Biosimilars Market is Growing at a Healthy CAGR of 26% During Forecast to 2023
MRFR has published report on “Biosimilars Market 2023”
Biosimilars Market Synopsis
Market
Research Future (MRFR) postulates that the global biosimilars
market share is predicted to Garner USD 3.35 billion, grabbing a CAGR of
26% throughout the forecast period (2017-2023). The augmenting incidences of
several chronic diseases are estimated to favor the Biosimilars Market Growth. Biosimilars
are referred to as a biological medical product which are identical copies of
the original medical product. They are generally derived from a plant,
bacteria, yeast, and other several processes. Biosimilars are neither generics
nor treated like generic drugs. Also acknowledged as bio-pharmaceuticals,
biosimilars differ from generics in the manufacturing process. They are
produced by two main processes, recombinant DNA technology and controlled gene
expression.
Biosimilars Market Potential and Pitfalls
With
the augmenting incidences of several chronic diseases, growing demand for cheap
medical products, and strategic collaborations leading to clinical trials and
enhanced productivity, the global biosimilars market is estimated to flourish
throughout the appraisal period. Biosimilars are extensively used in the
treatment and prevention of chronic diseases like cancer, diabetes, autoimmune
disease, cardiovascular diseases (CVDs), kidney failure, rheumatoid arthritis,
hematological disease, hormone growth deficiency, and infectious disease. This
is likely to create momentum to the market growth during the estimated period.
Also, with the growth in the geriatric population, the demand for biosimilars
is expected to trigger.
Biosimilars
are constantly gaining prominence over other conventional biologics due to
lesser cost as compared to the parent biological drugs. Moreover, different
private and government bodies are promoting the use of biosimilars over
synthetic drugs and conventional biologics, which is further propelling the
growth of the market across the globe. Also, with the rapid growth in the
pharmaceutical sector combined with the high cost of existing biological drugs,
the market is anticipated to boom.
On
the contrary, physician skepticism coupled with the lack of awareness regarding
biosimilars is some of the top barriers likely to vitiate the market growth in
the coming years. Additionally, complexity and high manufacturing cost can act
as roadblocks to the mainstream production of biosimilars. Despite such
hiccups, discounted prices of biosimilars will impact the overall biosimilar
sales, as patients are the key beneficiaries.
Biosimilars Market Competitive Dashboard
Biocon Ltd. (India), Eli Lilly
(U.S.), Novartis (Switzerland), Celltrion Inc. (South Korea), Dr. Reddy’s
Laboratories Ltd. (India), Pfizer Inc. (U.S.), Teva Pharmaceuticals Industries
Ltd. (Israel), Sandoz International GmbH (Germany), Astra Zeneca (U.K.), Amgen
Inc. (U.S.), Samsung Bioepis (South Korea), F. Hoffmann-La Roche Ltd.
(Switzerland), and Accord Healthcare (U.K.).
Global Biosimilars Market: Segmental Analysis
The
global biosimilars market has been segmented on the basis of product,
application, and manufacturing.
By
mode of product, the global biosimilars market has been segmented into
recombinant non-glycosylated proteins, recombinant glycosylated proteins, and
others. Among these, the recombinant glycosylated proteins segment is
anticipated to occupy the largest share and is likely to retain its dominance.
The growth is credited to the wide therapeutic area of such proteins coupled
with the presence biosimilar version of monoclonal antibodies at much lower
rates.
By
mode of application, the global Biosimilars
Market has been segmented into oncology, immune diseases, blood-related
disorders, and others.
By
mode of manufacturing, the global biosimilars market has been segmented into
contract manufacturing and in-house manufacturing. Among these, the in-house
manufacturing is presumed to occupy the largest share owing to the rising
demand for cost-effective biosimilar products due to the augmenting incidences
of several chronic diseases.
Biosimilars Market Regional Insights
Geographically,
the biosimilars market span across regions namely, Europe, Asia Pacific, North
America, and the Middle East & Africa.
Among
all the regions, the European region is likely to dominate the global
biosimilars market and is estimated to retain its dominance in the coming
years. The growth is credited to the rising prevalence of diseases coupled with
the growth in the geriatric population in this region. Moreover, advanced
medical research and technological advancements are further triggering the
demand for biosimilars in this region. The growth in the regional market is
likely to be stimulated by patent expiry of biologic products combined with the
launch of new biosimilars and the advent of new market participants.
The
North American region is predicted to occupy the second largest share in the
global market owing to technological advancements and extensive medical
research. The market is mainly driven by the presence of large research labs
such as Amgen, Sandoz, Teva Pharmaceutical, and others.
The
Asia Pacific region is anticipated to emerge as the fastest-growing region
owing to the immense economic development coupled with the booming
biotechnology companies in this region. The country-specific markets in this
region generating maximum revenue are India, Australia, South Korea, Japan, and
China.
Biosimilars Industry Updates
February
19, 2019: Sandoz, a developer of biosimilar has recently announced the launch
of their biosimilar adalimumab, Hyrimoz, in Spain. This biosimilar, referencing
Humira, was authorized in the European Union for sale in July 2018. It has been
approved for indications of reference adalimumab and is available in 40 mg
doses for subcutaneous injection in pre-filled pen or a syringe form.
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