prevalence of chronic diseases such as arthritis, asthma, and cancer is predicted to be a foremost driver of the biosimilars market. Long working hours, restricted physical activity, unhealthy eating and drinking habits underwrite to the pervasiveness of chronic syndromes and biosimilars are progressively used to cure these chronic syndromes. Biosimilars activate the immune system rejoinder against the cancer cells thus supporting the immune system to eradicate the cancer cells from the body. According to a United Nations article, by 2030 the proportion of worldwide deaths owing to chronic diseases is predicted to augment to 70% of total deaths. The worldwide burden of chronic disease is predicted to reach nearly 60%. Therefore, the augment in the prevalence of chronic diseases is predicted to propel the demand for biosimilars, thus influencing the biosimilars market.
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Related Reports:-
Global Biosimilars Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024
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