Global Biosimilars Market to Reach ~US$ 21.1 bn by 2027, Role in Reducing Cost of Cancer Treatment Key to Growth: Transparency Market Research
- Demand for biosimilars for a range of chronic diseases and cancers gathers momentum from their low cost of production and efficacy comparable to the reference biologics
ALBANY, New York, Feb. 20, 2020 /PRNewswire/ -- Large patent expiry of biologics in next few years has imparted an increasingly high momentum to the development of biosimilars. The prevalence of biosimilars has benefitted from their demand in oncology, particularly from the role of monoclonal antibodies in numerous cancer treatments, according to a study by TMR. The global Biosimilars Market is expected to reach a value of ~US$ 21.1 bn by the end of 2027 and is projected to garner a CAGR of ~23% during 2019–2027. The valuation of the market was pegged at ~US$ 8 bn in 2018.
Drug makers and healthcare companies will benefit from the increasing rate approval of biosimilars in developed nations.
"Manufacturers are harnessing a growing body of clinical studies to prove analytical similarity with originators and unveil biosimilars that are worthy of approvals. They should invest in developing economies of Asia Pacific to tap new revenue streams," opine analysts at TMR.
Key Findings of Biosimilars Market Study
- Among the various product types, recombinant glycosylated proteins is a prominent revenue generator for the biosimilars market; the segment is expected to touch valuation of ~US$ 23.5 bn by 2027.
- Of all the indications, oncology led the global market by holding the major share in 2018. The segment is expected to retain its dominance throughout the remaining period of the assessment period.
- Further, recombinant non-glycosylated proteins is anticipated to account for a major share during the forecast period. The major growth impetus will come from the attractive growth of opportunities in the insulin sub-segment; it also held the major share in the segment in 2018
- Of all the major regions, Europe held the major share in the global biosimilars market in 2018.
Explore 232 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Biosimilars Market (Product: Recombinant Glycosylated Proteins [Monoclonal Antibodies, Erythropoietin, and Others], Recombinant Non-glycosylated Proteins [Insulin, Granulocyte Colony Stimulating Factor, Recombinant Human Growth Factor, and Interferons], and Recombinant Peptides; and Indication: Chronic Diseases, Oncology, Autoimmune Diseases, Infectious Diseases, Blood Disorders, Growth Hormone Deficiency, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/report-toc/118
Biosimilars Market: Key Driving Factors
A study by Transparency Market Research highlights numerous healthcare trends driving need for biosimilars development world over. A few trends are worth noticing:
- Increasing prevalence of diabetes in recent years has spurred interest of biotechnology companies in biosimilars insulin. According to the International Diabetes Federation (IDF), the diabetes prevalence globally in 2019 was estimated to be 9.3%, and is expected to rise to 10.2% by 2030, and further to 10.9% by 2045.
- Growing number of monoclonal antibodies approved by the U.S. FDA for the treatment of cancer has bolstered prospects in the biosimilars market. According to the Antibody Society in the U.S., more than 16 antibody biosimilar therapeutics were approved during the period 2015–2019. Such approvals are helpful in potentially reducing the cost of treatment of cancer.
- Increasing global burden of chronic diseases expands the avenue for the acceptance of biosimilars among patient populations. Chronic diseases are the key cause of death and disability. According to the WHO, by 2020 their contribution is estimated to reach 73% of all deaths.
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Key Impediments for Biosimilars Market Players
Though the biosimilars market is on an attractive growth trajectory, a few factors hinder their preference over the reference biologics and hamper their uptake in patient population.
- One key bottleneck is prolonged clinical development pathways, particularly for orphan biosimilars. This is due to the lack of clinical data to support the efficacy of rare disease drugs.
- The affordability of biosimilars is still get established worldwide.
However, large unmet demand in Asia Pacific will impart a significant momentum to future expansion of the market.
Biosimilars Market: Region-wise Analysis
Geographically, Europe dominated the market in 2018. The penetration of biosimilars could be attributed to the high significantly lower price compared to the reference biologics and efforts by the healthcare systems to adopt affordable treatments for the management of diseases.
On the other hand, Asia Pacific is a market with sizable opportunities for the development of biosimilars. The regional market is expected to grow at promising pace during 2019 – 2027. Marked prevalence of chronic conditions and autoimmune diseases has driven the demand for biologics, hence catalyzing the need for biosimilars.
Analyze biosimilars market growth in 30+ countries including US, Canada, Germany, United Kingdom, India, China, and South Korea. Request a sample of the study.
Companies intending to up their stakes in the biosimilars market have increased their efforts in reducing the cost of treatment for cancer patients by offering those biosimilars. Also, most players are geared toward conducting more clinical studies to establish the effectiveness and safety of their biosimilars formulations with the reference biologics. To this end, they are also mulling increased numbers of collaborations. A few players in the biosimilars market are also bolstering their product portfolio expansion in order to strengthen their positions in coming few years.
Some of the well-entrenched players include names such as Apotex Inc., Amgen, Inc., Celltrion Inc., Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Biocon, and Pfizer, Inc.
The biosimilars market is segmented on the basis of:
- Recombinant Glycosylated Proteins
- Monoclonal Antibodies
- Recombinant Non-glycosylated Proteins
- Granulocyte Colony Stimulating Factor
- Recombinant Human Growth Factor
- Recombinant Peptides
Biosimilars Market, by Indication
- Chronic Diseases
- Autoimmune Diseases
- Infectious Diseases
- Blood Disorders
- Growth Hormone Deficiency
Biosimilars Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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