Biosimilar Hormones Global Market 2024 To Reach $11.77 Billion By 2028 At Rate Of 24.0%

LONDON, GREATER LONDON, UK, August 7, 2024 /EINPresswire.com/ -- The biosimilar hormones market has experienced robust growth in recent years, expanding from $3.9 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The growth in the historic period can be attributed to the rising prevalence of chronic diseases, increasing aging population, growing awareness of biosimilar hormones, and expanded access to healthcare.

Strong Future Growth Anticipated
The biosimilar hormones market is projected to continue its strong growth, reaching $11.77 billion in 2028 at a compound annual growth rate (CAGR) of 24.0%. The growth in the forecast period can be attributed to expanding hormone targets, growing patient acceptance, advances in manufacturing, government support, growing clinical trial data, and expanded access to healthcare.

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Growth Driver Of The Biosimilar Hormones Market
The increased prevalence of diabetes is expected to propel the growth of the biosimilar hormones market. Diabetes is a persistent health condition that impacts the body's ability to convert food into energy. Biosimilar hormones, including insulin, offer safe and efficient alternatives for managing diabetes, potentially resulting in reduced expenses and improved accessibility for patients. Biosimilar growth hormone can help in the treatment of diabetes by improving blood sugar control in adults with type 1 and type 2 diabetes.

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Major Players And Market Trends
Key players in the biosimilar hormones market include Teva Pharmaceutical Industries Ltd., Gedeon Richter Plc., Intas Pharmaceuticals Ltd., Biocon Limited, Mylan, Sanofi, Sandoz (Novartis).
Major companies operating in the biosimilar hormones market are innovating new products, such as Sogroya (somapacitan-beco) injection, to increase their profitability in the market. Sogroya (somapacitan-beco) is a prescribed analog of human growth hormone (GH) utilized to treat individuals diagnosed with growth hormone deficiency (GHD).

Segments:
1) By Type: Teriparatide Biosimilars, Follitropin Alfa Biosimilars, Insulin Biosimilars, Somatropin Biosimilars, Other Types
2) By Application: Research & Biotechnology, Diagnostics, Biocatalysts, Therapeutics, Other Applications
3) By Distribution Channel: Hospital And Retail Pharmacy, Online Pharmacy/ePharmacy, Specialty Clinics

Geographical Insights: North America Leading The Market
North America was the largest region in the biosimilar hormones market in 2023. The regions covered in the biosimilar hormones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Biosimilar Hormones Market Definition
Biosimilar hormones refer to the hormones included in the product that are chemically identical to those produced by your body. The hormones in bioidentical drugs may be identical to those used in conventional hormone therapy. They are used to treat people whose hormone levels are low or out of whack.

Biosimilar Hormones Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Biosimilar Hormones Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on biosimilar hormones market size, biosimilar hormones market drivers and trends, biosimilar hormones market major players, biosimilar hormones competitors' revenues, biosimilar hormones market positioning, and biosimilar hormones market growth across geographies. The biosimilar hormones market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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