Biosimilar Market
The global biosimilar market is expected to grow significantly from USD 3,748 million in 2017 to USD 34,865 million in 2024, at a CAGR of 32.6% from 2018 to 2024. The growth in the market is attributed to the growing demand of biosimilars for the treatment of various diseases such as cancer, rheumatoid, crohn’s disease, and psoriatic arthritis, among others.
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Biosimilar products are safe and effective for the treatment of various diseases such as rheumatoid arthritis, cancer, and other complex diseases. Increasing product approvals and growing awareness regarding the use of biosimilar products are providing lucrative opportunities for the investors and major healthcare players to invest in the market. Owing to the increasing demand of biosimilars due to the low cost of treatment and their ability to treat various diseases, biosimilar products are expected to account for 30% of novel drug products launched during 2016–2020.
The growth in the biosimilar market is attributed to the growing demand of biosimilars for the treatment of various diseases such as cancer, rheumatoid, crohn’s disease, and psoriatic arthritis, among others. Moreover, increasing investment in research and development activities coupled with favorable policies to accelerate approvals of biosimilar drugs and lower cost of the biosimilar products are also boosting the market growth.
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