The Europe biosimilars market is expected to grow from US$ 10,344.86 million in 2022 to US$ 1,15,125.91 million by 2030; it is estimated to grow at a CAGR of 35.1% from 2022 to 2030.
Table of Contents:
1. Europe Biosimilars Market Introduction
2. Europe Biosimilars Market Executive Summary
3. Europe Biosimilars Market Opportunity
4. Europe Biosimilars Market Landscape
5. Europe Biosimilars Market Regional Analysis
Europe Biosimilars Market Introduction
The European biosimilars market is currently undergoing significant evolution, shaped by prevailing trends and crucial growth drivers. A primary factor fueling market expansion is the increasing incidence of chronic diseases across the European region, alongside a growing number of regulatory approvals for biosimilar products. Furthermore, the burgeoning trend of collaborations focused on the advancement and clinical assessment of biosimilars is anticipated to be a defining characteristic of the market throughout the projected period of 2022-2030. However, the substantial financial investments and intricate processes involved in biosimilar product manufacturing are expected to pose limitations to market growth during this timeframe.
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Europe Biosimilars Market Executive Summary
In the forthcoming years, biosimilar medicine manufacturers seeking to maintain a competitive edge within the European market will likely employ joint ventures and diverse collaborative frameworks. By engaging with other companies involved in the research, introduction, and commercialization of biosimilar drugs, manufacturers can expedite their product development timelines and achieve effective market penetration. Such collaborations can aid in navigating patent-related risks and enhance the acceptance of their products among healthcare professionals and patients. Access to both local and international expertise, development platforms, and financial support for research and clinical studies can significantly accelerate the product lifecycle. Additionally, forming alliances with larger biopharmaceutical firms can provide access to established manufacturing infrastructure, facilitating the outsourcing of essential activities such as cell line development, biologics and biosimilar production, process optimization, and necessary technology transfer.
Patent Expiry of Blockbuster Biologics Offers Lucrative Market Opportunity
The approaching patent expiration of several high-revenue biologic medications presents a substantial and attractive market opportunity for biosimilar manufacturers operating in Europe. Recognizing the significant potential for reducing healthcare expenditures, the German Health Ministry has introduced new legislation designed to promote increased utilization of biosimilars. Given that only a limited number of European Union (EU) countries currently permit pharmacist-initiated substitution of biosimilars, the legislative changes in Germany represent a notable evolution in standard practice. Furthermore, a law enacted in Germany in 2019 stipulates the automatic substitution of biosimilars in pharmacies commencing in 2022. This is contingent upon the Federal Joint Committee (the highest decision-making body within the self-governance of health insurers and providers) determining the interchangeability of the relevant medicines and the prescribing physician not explicitly objecting to it. Consequently, the increasing governmental support for biosimilar adoption in Germany is projected to stimulate significant market growth in the region.
Companies participating in the European biosimilars market are implementing a variety of organic and inorganic strategies to facilitate their expansion. Organic strategies primarily involve the launch of new products and the acquisition of necessary regulatory clearances. With respect to inorganic growth strategies, the market has witnessed activities such as acquisitions, collaborations, and the establishment of partnerships.
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