DUBLIN, Feb. 13, 2024 /PRNewswire/ — The “Biosimilar Hormones Global Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
The biosimilar hormones market has witnessed an impressive growth trajectory and is projected to advance robustly in the coming years. Surging demand and significant developments in healthcare have led to this expanding market, which shows no signs of slowing down. A comprehensive analysis detailing these findings has been released, presenting in-depth insights into the global biosimilar hormones market.
Escalating Prevalence of Chronic Diseases Boost Biosimilars Uptake
The global biosimilar hormones market has experienced exponential growth and is forecasted to continue this ascent. Recent healthcare trends, including the rise of chronic disease prevalence and an aging population in need of hormone-related treatments, are some of the pivotal drivers propelling the market forward.
Market size figures speak volumes, with the industry poised to burgeon from a sizable $3.9 billion in 2023 to an estimated $4.98 billion in 2024, exhibiting a remarkable compound annual growth rate (CAGR) of 27.5%. Looking further ahead, the market is expected to soar, reaching $11.77 billion by 2028, at a CAGR of 24.0%. These numbers reflect the booming demand and ever-increasing embrace of biosimilar hormones.
Niche Sectors Record Notable Market Contributions
A noteworthy segment within the biosimilar hormones domain is the market for insulin biosimilars. With diabetes incidence on the rise globally, this segment is expected to contribute significantly to market growth. Estimates suggest that the global diabetic population could escalate to 643 million by 2030, underscoring the vast potential for biosimilar hormones in diabetes management.
Strategic Developments Fuel Market Expansion
Recent strategic collaborations have been pivotal in driving market growth, with industry leaders seeking to capitalize on untapped regional markets. For instance, a significant partnership has been struck targeting the development of biosimilar medicines specifically for the Japanese market.
Moreover, product approvals, such as the FDA’s recent nod to a once-weekly growth hormone therapy for children with growth hormone deficiency, underscore the relentless innovation and sharp competitive edge within the biosimilar hormones industry.
- North America Dominates the Biosimilar Hormones Market
- New Product Launches Catalyze Market Growth
- Diabetes Management Emerges as a Significant Market Stimulant
With growth hormone deficiencies and diabetes as perennial concerns in global health, biosimilar hormones stand as vital components in treatment protocols. Their role is further amplified by the convenience of multiple distribution channels, including e-pharmacy platforms that enhance accessibility.
The comprehensive market research report reveals the global and regional market dynamics, covering market size, share, trends, and opportunities. It also delves into the competitive landscape, providing invaluable guidance to stakeholders, investors, and healthcare providers aiming to navigate the biosimilar hormones market with strategic acumen and foresight.
Market Applications Span Across Healthcare Spectrum
Biosimilar hormones are being used extensively across various fields, from therapeutic applications to research and diagnostics. This diversity in application underscores the pivotal role of biosimilar hormones in advancing multiple aspects of healthcare.
This in-depth market research provides a holistic view of the biosimilar hormones landscape, reflecting the industry’s current state and foreshadowing its future trajectory.
Report Scope
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Companies Profiled
- Teva Pharmaceutical Industries Ltd.
- Gedeon Richter Plc.
- Intas Pharmaceuticals Ltd.
- Biocon Limited
- Mylan
- Sanofi
- Sandoz (Novartis)
- LG Life Sciences
- Ferring Pharmaceuticals
- GC Pharma
- Pfizer Inc.
- Dr. Reddy’s Laboratories
- Amgen Inc.
- Eli Lilly and Company
- Celltrion Inc.
- Samsungbioepis Co.Ltd
- Merck & Co.
- Biogen Inc.
- Boehringer Ingelheim
- Coherus BioSciences Inc.
- Alvotech
- BioXpress Therapeutics
- Cipla Limited
- Lupin Ltd.
- Stada Arzneimittel AG
- Torrent Pharmaceuticals
- Zydus Cadila
- Accord Healthcare
- Hetero Drugs
- Wockhardt
For more information about this report visit https://www.researchandmarkets.com/r/77pvkp
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