(PharmaNewsWire.Com, January 02, 2017 ) According to the report Biosimilar Market published by Market Data Forecast, the global market is projected to reach USD 22.15 billion by 2021, at a CAGR of 36% from 2016 to 2021.
Biosimilar drugs are used in prevention and cure of various diseases such as rheumatoid arthritis, cancer, chronic kidney failure, oncology, diabetes, heart attacks, autoimmune diseases, growth hormone deficiency, and infectious disease.
In the healthcare industry, biosimilars are emerging as one of the most important sectors. With increasing healthcare costs, biosimilars are being looked upon as a cheaper alternative. Growing economies are observing comprehensive growth in biosimilars industry from demanding clinical needs of therapeutics. Rise in GDP and healthcare expenditures, and the demand for cost effective therapeutics solution has resulted in the growth of this market.
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. Low costs of biosimilars attract consumers to use these products over synthetic and biological drugs.
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.
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