(Australia-NewsWire.Com, June 09, 2017 ) According to the report Global Biosimilars Market, published by Market Data Forecast, the global market is projected to reach USD 22.15 billion by 2021 from USD 4.76 billion in 2016, at a CAGR of 36%.
A biosimilar product is a biological product that is approved based on a showing that it is highly similar to an FDA-approved biological product, known as a reference product, and has no clinically meaningful differences in terms of safety and effectiveness from the reference product. Only minor differences in clinically inactive components are allowable in biosimilar products.
An interchangeable biological product is Biosimilar Market Analysis to an FDA-approved reference product and meets additional standards for interchangeability. An interchangeable biological product may be substituted for the reference product by a pharmacist without the intervention of the health care provider who prescribed the reference product. FDA requires licensed biosimilar and interchangeable biological products to meet the Agencys rigorous standards of safety and efficacy. That means patients and health care professionals will be able to rely upon the safety and effectiveness of the biosimilar or interchangeable product, just as they would the reference product.
The factors influencing the Global Market for Biosimilars Market, either positively or negatively are presented in the DROC analysis. Across the world, the biosimilars market is driven by aging population and increasing rates of diabetes and chronic disorders. Government support and initiatives play a crucial role. Emerging pharmaceutical markets and lenient government regulations provide some of the major openings this is market. In addition, increased co-operation between manufacturing companies, and the outsourcing of biosimilar products are acting as an impetus for biosimilars market. However, high manufacturing cost and complexity, and the availability of low priced generic drugs in the market are some of the major restraints of biosimilars market are facing.
Based on geography the market is segmented into various regions namely North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. Europe is undoubtedly the largest market, followed by North America and Asia-Pacific regions. India and China are estimated to grow the fastest. Other countries such as the U.S., Brazil and South Korea, are also expected to record high growth over the next five years.
North America Biosimilars Market Europe Biosimilars Market Asia-Pacific Biosimilars Market Latin America Biosimilars Market Middle East and Africa Biosimilars Market
Some of the major players in the biosimilars market are Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd. Dr. Reddys Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics and Cipla Ltd.
The Biosimilars Market study offers the following deliverables:
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is blooming Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics Study of macro and micro environmental factors that effect the global market presented in an extensive strategic analyses section containing PESTLE and Porters Five Forces Analyses A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and analyst overview to study and sustain the market environment Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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