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The global market for biosimilar is being driven by the rising geriatric population worldwide. Infliximab is the leading molecule segment, which holds the majority of the market share of biosimilar. In addition to this, autoimmune diseases are the most common chronic disease, which is further enhancing the market for biosimilar. The market growth has been primarily driven by the launch of new products and an increasing diagnosis of particular pathologies. The market for biosimilar is being further propelled due to the product offering a cost-effective alternative to stakeholders like physicians and patients, along with ensuring a better access to medication for the patients. The growing R&D activities in the industry is further propelling the market growth.
Pfizer Inc. (NYSE: PFE), a key player in the biosimilar industry, announced in November 2020 that the FDA had approved the company’s ABRILADA™(adalimumab-afzb) as a biosimilar to Humira® (adalimumab). This biosimilar will aid in the treatment of rheumatoid arthritis, psoriatic arthritis, juvenile idiopathic arthritis, adult Crohn's disease, ankylosing spondylitis, ulcerative colitis, and plaque psoriasis. Such approvals are expected to further expand the market growth.
Market Analysis by Molecule, Type of Manufacturing, Indication, and Region:
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Pfizer Inc., Celltrion Inc., Novartis AG, Merck Sharp & Dohme Corp., Eli Lilly and Company., Samsung Bioepis, and Accord-UK Ltd., among others are the key players in the global biosimilar market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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