According to the new market research report “Biosimilar Market (Product – Human Growth Hormones, Monoclonal Antibodies, Insulin, Peptides, Erythropoietin, and Other Products; Application – Oncology, Chronic and Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025” The global biosimilar market is projected to grow at a CAGR of 35.1% over the forecast period of 2019-2025. The market size of the biosimilar market in 2017 was approximately USD 19 billion and is expected to reach over USD 130 billion during the forecast period.
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Biosimilar Industry: Overview
Globally due to the increasing number of chronic diseases such as cancer, diabetes, autoimmune diseases, growth hormone deficiency, hematological diseases, there is a rise in demand for Biosimilar products and tends to continue the trend in the forecast period.
Biosimilar products are large and usually complex molecules produced from living organisms and are keenly monitored to ensure consistent quality. On basis of studies such as pharmacokinetics, pharmacodynamics, and immunogenicity assessment as well as additional clinical studies it is shown that biosimilars have no clinically meaningful differences in safety, purity or potency as compared to the reference product. The biosimilars market is also a rapidly growing one, with a variety of products currently under development.
What are the Cost and Revenue Drivers of Biosimilar Industry?
The most important factor driving the biosimilar market is the patent cliff of prime biological drugs. Patent expiry permits competitors as well as small manufacturing companies to produce biosimilars which in turn boosts the overall biosimilar market. Additional factors contributing to fueling the biosimilar market are the low cost of biosimilars as compared to the approved referenced product, increase in age-related disorder as a result of growing geriatric population and positive outcomes in clinical trial studies. In addition to this rising awareness promoted for use of biosimilars by the government as well as private organizations propel the biosimilar market.
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What are the Main Growth Drivers of the Biosimilar Market?
The high cost associated for manufacture as well as research and development of biosimilar, easy accessibility of generic drugs at reasonable price and consumers increased inclination towards original product hampers the growth of the market. In addition to this, stringent regulatory guidelines for approval of biosimilar affects the growth of the market as the biosimilar must show similarity with the reference product in terms of safety and efficacy. Reduction in cost through innovation and strategic collaboration among manufactures ensures to accelerate the growth of the biosimilar market during the forecast period.
What are the Fastest Growing Segments in the Biosimilar Industry?
The global biosimilar market is segmented by product and application. On the basis of the product, the market is segmented as human growth hormones, monoclonal antibodies, insulin, peptides, erythropoietin, and others. Based on application, the market is segmented as oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and others. The oncology segment dominates the market revenue as a result of an increase in awareness and adoption of cancer drugs in the treatment.
What are the Key Regional Markets in the Global Biosimilar Industry?
Based on geographical analysis, the global biosimilar market is categorized into North America, Europe, Asia Pacific and Rest of the World. Europe holds the highest share in the market owing to supportive government regulations as well as an increase in biosimilar acceptance that they are equivalent to patented drugs. In 2017, the European market was approximately $2.5million with 36 biosimilars being approved by May 2018. North America holds the second most share in the market and is expected to increase during the forecast period due to initiatives taken for use of biosimilars as well as in research and development. Asia Pacific region is anticipated to show substantial growth in the forecast period due to minimal complexity of regulatory guidelines, and adequately less manufacturing cost.
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Which Companies are the Key Players in the Biosimilar Industry?
The key players in biosimilar market are Allergan plc, BIOCAD, Biocon, BioXpress Therapeutics SA, Boehringer Ingelheim GmbH, Celltrion Inc, Coherus BioSciences, Inc, Dr. Reddy’s Laboratories Ltd, Genor BioPharma Co. Ltd, Intas Pharmaceuticals Limited, Novartis AG, Pfizer, Inc., Reliance Life Sciences