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14-Jun-2019

Growing Government Support and Decreasing Healthcare Expenditure to Drive Biosimilars Market Growth

Biosimilars, also called as follow-on biologics, are the approved biological products that are very similar to another biological drug manufactured by another company. They are cost-effective and help in prevention and treatment of different diseases like cancer, diabetes, autoimmune diseases, and infectious diseases, among others. The global biosimilars market is expected to witness stellar growth over the coming years since it has the ability to provide good-quality products at lower costs, thereby reaching the patient population that cannot afford high-cost treatments.

Scenario of the global biosimilars market

The global biosimilars market is expected to reach USD 23.63 Billion by 2023 from USD 4.49 Billion in 2017, at a CAGR of 31.7%. The base year for this study is 2017 and the forecast period is 2018–2023. This growth can be attributed to the increased demand for monoclonal antibodies in cancer treatment (oncology), autoimmune disorders, blood disorders, and infectious diseases.

The global biosimilars market is segmented by product, type of manufacturing, disease, and region. The products in biosimilars market include non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. The non-glycosylated proteins segment accounted for the largest market share of the market in 2017; however recombinant glycosylated proteins are expected to hold the largest share of the market during the forecast period.

On the basis of type of manufacturing, the market is classified into in-house manufacturing and contract manufacturing. The in-house manufacturing segment accounted for the largest share in 2017. Many players in the biosimilars market prefer the in-house method of manufacturing as they can develop biosimilars in their own laboratories and this type of manufacturing eliminates shipping and delivery costs.

On the basis of diseases, the market is classified into oncology, chronic diseases, autoimmune diseases, blood disorders, growth hormone deficiency, infectious diseases, and other diseases. The blood disorder segment accounted for the largest share of the market in 2017. The rising incidence of blood disorders across the globe, low cost of biosimilars compared to biologics, and the rising pressure to reduce healthcare expenditure are major factors contributing to the growth of this segment.

Geographical growth scenario of biosimilars market

The market was dominated by Europe in 2017. Europe is also expected to hold the largest share of the global market during the forecast period. However, Asia is expected to witness the highest CAGR from 2018 to 2023. A number of factors, such as the patent expiry of biologic products & the launch of new biosimilars, raising incidence of chronic disorders, and the emergence of new market participants are expected to propel market growth in the region. Growth in the geriatric population and the subsequent increase in the incidence of age-related disorders and chronic disorders are also expected to increase the demand for biosimilars in Europe.

Factors influencing the market growth

The growth of the global market for biosimilars can be primarily attributed to the rising need of decreasing the healthcare expenditure, growth in the demand for biosimilar drugs due to their cost-effectiveness, growing incidences of various chronic diseases, increased number of off-patented drugs, innovations and developments in the ongoing clinical trials, and high demand for biosimilars in different therapeutic applications such as rheumatoid arthritis and blood disorders. Apart from this, untapped opportunities in the emerging markets and the biologic products which are set to be off-patent are expected to further create ample opportunities for the growth of this market.

On the flip side, high manufacturing costs and complexities, strict regulatory requirements in countries, and novel strategies being implemented by biologic drug manufacturers are the major factors that may hamper the further growth of this market as well as restrict the entry of new market players.

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Key players and sustainability strategies adopted

Pfizer (US), Sandoz International (Germany), Teva Pharmaceuticals (Israel), Amgen (US), Biocon (India), Dr. Reddy’s Laboratories (India), Celltrion (South Korea), and Samsung Biologics (South Korea) are the leading players involved in the worldwide market for biosimilars. New product launches and expansions are the major strategies implemented by these players in order to gain a stronger hold on the market as well as maintain their market position. In addition, partnerships, agreements, collaborations, joint ventures, and mergers & acquisitions are also some of the other strategies being adopted by a few market players for strengthening their market portfolios as well as expand their geographical presence.

Content Source: https://www.marketsandmarkets.com/PressReleases/global-biosimilars-product-market-worth-19.4-billion-by-2014.asp

Growing Government Support and Decreasing Healthcare Expenditure to Drive Biosimilars Market Growth

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Last Updated: 14-Jun-2019