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Biosimilars are defined as the molecules that are similar to the existing innovator biologics. The biosimilars are also defined as the legally approved versions of the biopharmaceutical products manufactured by different sponsors having patents of the innovator product. Furthermore, these are biological products that have no clinical difference between the FDA approved biologics. Additionally, biosimilars should demonstrate similar pharmacodynamics, pharmacokinetics, and immunogenicity by focusing on the efficacy and safety of the innovator biologic to create similarity among them. In addition to this, the process of approval of biosimilar permits the submission of biological license application for interchangeable biological. This entire process requires biosimilar applicant to prove that are no difference in purity, safety, and others when compared with the branded product which is also propelling the market growth during the forecast period.
The ophthalmology biosimilars market is expected to witness robust growth during the forecast period. The major factors that are positively influencing the growth of the market are the rise in prevalence of ophthalmic diseases, growth in the recurrence of retinal diseases, rise in the geriatric population, rise in cases of diabetes, and others. According to studies, it is noted that between the age of 45-85 years the global prevalence of age-related macular degeneration was early age-related macular degeneration is projected to be 8.7% and late age macular degeneration is 0.4%. Furthermore, increase in drug discovery, improvised drug delivery for better healthcare outcomes, rise in adoption of the biosimilars by the healthcare professionals for improved patient treatment, and others are immensely boosting the growth of the market during the forecast period. Moreover, increase in research and development activities for enhancing the pipeline of the drug depending on the market trends, various initiatives conducted by government and other healthcare organizations for spreading the awareness oriented to ophthalmic diseases and for the utilization of biosimilars in treatment are expected prominently propagate the market growth in the upcoming years.
Key Market Driver -
Increasing prevalence of ophthalmological disorders
Key Market Restraint -
High cost of the treatment and patent expiration of the biologics
However, owing to drug delivery advancements in the pharmaceutical and biotechnological fields rise in drug cost and the treatment is expected to hamper the growth owing to concerns associated with patient’s access for the continuation of the therapies. Additionally, the patent's expiration for blockbuster biologics has negatively affected the production of the biologics impeding the growth of the market in the near future.
Globally, the ophthalmology biosimilars market is segmented on bases of drug type, indication, distribution channel, and region. Based on drug type, the market is segmented into Adalimumab, Aflibercept, Ranibizumab, and others. Based on the indication, the market is segmented into macular degeneration, diabetic macular edema, retinal detachment, and others. Based on the distribution channel, the market is classified into hospital pharmacies, retail pharmacies & drug stores, online pharmacies, and others.
Geographically, the ophthalmology biosimilars market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The major companies covered in the global ophthalmology biosimilars market report include Zydus Cadila, Biocon, Formycon AG, Xbrane Biopharma, Pfenex Inc., Coherus BioSciences, Biocad, Allergen, mAbxience, Intas Pharmaceuticals Ltd, and others.
The global Ophthalmology Biosimilars market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market owing to rise in ophthalmic diseases, rise in diabetic patients, increase in research and development conducted by manufactures that are focusing on the pipeline analysis of ophthalmology biosimilars, and others. Furthermore, Europe and Asia Pacific are anticipated to project significant growth in the market rise in geriatric population, increased cases of diabetics, increased healthcare expenditure, rise in healthcare awareness created by government by enhancing better healthcare delivery, owing to collaboration, mergers, and others between the major key players. For instance, prevalence of eye disease in Western China is noted to be among 3,469 children refractive error is accounted to be 20.69%, conjunctivitis is 11.76%, color vision defect is accounted to be 0.52%, macular degeneration is calculated to be 0.03%, and others. Latin America and Middle East and Africa are expected to experience nascent growth owing to low healthcare awareness and expenditure, and others.
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