Biosimilars Market Overview
Biosimilars have changed the whole perception of treatments of chronic & rare diseases, intervening in the field of pharmaceutical, medications, and revolutionary cell & gene therapies. Assuring the best results and improved quality of life for patients, biosimilars have escorted the healthcare market to perceive galore opportunities.
These advantages of biosimilars have, in turn, led to fostering its market growth allowing it to evolve pervasively. Simultaneously, advancements in biotechnology & medical science provide impetus to the biosimilars market growth, escalating the market to ascend on the global heights.
Considering the rapid expansions, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global biosimilars market will reach USD 16.97 BN by 2023 registering a whopping CAGR of 26% during the review period (2017 – 2023). In 2016, the market had valued merely 3.35 BN USD this presages that the market will accrue over five fold.
Factors that contribute to the market growth include growing population, urbanization, and industrialization. Improving economic conditions, worldwide are increasingly availing access to excellent healthcare, fuelling consumers’ purchasing power and health expenditures which eventually increase market growth. Spreading awareness about the advantages of biosimilars among the patients and doctors is playing a vital role, propelling the market growth extensively.
The growing prevalence of various chronic diseases coupled with the increasing demand for affordable, cost-effective medical products is influencing the market growth to an extent. Increasing strategic collaborations between the market players are fostering the growth of biosimilars market, fuelling clinical trial activities. Furthermore, augmenting the number of patients suffering from chronic diseases such as diabetes and cancer drive the demand for effective patented biologics medicines and hence the market growth.
On the flip side, factors such as the skepticism among the physicians towards the benefits of biosimilars are expected to impede the market growth considerably. Moreover, high manufacturing cost and production complexities along with unclear regulatory policies are expected to pose challenges to the market growth in many countries.
Nevertheless, low-cost Biosimilars increasingly offer affordable treatments for chronic diseases like cancer, diabetes, and rheumatoid arthritis, etc. This aspect of biosimilars will drive the market growth phenomenally, especially in the developing economies, providing expansion opportunities to the market.
Global Biosimilars Market – Segments
MRFR has segmented the report into four key dynamics;
By Product: Comprises Recombinant Glycosylated Proteins (Monoclonal antibody (mAb, EPO, etc.) and Recombinant Non-Glycosylated Proteins (insulin, growth hormones & other) among others
By Application: Immune Diseases, Oncology, and Blood-related Disorders among others.
By Manufacturing: In-house and Contract, among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
Global Biosimilars Market – Geographical Analysis
Continuing with its dominance, Europe biosimilars market is expected to surge heading with high consumption of biosimilars backed by the augmented prevalence of chronic diseases and rising geriatric populace. Growing further, over its previous growth records by 2023 the region is expected to create a larger revenue pocket in the global market. Factors such as the high disposable income and the increasing health-eccentric populace impact the regional market growth positively.
Whereas the second largest market for Biosimilars– North America is surging owing to the contributions from the countries such as the US & Canada. The growth attributes to the high per capita income coupled with the growing trend of maintaining the well-being & health.
While attributing to the growing economy in some of the APAC countries like India & China, the Asia-Pacific market for Heart Health Ingredients is witnessing exponential growth. Witnessing the increasing consumption of biosimilars across the region, The APAC market is estimated to register a double-digit CAGR of 27.8 % during the assessment period (2017-2023).
Global Biosimilars Market – Competitive Landscape
Established players are adopting strategic initiatives such as merger and acquisition of relatively small but promising companies in the Asia Pacific region to expand their business and to meet the increased demand for biosimilars in the region. They are majorly focused on increasing their supply to established facilities that have the high demand for the products.
Simultaneously, in-house production of multiple biosimilar products and contract manufacturing is expected to support the market growth during the assessment period. Pharmaceutical companies are major investors in the biosimilars market. Patent protection and practice of other intellectual rights are preventing the formulations from imitation.
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Biosimilars Market Key Players:
Some of the players leading the global biosimilars market include Teva Pharmaceuticals Industries Ltd. (Israel), Astra Zeneca (UK), Sandoz International GmbH (Germany), Pfizer Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Celltrion, Inc. (South Korea), Amgen Inc. (US), Novartis (Switzerland), Dr. Reddy’s Laboratories Ltd. (India), Biocon Ltd. (India), Samsung Bioepis (South Korea), Accord Healthcare (UK), and Eli Lilly (US) among others.
Innovation/ Industry/Related News:
April 05, 2018 – AbbVie Inc.(US), a leading global pharmaceutical company, announced the signing a partnership deal with Samsung Bioepis co. Ltd(UK) and its joint venture partner Biogen, Inc. (US) a leading global biotechnology company to safeguard patents on Humira, the world’s top-selling prescription medicine. The deal will help AbbVie to fend off the competition with its forits biosimilar version of a blockbuster drug, Humira in the US until 2023.
