North America Biosimilars Market Size, Share & Industry Trends Analysis Report By Application (Oncology Diseases, Blood Disorders, Chronic & Autoimmune Diseases and Others), By Type, By Country and Growth Forecast, 2022 - 2028
The North America Biosimilars Market would witness market growth of 23.6% CAGR during the forecast period (2022-2028).
Biosimilars are rigorously and thoroughly examined by the FDA before approval, and they are just as secure and efficient as the original biologic. Before approving a biosimilar, FDA experts must determine if it is extremely similar to the original biologic and doesn't differ from it in any way that would have clinical significance. All biosimilar products must meet the FDA's stringent conditions for approval and undergo a thorough evaluation by the agency to ensure they are equally safe & effective as their reference products. This implies that throughout the course of treatment, the biosimilar will be as safe and effective as the original product. The FDA also strictly controls the production of biosimilars. The biosimilar is subject to the same high manufacturing standards as the original biologic.
Biosimilars may increase patient access to advanced drug therapies and reduce the financial burden that chronic diseases place on the world's healthcare systems. To achieve this, however, it is necessary for doctors to feel more at ease prescribing biosimilars as opposed to their reference products, and biosimilars' costs must be significantly lower than those of their biological counterparts.
In the United States, 1,752,735 new cases of cancer were reported in 2019, and 599,589 people passed away from the disease. In addition to helping to enhance the health of individuals in low- and middle-income countries, the US government's healthcare initiatives seek to support the country's larger development goals, foreign policy priorities, and national security concerns. The United States is currently the top financier & implementer of health initiatives worldwide since it started taking part in them more than a century ago. These initiatives are supported by numerous US government departments and agencies, congressional committees, and funding sources.
The US market dominated the North America Biosimilars Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $15,999.6 million by 2028. The Canada market is estimated to grow at a CAGR of 26.4% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 25.3% 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 U.S., Mexico, Canada, and Rest of North America.
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
Scope of the Study
Market Segments covered in the Report:
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