Biosimilar and Follow-On Biologics Market Demand and Growth Analysis with Forecast up to 2031
Wilmington, Delaware, United States, Transparency Market Research Inc.: The biosimilar and follow-on biologics market has been anticipated to expand at a noteworthy pace in the foreseeable years. The rapid growth in the market is attributed to the increasing demand for low-cost biological drugs around the world.
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Regulatory and commercial developments have been taking the market avenues to new heights. The manufacturers of the drugs have been exploring the possibilities to produce generic biopharmaceutical drugs. The motive of this initiative is to reduce the costs of these drugs. On the flip side, there are a few unanswered questions and scientific challenges that are opposing these possibilities to develop drugs.
The aging population, expensive drugs, and rising healthcare costs are some noticeable factors that are likely to create revenue generation opportunities in the biosimilar and follow-on biologics market in the near future. Possibilities of failure at the stage of novel drug development and high investment are the key challenges that are faced by the industry players. The patent expiry of various second-generation therapeutic proteins in the near future is likely to serve as a revenue generator in the biosimilar and follow-on biologics market.
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Biosimilar and Follow-On Biologics Market - Key Trends
Thorough research and testing are not required for biosimilars. These are comparatively less costly than other branded equivalents. Further, it saves not only time but also money for consumers and thus leads to a noticeable reduction in the overall cost of the biosimilars. Along with these factors, the marketing periods for these biosimilars is shorter as they do not require advanced marketing strategies owing to the well-established effectiveness and safety profiles of their branded equivalents.
In the following years, there are some well-known biologics that are likely to lose patent protection. The producers of biosimilars have been estimated to get benefits from these patent expirations and some other rights that are related to intellectual property.
Biosimilar drugs have been predicted to serve various advantages as they save money for consumers around the world. Until the realization of these merits, the market growth has been expected to remain viable.
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Biosimilar and Follow-On Biologics Market - Competitive Dynamics and Key Developments
On the basis of nature, the biosimilar and follow-on biologics market is highly fragmented. The key players operating in the market have been taking initiatives in order to bring novel growth opportunities along with growing concentration to adopt various strategies. Some of these market expansion strategies include expansion of company footprints around the world, product upgrades, portfolio diversion, mergers and acquisitions, novel product launching, and expansion of the service or product distribution network. Along with these initiatives, these industry players have also been investing increasingly in different R & D activities to bring technological advancements in the industry services.
The key players in the biosimilar and follow-on biologics market are:
- Abraxis BioScience
- Alexion Pharmaceuticals,
- Ranbaxy Laboratories
- Amphastar Pharmaceuticals
- Mitsubishi Tanabe Pharma Corporation
- Biogen Idec
- Johnson & Johnson
- Bristol-Myers Squibb
- GlaxoSmithKline (GSK)
- CCL Pharmaceuticals
- Dr. Reddy’s Laboratories
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Biosimilar and Follow-On Biologics Market - Regional Assessment
The biosimilar and follow-on biologics market has been segmented into Europe, North America, Latin America, the Middle East & Africa, and Asia Pacific. Europe among these regional areas has been projected to hold a noticeable share in the market owing to a significant increase in the aging population there. In addition to this, the rising incidences of health disorders or illnesses, for example, cancer, autoimmune disorders, diabetes, and others are also likely to contribute to the growth impetuses in the region. The rising cost of healthcare services has led to the enactment of laws by the regional government to choose biosimilars compared to biologics. So, these factors are predicted to contribute to expansion opportunities in the biosimilar and follow-on biologics market.
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