Europe Biosimilars Market
Size and Growth Rate:
The biosimilar market in Europe relinquished a value of US$
2,934.60 Million in 2018. The market is further forecasted to reach US$
11,663.10 Million by 2024, increasing at a CAGR of 32.35% during 2019-2025.
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Research Report developed on Europe Biosimilars Market @ https://www.researchcosmos.com/reports/europe-biosimilars-market/92169510
Europe Biosimilars Market
Overview:
The European biosimilar market outlines the most mature in
the world and remains to rally momentum. This market is expected to increase
robustly in the next five years, as a number of blockbuster biologics are
programmed to lose patent protection in Europe.
Biosimilars are biotherapeutic results, which are similar to
previously licensed reference biologics, in terms of feature, safety, and
efficiency. Biosimilar manufacturers wait till the control of the reference
product expires and then seek permission from the regulatory authorities in
order to provide their biosimilar versions. These companies use the
state-of-the-art technology for comparing the features, such as purity,
chemical identity, and bioactivity, of the proposed biosimilar to its source
product.
Europe Biosimilars Market
Growth Drivers and Restraints:
Along with the cost-effectiveness of biosimilar drugs, the
high prevalence of chronic disorders is also a significant factor contributing
to the success of this region, and the continued market growth is seen. As
numbers of individuals with cancer, diabetes, anemia and other chronic diseases
continue to increase, there is a high demand for cost-effective biosimilar
drugs to treat these conditions.
Biosimilars are less valuable than their branded counterparts
as they do not require large research and testing which saves both money and
time; thereby reducing the costs. Furthermore, they also have short marketing
times as beginning a biosimilar does not require extensive marketing as the
safety and effectiveness profile of their branded counterparts have already
been established.
Several blockbuster biologics are anticipated to lose their
patent security over the next 5 to 10 years. This expiration of patents and
other intellectual property claims is anticipated to create huge possibilities
for biosimilar manufacturers.
Europe Biosimilars Market
Geographical Segmentation:
The European population is aging with around one-fifth of the
total EU population above 65 years of age. This will create significant
increase in the burden of lifestyle disorders in the region. The prevalence of
diseases such as diabetes, autoimmune disorders, oncology, etc. has been growing
rapidly in Europe. This is also expected to drive market growth during the next
few years.
As a result of increasing healthcare costs, governments
across a number of European nations have formulated policies incentivizing
physicians, pharmacists, and patients in favor of biosimilars over branded
biologics.
Key Players of the Europe
Biosimilars Market:
The Major Players in the European Biosimilars Market include
Novartis, Pfizer, Teva, Celltrion, Samsung Bioepis, Amgen, Apotex, Ratiopharm,
Mylan, Merck Sharp & Dohme, Eli Lilly, Accord Healthcare Ltd, Boehringer
Ingelheim, Hexal Ag, StadaArzneimittel Ag.
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