The global biosimilar market reached a value of US$ 5.1 Billion in 2019. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
Biosimilars refer to biotherapeutic drugs that are highly similar to the reference biologics in terms of safety, purity, and bioactivity. Significant expertise and state-of-the-art technology are required for their development and manufacturing, owing to which they entail a higher cost as compared to small molecule generics.
Biosimilar Market Trends:
With the evolving regulatory framework for biosimilars, their cost has been significantly reduced as the governments of various nations have started approving their production and marketing. This has also lowered the value of the treatment for a variety of chronic diseases, including cancer, autoimmune disorders, and chronic kidney and infectious diseases. Along with this, the patent expiry of a number of blockbuster biological drugs has created positive growth prospects for the biosimilar market. Moreover, several leading companies have increased their research and development (R&D) activities to develop complex and differentiated products either through acquisitions or building their capabilities. For instance, Eagle Pharmaceuticals Inc. has acquired the private biotech company, Arsia Therapeutics Inc., to enhance its competencies in biosimilars.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Breakup by Molecule
Breakup by Type of Manufacturing
Breakup by Indication
Breakup by Region
Rest of Europe
Rest of the World
View Report TOC, Figures and Tables: https://www.imarcgroup.com/biosimilar-market
Some of the major players in the market are Novartis AG (NYSE: NVS), Pfizer Inc. (NYSE: PFE), Teva Pharmaceutical Industries Ltd (NYSE: TEVA), Celltrion, Merck & Co, Samsung Bioepis, Eli Lilly, Biocon, Amgen, Dr. Reddy’s Laboratories, Boehringer Ingelheim, etc.
Browse more healthcare reports by IMARC Group:
Biosimilar Market in Europe 2020-2025
United States Generic Drug Market 2020-2025
Generic Oncology Drugs Market 2020-2025
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the lobster industry, which has enabled the clients to set up and expand their businesses successfully.
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