FOR IMMEDIATE RELEASE
August 14, 2018
— Biosimilars are not generics and are never treated as generics by producing companies and suppliers. Instead mentioned as bio-pharmaceuticals or follow-on biologics, biosimilars differ from generics within the entire producing process, right from the raw materials utilized in their producing. Typically, biosimilars are created primarily by the two key processes, controlled gene expression and recombinant DNA technology.
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Europe Biosimilars Market was worth USD 2.86 million in 2018 and estimated to be growing at a CAGR of 23.50%, to reach USD 8.21 million by 2023The adoption of unhealthy lifestyles and the subsequent occurrence of chronic illnesses is the major reason behind the expansion of the Europe Biosimilars Market. The market is driven by factors such rising prevalence of chronic diseases like cancer and diabetes, the growing demands of pharmaceutical medication, particularly the high priced patented medication.
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Biosimilars supply a less expensive alternative for other biological and artificial medication. Across the globe, the biosimilars market is driven by aging population and increasing rates of diabetes and chronic disorders. Government support and initiatives also play an important role.
The emergence of off-patent biologic merchandise is one of the key factors anticipated to encourage the expansion of the global biosimilars market within the next few years. These drugs are relatively cost-efficient, thanks to which the demand is predicted to increase well in the next few years. Additionally, the growing prevalence of various ailments across the world is foreseen to fuel the expansion of the market.
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Based on geography, Europe market is studied in different regions namely the U.K., Germany, France, Spain and Italy. Countries from the European Union presently dominate the global market due to the favorable government rules in this region.
The top companies in the current market include Wockhardt Ltd, Hospira Inc., andoz International GmbH, Teva Pharmaceutical Industries Ltd., Biocon Limited, Mylan Inc. and Dr. Reddy’s Laboratories.
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