The global interferons market is expected to post a CAGR of close to 2% during the period 2019-2023, according to the latest market research report by Technavio.
Interferons are mostly administered through the intravenous RoA, which is associated with many side effects such as redness, irritation, swelling at the injection site, and it also directly increases the risk of extravasation. Hence, there is an increased focus on the development of novel drug delivery systems for interferons that can provide maximum benefit with a minimum dose. Delivery mechanisms are being designed to deliver interferons to the target site for improved treatment efficacy. Therefore, with such initiatives, the market is expected to grow further during the forecast period.
As per Technavio, the advent of biosimilars will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global interferons market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global interferons market: Advent of biosimilars
The growing demand for quality care has led to the increased use of biologics owing to their higher efficacy and lesser side effects compared with small molecule drugs. However, the high cost of biologics is a concern. Biosimilars are likely to play a prominent role in this respect as they have identical active pharmaceutical ingredients to their originator biologic compounds but are cheaper than the biologics, thereby increasing their accessibility. A biosimilar is a copy of the biologic that has been already authorized for use and is found to cost 20%-25% lesser than the originator biologic. As the global interferons market is expected to continue witnessing a patent cliff during the forecast period the advent of these biosimilars will fuel market growth.
Apart from the advent of biosimilars, the high target affinity and specificity of interferons and the expansion of application are some other major aspects that are expected to boost the growth of the global interferons market during the forecast period, says a senior analyst at Technavio.
Global interferons market: Segmentation analysis
This market research report segments the global interferons market by type (interferon beta, interferon alfa, and other interferons) and geographical regions (North America, Europe, Asia, ROW).
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. However, during the forecast period, the Asian region is expected to register the highest incremental growth due to the developing healthcare segment in the region combined with the presence of a large population base.
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Five Forces Analysis
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- Vendors covered
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