Product ID: SQMIG35H2167
Report ID:
SQMIG35H2167 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
70 |
Figures:
75
Biosimilars Market Driver
In comparison to original biologics, the development costs of biosimilars are cheaper. The price of biosimilars is reduced by lower R&D expenses. Due to supplier pricing rivalry, less expensive biosimilars frequently cause reference biologics to cost less. In the upcoming years, demand for biosimilar medications is anticipated to rise due to its notable cost-to-benefit proportion.
The incidence of chronic illness is increasing, which is boosting the world market. Due to their affordability, biosimilar medications are gaining popularity on a global scale. The requirement for biosimilars, particularly for expensive patented pharmaceuticals, is estimated to rise during the projection period caused by an increase in cancer victims, chronic illness cases, and the aging population.
Biosimilars Market Restraint
It takes enormous financial outlays, technological know-how, experience with clinical trials, research criteria, and quality control systems to produce biosimilars because it is such a difficult and expensive process. Contrary to the manufacturing of generic drugs, makers of biosimilars are obligated to make comparable investments in clinical studies and post-approval safety monitoring systems.
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REQUEST FREE CUSTOMIZATIONBiosimilars Market size was valued at USD 15.6 billion in 2019 and is poised to grow from USD 19.27 billion in 2023 to USD 128.76 billion by 2031, growing at a CAGR of 23.5% in the forecast period (2024-2031).
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Product ID: SQMIG35H2167