Biosimilars also known as follow-on biologic or subsequent entry biologics which are biological medical products. Biosimilars are the one of the most important emerging sector in healthcare industry. Due to high cost for the treatment it is emerges as an affordable treatment option for different diseases. Increasing prevalence of diseases and adoption of biosimilars for the treatment of diseases by people is the major driving factor for the market. On other hand physician skepticism and long approval time for the drug may hamper the growth of the market. The global biosimilars market was USD 3.35 billion in 2016 which is expected to reach till USD 16.97 Billion by end of 2016 at a CAGR of 26% during 2017-2023.
On regional basis, Europe has a leading biosimilars market. As it is the first region for the approval of biosimilars drug and well developed market has led to growth of biosimilars market in Europe. Increasing prevalence of diseases and demand for this drugs has provided fuel for the growth of biosimilars drug market in Europe. North America has second largest market followed by Asia Pacific region. Availability of skilled labor and less complex regulatory rules compare to Europe and America is the major driving factor for development of the market.
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Key Players for global biosimilars market
Taste the market data and market information presented through more than 50 market data tables and figures spread in 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Biosimilars Market Research Report- Global Forecast To 2023”
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Commenting on the report, an analyst from Market Research Future (MRFR)’s team said: Global biosimilars market is growing at astonishing rate of 26 % during forecasted period 2017-2023. Biosimilars drugs are the cost effective compare to other drugs, increasing adoption of this drugs and continuous rising of number of different diseases are the major factor for the growth of the market. While need of complex infrastructure and long approval time for the drugs are the major restraining factor for the growth of the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Increasing prevalence of different diseases enhanced productivity led by strategic collaborations, clinical trial activities for Biosimilars and increasing demand for the affordable, cost effective medical products these are some of the factors that propelling the growth of the Bilosimilars market. Additionally, Presence of large number of geriatric population attributed by their need to treat for various chronic diseases is anticipated to fuel the market growth of Biosimilars. Moreover, increasing number of patients with chronic diseases such as diabetes and cancer drive the demand for effective patented biologics medicines. Due to the lower cost, biosimilar medicines are expected gain traction in demand and drive the growth of the global biosimilar market during the forecast period.
Table of Content
1.2 Scope Of Study
1.2.1 Research Objective
1.2.2 Assumptions & Limitations
1.3 Market Structure:
2 Research Methodology
2.1 Research Process:
2.2 Primary Research
2.3 Secondary Research:
3 Market Dynamics
3.4 Macroeconomic Indicators
4 Market Factor Analysis
4.1 Porters Five Forces Model
4.2 Bargaining Power Of Suppliers
4.3 Bargaining Power Of Buyers
4.4 Threat Of New Entrants
4.5 Threat Of Substitutes
4.6 Intensity Of Rivalry
5. Global Biosimilars Market, By Product
Key questions answered in this report
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SOURCE: Market Research Future