How big is the biosimilar market?
According to the report, the global biosimilars industry was estimated at $15.9 billion in 2021, and is anticipated to hit $143.6 billion by 2031.
- CAGR: 7%
- Current Market Size: USD 9 Billion
- Forecast Growing Region: APAC
- Largest Market: North America
- Projection Time:2021 – 2031
- Base Year:2020
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What are biosimilars?
Biosimilar drugs and reference drugs are made from living organisms but they may be made in different ways and of slightly different substances. To be called a biosimilar drug, a biological drug must be shown to be as safe as, work as well as, and work in the same way as its reference drug.
Expansion in rates of diabetes and immune system sicknesses drives the development of the worldwide biosimilars market. Additionally, good government arrangements and new item dispatches in the biosimilars business have enhanced the development yet more. Also, a few development possibilities in the created as well as creating economies have been gainful for the vital participants in the business.
- The Coronavirus pandemic made troubles for the drug business to zero in on Research and development exercises including biosimilar advancement, which affected the worldwide biosimilars market adversely.
- Besides, there was a postpone in item endorsements and item dispatches, inferable from the worldwide wellbeing emergency, which further limited the extension of the market.
The commercialization of filgrastim biosimilars in the United States have brought the revolutionary changes in development of biosimilars. Pharmaceutical companies interested in investing into biosimilars market are now focusing on the agreement and acquisitions, in order to expand their presence in biosimilars market. Recently, the Pfizer has acquired Hospira, a global leader in biosimilars. This acquisition has strengthen the biosimilar portfolio of Pfizer. Also, it increases the global reach of Hospira through commercial capabilities, scientific expertise of Pfizer. The key companies profiled in the report are Novartis (Sandoz), Synthon Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., LG Life Sciences, Celltrion, Biocon, Hospira, Merck Serono (Merck Group), Biogen idec, Inc., and Genentech (Roche Group).
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Ongoing endorsement of Zarxio (filgrastim-sndz) as first biosimilar by U.S. FDA has opened new open doors for biosimilar makes. Licenses for number of blockbuster bio-drugs have either terminated or are very nearly lapse, which is significantly driving the development of biosimilars industry. Changes in administrative rules and helpful biosimilar drug endorsement processes significantly affect the business development of worldwide biosimilars market. Notwithstanding, the high speculation related with innovative work, longer improvement cycles and necessities of economies of scale for productivity to a great extent limit the development of biosimilars market. The combination of formative arrangement with administrative rules and the reception of ideal business systems would assume urgent part in business development of biosimilars market.
Europe garnered the major share in 2021-
Based on region, Europe held the major share in 2021, generating nearly two-fifths of the global biosimilars market. At the same time, the same region would also grow at the fastest CAGR of 25.9% by 2031. This is attributed to rise in the prevalence of cancer and increase in launches of multiple biosimilars in the region.
Key players in the industry-
- Exxon Mobil Corporation
- Haihang Industry Co., Ltd.
- Kent elastomer products
- Kuraray Co.
- The Goodyear Tire & Rubber Company
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