Biosimilars Market was worth USD2,552.0 million in 2018 and is estimated to reach USD26,551.3 million by 2023, supported by a CAGR of 49.1% throughout the forecast period 2018 to 2023. Biosimilars or follow-on-biologics are the “copied” and licensed versions of those reference biologics that have undergone patent expiration. Biosimilars development and validation with reference biologics is a major aspect of the overall development process.
Market drivers and restraints:
The market is driven by factors such as the increasing prevalence of chronic diseases such as cancer and diabetes, boost the rising demands of pharmaceutical drugs, particularly for the high-priced patented drugs. Nevertheless, the market expansion is restricted by the high price of reference products elevates the financial burden on patients as well as compensation service providers. The lack in economies of scale owing to lower demand is a factor that leads to these high prices. On the other hand, the strict government rules in the U.S. are poised to restrict the expansion of the North America market.
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