The Asia Pacific Biosimilars Market would witness market growth of 25.4% CAGR during the forecast period (2022-2028).
Almost all healthcare system stakeholders may benefit from biosimilars. By providing a less expensive treatment option, they can cut costs while giving patients more options for care. In fact, patients can benefit from the competition sparked by the entry of biosimilars into the market by receiving high-quality biologic products at lower costs. In comparison to the reference products, the introduction of biosimilars presents opportunities for cost savings for payers, employers, state and federal governments, and patients.
Treatments for rare diseases frequently make use of expensive orphan drugs. Although biosimilars for these orphan medications are being developed, they still have many practical obstacles to overcome. For phase I and III trials, it is challenging to gather a sizable, non-heterogeneous population. Additionally, it can be disproportionately expensive to produce enough batches of the biosimilar to conduct batch-to-batch variability studies and compile extensive comparability data.
Due to the region's high population, rising hospital population, increasing cancer prevalence, and growing hospital number, significant growth in the region is anticipated. Due to the presence of numerous emerging players in the region, the Asia-Pacific biosimilar production would rise in the nations like India & China. The region's geriatric population is linked to a high burden on healthcare spending, and this market segment is demanding lower-cost alternatives like biosimilars, which can boost revenue.
The China market dominated the Asia Pacific Biosimilars Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,505.4 million by 2028. The Japan market is poised to grow at a CAGR of 24.6% during (2022 - 2028). Additionally, The India market would experience a CAGR of 26.1% during (2022 - 2028).
Based on Application, the market is segmented into Oncology Diseases, Blood Disorders, Chronic & Autoimmune Diseases and Others. Based on Type, the market is segmented into Monoclonal Antibodies, Granulocyte-Colony Stimulating Factor, Erythropoietin, Human Growth Hormone, Insulin and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Biosimilars Market is Projected to reach USD 59 Billion by 2028, at a CAGR of 24.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amgen, Inc., Biocon Limited, Dr. Reddy’s Laboratories Ltd., Eli Lilly and Company, Intas Pharmaceutical Ltd, Novartis AG (Sandoz), Merck & Co., Inc., Pfizer, Inc., Teva Pharmaceuticals Industries Ltd. and Fresenius SE & Co. KGaA
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