The global psoriasis biosimilars market is set to experience robust growth, with market value projected to rise from USD 9,228.6 million in 2024 to an impressive USD 26,679.9 million by 2034, registering a CAGR of 11.2% during the forecast period. In 2023, the market generated USD 8,412.6 million in revenue, underscoring its accelerating momentum.
Key Growth Drivers: Rising Psoriasis Cases and Need for Affordable Treatment
The rising prevalence of psoriasis, a chronic inflammatory skin condition, is the primary factor propelling market growth. As millions globally battle the physical and psychological challenges of this condition, the demand for effective, accessible, and affordable treatment options has surged. Biosimilars, which are near-identical versions of original biologics, offer a cost-effective alternative without compromising efficacy or safety standards, addressing this growing need.
Biosimilars: Enhancing Accessibility to Biotherapy
Biosimilars play a critical role in enhancing patient access to advanced biotherapies. Unlike traditional biologics, which often come with high price tags, biosimilars provide a more affordable option. This is particularly vital in regions like the United States, where psoriasis imposes significant economic burdens. By offering comparable efficacy at reduced costs, biosimilars help bridge the gap for underutilized biotherapy treatments, ensuring more patients can benefit from innovative care solutions.
Regional Impacts: Addressing Economic and Medical Needs
In America, where the prevalence of psoriasis is growing, the economic implications are considerable. The introduction of biosimilars can alleviate financial strain on healthcare systems while improving outcomes for patients. With affordability and accessibility as key advantages, biosimilars are positioned to reshape the treatment landscape for psoriasis globally.
Future Outlook
The psoriasis biosimilars market is on track to witness transformative growth over the next decade, driven by increasing awareness, affordability, and patient accessibility. As pharmaceutical advancements continue to expand the reach of biosimilar therapies, the global healthcare community stands to benefit from enhanced treatment options for psoriasis sufferers worldwide.
Key Takeaways:
- The market size in 2023 was valued at USD 8,412.6 million.
- The estimated market size for 2024 is USD 9,228.6 million.
- By 2034, the market is projected to reach USD 26,679.9 million, reflecting significant growth.
- The compound annual growth rate (CAGR) from 2024 to 2034 is forecasted to be 11.2%.
- The USA is expected to see a value-based CAGR of 7.9% from 2024 to 2034.
- Canada is projected to experience a robust CAGR of 10.8% over the same period.
- The UK’s market growth is forecasted at a value-based CAGR of 8.2%.
- Germany is expected to grow at a value-based CAGR of 7.7%.
- France is projected to see a 9.1% value CAGR.
- Italy is anticipated to grow at a value-based CAGR of 9.7%.
- India is expected to witness the highest growth, with a projected CAGR of 11.3%.
- Spain is forecasted to see a value-based CAGR of 10.4%.
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Competitive Landscape
Companies in the psoriasis biosimilars market are enhancing their distribution networks and integrating supply chains to expand their market reach. They are focusing on emerging markets with growing healthcare needs and an increasing patient population, while maintaining cost-effective manufacturing processes.
This approach is crucial for improving the accessibility of biosimilars to a wider patient base. Additionally, companies are navigating complex regulatory pathways to gain approval for their biosimilars. They collaborate closely with regulatory authorities to address safety, efficacy, and quality concerns, adhering to rigorous standards.
Recent Industry Developments in the Psoriasis Biosimilars Market
July 2024: Cooper Consumer Health successfully acquired the over-the-counter (OTC) business of Viatris Inc.
May 2024: Novartis Pharmaceuticals Canada Inc. announced a partnership with Clarius Mobile Health to enhance early detection of psoriatic arthritis in Canada.
Key Players of Psoriasis Biosimilars Market:
- Merck KGaA
- Gyros Protein Technologies AB
- Pfizer Inc.
- Novartis International AG
- Amgen Inc
- Samsung Bioepis Co., Ltd.
- Coherus BioSciences
- Hoffmann-La Roche Ltd
- Celltrion
- Samsung Bioepis
- Sandoz
- Fresenius Kabi
- Viatris
- Reddy’s Laboratories
- GenScript
Key Segments of Psoriasis Biosimilars Market:
By Drug Class:
In terms of drug class, the industry is divided into TNF-alpha inhibitors (infliximab, etanercept, adalimumab) and other biosimilars.
By Indication:
In terms of Indication, the industry is segregated into plaque psoriasis, psoriatic arthritis and other types.
By Route of Administration:
In terms of route of administration, the industry is segregated into subcutaneous, intravenous oral and topical.
By Distribution Channel:
In the terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacy chains and online pharmacies.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia and Middle East and Africa (MEA) have been covered in the report.
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