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Antibiotics Active Pharmaceutical Ingredient (API) Market In-Depth Analysis on Size, Cost Structure
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Active Pharmaceutical Ingredients (API) Market SWOT Analysis by Key Players: Lonza, Hospira, Boehringer Ingelheim
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Generic Drugs Market Revenue Worth $786 Billion by 2030 says P&S Intelligence
NEW YORK, March 17, 2021 /PRNewswire/ Almost 75% of the deaths in 2020 were because of chronic diseases, as per the World Health Organization (WHO). Among the diseases, the deadliest were ischemic heart disease, diabetes, cancer, and stroke. This is to be a major factor to propel the global generic drugs market size to $786.0 billion by 2030 from $278.4 billion in 2019, at a 10.0% CAGR between 2020 and 2030. This is because branded drugs are often expensive, which is why a large number of people in developing countries are not able to purchase them.
Generic drugs, on the other hand, are cost-effective, at the same time contain the same active ingredients and have a similar effect as patented drugs. In this regard, the generic drugs market is also being driven by the patent expiry of blockbuster medications. As patented drugs lose their certification, it gives pharmaceutical companies the opportunity to
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The global biosimilar monoclonal antibodies market is expected to decline from $3.21 billion in 2019 to $3.04 billion in 2020 at a compound annual growth rate (CAGR) of -5.18%.
The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $7.18 billion in 2023 at a CAGR of 33.13%.
This report focuses on biosimilar monoclonal antibodies market which is experiencing strong growth. The report gives a guide to the biosimilar monoclonal antibodies market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
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