Remicade Biosimilars Market is Estimated to Witness High Growth Owing to Increased Use for the Treatment of Rheumatoid Arthritis
Remicade is a biologic disease-modifying anti-rheumatic drug used for the treatment of various autoimmune diseases. It is primarily used for rheumatoid arthritis, Crohn's disease, ulcerative colitis. Remicade biosimilars offer effective treatment alternatives at lower costs. This has increased the use of Remicade biosimilars in recent years.
The global Remicade biosimilars Market is estimated to be valued at US$ 3464.39 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increased use of Remicade for the treatment of rheumatoid arthritis is the major driver driving the growth of this market. According to World Health Organization, rheumatoid arthritis affects nearly 1% of the world's population globally, making it one of the most common autoimmune diseases. Biosimilars provide effective and affordable alternatives for the biological treatment of rheumatoid arthritis which fuels their demand. Additionally, rising cases of inflammatory bowel diseases like Crohn's disease and ulcerative colitis boosts the use of biosimilars for their treatment further supporting market growth. However, stringent regulations pertaining to biosimilar approvals poses challenges to market growth.
SWOT Analysis
Strength: Remicade biosimilars have similar efficacy, safety and pharmacokinetics as Remicade originator product. With reduced costs, biosimilars provide wider accessibility to larger patient population. Biosimilars help reduce healthcare costs substantially for both public and private payers.
Weakness: Presence of anti-drug antibodies may affect efficacy of biosimilars over time. There can be uncertainty among physicians and patients regarding interchangeability and substitution of biosimilars.
Opportunity: High demand for cost-effective biologics for chronic inflammatory conditions like rheumatoid arthritis creates significant market potential. Wider acceptance and increasing familiarity among stakeholders may further boost their utilization.
Threats: Patent expiration and market exclusivity of originator Remicade will attract more biosimilar competitors, intensifying price competition. Stringent regulations around data requirements and manufacturing processes pose challenges.
Key Takeaways
The Global Remicade Biosimilars Market Size is expected to witness high growth. The global Remicade biosimilars Market is estimated to be valued at US$ 3464.39 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.
Regional analysis related content comprises Asia Pacific region is growing at the fastest pace due to improving healthcare infrastructure and rising healthcare expenditure. With growing geriatric population suffering from autoimmune diseases, the demand for cost-effective biosimilars is increasing rapidly in the region.
Key players related content comprises Key players operating in the Remicade biosimilars market are Henkel AG & Co. KGaA, Chemtronics, Electrolube, Dow Corning Corporation, 3M Company, Dymax Corporation, KYZEN Corporation, Master Bond Inc., Techspray, Chase Corporation, ACC Silicones Ltd., LORD Corporation, Shin-Etsu Chemical Co., Ltd., Avery Dennison Corporation, MG Chemicals. Samsung Bioepis and Mylan are the leading players with their Remicade biosimilars enjoying majority market share. Other small and mid-sized players are focusing on expanding their regional presence through collaborations with local distributors.
For more Insights, Read –
https://www.insightprobing.com/remicade-biosimilars-market-market-size-and-share-analysis/
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