The global interchangeable biosimilars market is estimated to grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Interchangeable biosimilars are the medical products that can be used as an alternative to the reference products, without the physician’s prescription. It is similar to the use of generic medicines as a replacement of branded medications. The growth of the market can be attributed to the increasing launch of new products, along with the high medical research investments across the globe. As per the data by the World Bank, 2.203% of the global gross domestic product (GDP) was spent on R&D activities in 2018. The growing research and development activities in the healthcare sector is further estimated to boost the market growth. Moreover, various government initiatives to promote the use of interchangeable biosimilars is anticipated to advance the growth of the market. For instance, the U.S. Food and Drug Administration (FDA) has approved biosimilar medications to treat certain conditions, including, cancer, diabetes, Crohn’s disease, colitis, rheumatoid arthritis, and psoriasis. In addition to this, interchangeable biosimilars are easily accessible and pocket friendly, which is a major factor behind its growing adoption amongst patients.
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The global interchangeable biosimilars market is segmented by disease type into Crohn’s disease, ulcerative colitis, psoriasis, diabetes, cancer, and others, out of which, the cancer segment is anticipated to hold a substantial revenue share over the forecast period. The growth of the segment can be accounted to the increasing prevalence and mortality rate of cancer. According to the data by the World Health Organization (WHO), cancer accounted for nearly 10 million deaths in 2020 globally.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global interchangeable biosimilars market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of advancement in the healthcare infrastructure, along with the growing number of researchers involved in R&D activities in the region. As per the data by the World Bank, there were 5331.15 researcher per million people in Japan, and 1307.121 per million people in China, as of 2018. On the other hand, the market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing emergence of new pharmaceutical companies over the past decade, along with high investment in medical research activities.
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The global interchangeable biosimilars market is further classified on the basis of region as follows:
Our in-depth analysis of the global interchangeable biosimilars market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing investment in medical research and development activities is anticipated to boost the market growth.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.
Stringent regulations regarding the approval of biosimilars is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing investment in the research activities.
The major players in the market are Mylan N.V., Amgen Inc., Coherus BioSciences, Inc., Pfizer Inc., Sandoz International GmbH, Merck & Co., Boehringer Ingelheim group, and Samsung Bioepis Co., Ltd.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by disease type, distribution channel, and by region.
The cancer segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
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