The global market for biosimilars is getting a strong impetus due to the growing pressure to cut medical and healthcare expenses. Biosimilars are available at rates lower by 10%-30% in comparison to their parent products. The rising global geriatric population is fueling the frequency of chronic disorders, adding to the growth of the global biosimilars market.
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The market study offers a comprehensive analysis of the global biosimilars industry, evaluating the essential factors such as growth drivers, restraints and challenges, and the development opportunities in this market.
Furthermore, the market forecasts, together with other detailed information, will assist existing as well as new participants in the global biosimilars market in assessing the potential of this market. Equipped with in-depth primary and secondary research, this market study on the global industry for biosimilars will help formulate market strategies that put the dominant market trends to good use.
The global market for biosimilar products is expecting a surge due to off-patent biologic products. Biosimilar drugs are cost-effective, which is a major factor responsible for the increased demand for these products. Further, the rising prevalence of various ailments is another factor boosting the growth of this market.
Coupled with government initiatives and assistance, the strategic collaborations between market players that lead to rising numbers of clinical trial activities for biosimilars and increased productivity are propelling the global biosimilars market significantly. However, the high production costs and intricacies of the product, together with several strict rules and regulations in various economies regarding the usage of the same, are adversely impacting the biosimilars industry. Adding to this is the innovative strategies devised by biologic drug producers, which are hampering new entrants into the global biosimilars market.
Europe is the dominant regional market for biosimilars. The precise regulatory guidelines, presence of multiple biosimilar drugs such as tevagrastim, omnitrope, and binocrits, as well as the numerous products in the pipeline are the various reasons fueling the biosimilars market in Europe. The impending patent expiration of 15 biologics in the near future will also help the biosimilars market. On the other hand, the U.S. has a limited biosimilars industry, due to strict government regulations. The market in Asia Pacific is expected to register the fastest growth in the coming years.
Developing economies are significant potential markets for biosimilar products. But the global market is expected to face strong challenge from the complex infrastructure required for the production of biosimilars as well as the rigorous clinical trials needed to obtain the approval of regulatory bodies.
The global biosimilars industry is a highly fragmented market thanks to the large-scale activities of companies such as Abbott, Astra Zeneca, Ranbaxy Laboratories, Cipla, Sandoz, Bristol-Myers Squibb, and Genentech. Sandoz, the generics division of the Switzerland-based pharmaceutical giant Novartis, has recently launched Zarxio under the trade name Filgrastim-SNDZ in the U.S., marking the entry of biosimilars drugs in the nation. This move has also marked Sandoz as the leader in the global biosimilars market.
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