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Biosimilars Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
“Biosimilars Market Size Expected To Reach USD 13.1 Billion By 2024�
Biosimilars Market, Biosimilars Industry, Biosimilars Market application, Biosimilars Market growth, Biosimilars Market share, Biosimilars Market key players, Biosimilars Market trends The global biosimilars market is expected to reach USD 13.1 billion by 2024 on account of increase in the prevalence of chronic diseases such as cancer, diabetics, cardiac disorders and autoimmune diseases. Rising demand for the cost-effective therapies is expected to drive the market in the forecast period. Biosimilars a re about 30% cheaper than their counterpart biologics. Furthermore, the patent expiry of the blockbuster drugs is anticipated to provide a lucrative opportunity for the growth of biosimilars. For instance, a patent for Bevacizumab, sold under the trade name Avastin is expiring in 2019. Moreover, increasing government initiatives, speedy drug approvals and reimbursement policies are expected to boost the market for the biosimilars in the study period. Also, market giants are adopting merger & acquisition strategies to increase their product portfolio. For instance, in 2015, Pfizer, Inc. acquired Hospira, a key player in biosimilars market. In 2016, oncology was the largest segment, accounting for 32% market share. Increasing prevalence of cancer across the globe is the key factor driving the growth of the market over the forecast period. For instance,
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