New York, June 11, 2024 (GLOBE NEWSWIRE) -- The Global size was reached in 2023 and is further anticipated to reach by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of from 2024 to 2033. Biosimilars also known as follow-on biologics, are similar to an original product, created by different companies.
These are vital medical products and are used in the treatment of a large spectrum of chronic & acute illnesses, and are not related to recording electrical brain activity, as their major role depends on providing treatments for several diseases & disorders. Recombinant non-glycosylated proteins will lead the biosimilars market in 2024 due to regulatory approvals and growth in critical diseases like diabetes. The recombinant glycosylated proteins segment will grow fastest, driven by patent expirations, market entries, and technological advancements.
The Biosimilars market experiences strong competition, having various global & local companies competing for market share. The appeal of biosimilars depends on their cost-saving potential, which draws interest among new entrants eager to boost their profits, as many of these players are dedicated to attaining regulatory nods, investing more in R&D, introducing fresh products, & expanding their geographic reach, all in an attempt to secure their position within the market. Some of the major players in the market include Novartis AG, Amgen Inc, Pfizer Inc, Biocon, AbbVie Inc, and more.
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