Global Biosimilars Market Share, Size, Trends, Opportunities, Analysis and Forecast 2019–2024
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The market is registering growth due to the inexpensive nature of biosimilar drugs, increasing geriatric population, rising research & development (R&D) investment by biopharmaceutical companies and extensive pipeline of biosimilars, and rising prevalence of chronic diseases. Generic equivalents of biologics are referred to as biosimilars. They are highly similar and comparable version of an approved biologic medicine and undergo clinical trials for demonstrating efficacy and safety.
When technology is taken into consideration, the biosimilars market is divided into electrophoresis, monoclonal antibody (mAb), nuclear magnetic resonance, recombinant deoxyribonucleic acid, and bioassays. Out of these, the mAb technology dominated the market during the historical period 2014–2018 and is expected to account for the major share of the market during the forecast period as well. This is because of the increasing utilization of mAbs and technological advancements in the field. The division is further predicted to grow at the fastest pace during the forecast period.