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Mar 02, 2022, 10:30 ET
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NEW YORK, March 2, 2022 /PRNewswire/ — The global biosimilars market size is expected to reach USD 88.12 Billion in 2030 and register a revenue CAGR of 21.3% over the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth of biosimilars is due to various factors, such as increasing demand for biosimilar drugs due to their cost-effectiveness. However, stringent government regulations are expected to hamper market revenue growth.
The number of patients suffering from different types of cancers is rising significantly each year worldwide. Molecular profiling and other advanced diagnostic techniques are changing the way many cancers are identified and treated. The past decade has seen a shift in the concept of cancer therapy. New immunotherapy medications target immune cells, thereby inducing the immune system to eradicate tumor cells. Because of molecular profiling, biologics can offer personalized treatment that often improves clinical outcomes, extends survival, and restores patients’ quality of life in a way that chemotherapy cannot. However, these medications can be expensive, thus creating a barrier to their access. Biosimilar medication is increasingly available to reduce this barrier, and this drives market growth.
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Each biosimilar drug is highly similar to its FDA-approved reference biologic in terms of efficacy, safety, and quality without being identical to it. Although biosimilars are created slightly differently, the clinical setting, treatment approach, and dose used should be identical to their reference drugs. As of May 2021, 39 biosimilars of filgrastim, bevacizumab, trastuzumab, pegfilgrastim and rituximab have been approved in the EU, and 14 oncology biosimilars have been approved by the FDA for use in the United States. The manufacturers of these drugs are Celltrion Inc., Amgen Inc., Pfizer Inc. and many more. Introduction of lower priced biosimilar agents into the therapeutic armamentarium has the potential to ease the burden on healthcare expenditure and facilitate better access to effective cancer treatments. Oncology biosimilars have shown comparable efficacy and safety based on clinical evidence and physicochemical quality data as well as in real-world settings. As more biosimilars become available, clinical data generated in the real-world setting has accumulated, providing further reassurance which is expected to drive the market revenue growth.
Some Key Highlights from the Report
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To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/global-biosimilars-market
For the purpose of this report, Reports and Data has segmented the Biosimilars Market based on product type, disease type and region:
Product Type Outlook (Revenue, USD Million; 2019–2030)
Disease Type Outlook (Revenue, USD Million; 2019–2030)
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Regional Outlook (Revenue, USD Million; 2019–2030)
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