Worldwide Biosimilars Market – Synopsis:
Emergence of Biosimilars in to the fields of Pharmaceutical, treatments of chronic & rare diseases, medications and revolutionary cell and gene therapies has proven to be a significant turning point for the Biosimilars market globally. Assuring the best results and improved quality of life for patients, Biosimilars have escorted the healthcare market to perceive galore opportunities for the growth. This has led to drive the market further evolving pervasively.
Thanks to the advancements in biotechnology & medical science, that have provided impetus to the market growth of Biosimilars, over the last few years allowing the Biosimilars market to ascend to the enhanced heights. Acknowledging the exponential growth the market is perceiving currently and the growth prospects the market is demonstrating globally; Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insights up till 2023. In its report MRFR asserts that the global Biosimilars market is projected to accrue USD 16.97 Billion by 2023, registering a phenomenal double digit CAGR of 26% throughout the forecast period (2017 – 2023). The sedulous efforts of the researchers and key players to bring innovations in Biosimilars has spurred the market growth.
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In 2016, the market had accrued the value of USD 3.35 Billion which means Biosimilars market is expected to grow in five folds! Quite an ascend!! Factors such as increasing awareness about Biosimilars among the patients and doctors coupled with the rising prevalence of various diseases and the increasing demand for the affordable, cost effective medical products have fostered the market growth. Strategic collaborations have fuelled clinical trial activities further fostering the market growth of Biosimilars. Moreover, increasing number of patients with chronic diseases such as diabetes and cancer drive the demand for effective patented biologics medicines further providing impetus to the Biosimilars market growth.
Conversely, factors such as the scepticism of physicians along with the lack of awareness towards befits of Biosimilars is hampering the market growth. Similarly, high manufacturing cost and complexity of production, along with the unclear regulatory policies in many countries are expected to pose as major constraints for the global biosimilar market during the forecast period. However due to the lower prices of Biosimilars, many treatments of chronic diseases like diabetes, cancer and rheumatoid arthritis are expected to become affordable in developing countries. Which in turn will provide opportunities for the market players to expand in the global Biosimilar market in the years to come.
Worldwide Biosimilars Market – Competitive Landscape:
The market of Biosimilars appears to be fiercely competitive & fragmented owing to the presence of numerous matured & small key players accounting for a substantial market share. These market players try to gain competitive advantage through strategic partnership, acquisition, expansion, collaboration, product & technology launch. Well established players are investing heavily in R&D and clinical trials to develop effective Biosimilars.
Strategic partnerships between biosimilar manufacturers, in house production of multiple biosimilar products and contract of manufacturing (manufacturing at some other facility) such factors will support to the growth and expansion plans of the key players during the forecast period. Pharmaceutical companies are significant investors in the Biosimilars Market. These Manufacturers are striving to develop novel pharmaceuticals and the blockbuster drugs. However, patent protections and availability of other intellectual rights are preventing these formulations from imitation.
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Innovation/ Industry/Related News:
March 07, 2018 – Government of Ireland announced the new national policy for the uses of biosimilars. The new policy aims to increase biosimilar use while bringing down the cost of medicines.
March 13, 2018 – TRPharm (Turkey) announced receiving of regulatory approval to launch “Redditux” (a rituximab biosimilar) in the country. Redditux, considered as a breakthrough treatment of chronic lymphocytic lymphoma and non-Hodgkin lymphoma was initially developed by Indian drug maker Dr Reddy’s Laboratories, and first approved in India in 2007. The duo (Dr Reddy’s and TRPharm) announced their collaboration in 2016, under which TRPharm will launch 3 biosimilar products of Dr Reddy’s in Turkey.
Worldwide Biosimilars Market – Segments:
For the convenience and enhanced understanding of the report; MRFR analysis is segmented in to 4 key dynamics
By Product: Comprises Recombinant Non-Glycosylated Proteins (insulin, growth hormones & other), Recombinant Glycosylated Proteins (Monoclonal antibody (mAb), EPO, & etc.)
By Application : Oncology, Immune Diseases, Blood Related Disorders, and others.
By Manufacturing: In-house, Contract, and others.
By Regions: North America, Europe, APAC and Rest of the World.
In 2016, segment – Recombinant glycosylated proteins accounted for 60% of market share. Segments diabetes medicine & oncology will attain faster growth during the forecast period.
Worldwide Biosimilars Market – Geographical Analysis:
In 2016, Europe dominated the global market of Biosimilars attributing to the prevalence of diseases and rising geriatric population. Whereas North America market accounts for the 2nd largest market of Biosimilars. Asia Pacific which is the 3rd largest market for Biosimilars is expected to grow at a phenomenal double digit CAGR of 27.8 % during 2017-2023.
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