According to the new market research report by IndustryARC titled “Biosimilars Market: By Type, By Technology, By Application and By Geography Analysis - Forecast (2018 - 2023),” the global biosimilars market is driven by the rising prevalence of chronic diseases such as cancer and diabetes and growing awareness regarding the cost-effectiveness of biosimilars over biological drugs.
Europe dominates the Biosimilars market
Europe dominates the biosimilars market due to the presence of well-defined biosimilar regulatory frameworks and major biopharmaceutical companies such as Pfizer, Sanofi, Novartis, Merck, and GlaxoSmithKline. Europe is followed by Asia-pacific which is further followed by North America, in terms of market revenue. The Asia-Pacific market is projected to grow at a CAGR of 40.19% during the forecast period 2018–2023, while North America is projected to be the fastest growing market with a CAGR of 52.36% due to the patent expiry of several biologic products, the increased prevalence of chronic diseases, and the emergence of new market participants. Europe, on the other hand, is estimated to grow at a CAGR of 35.36% during the forecast period.
Selected/Sample Analysis done in the full Report
The biosimilars market is segmented based on product type, technology, and application. Based on technology, the market is categorized into monoclonal antibodies technology, and recombinant DNA technology. The recombinant DNA technology segment held the highest market share compared to monoclonal antibodies technology in 2017. Based on product type, the biosimilars market is segmented into recombinant non-glycosylated protein, recombinant glycosylated protein, and peptides. The recombinant glycosylated protein segment holds the major share in the biosimilars market. Based on application, the biosimilars market is categorized into blood disorders, oncology diseases, chronic and autoimmune diseases, growth hormone deficiency, and others.
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Excerpts on Market Growth Factors
- Growing awareness about biosimilars and the low cost of biosimilars are factors that drive the biosimilars market growth. Biosimilar drugs that are similar in terms of potency, safety, and efficacy to previously approved "reference" biologics are manufactured in high capabilities with reduced research and development cost.
- In addition to the cost-effectiveness of biosimilar drugs, the high prevalence of chronic diseases worldwide is also a major factor contributing to the market’s success. As the number of individuals with cancer, diabetes, anaemia and other chronic diseases continues to rise, the demand for cost-effective biosimilar drugs to treat these conditions will continue to increase.
- There is a significant market growth for biosimilar products due to the patent expiry of several biologic products.
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Key players of the Biosimilars Market
Novartis International AG is the main company in the Biosimilars market. The company has its headquarters in Basel, Switzerland. Celltrion, Pfizer Inc., Biogen Inc., Samsung Bioepis, Amgen, Teva Pharmaceutical Industries Ltd., Stada Arzneimittel AG, and Biocon Limited are the other key players in the biosimilars market.
The Biosimilars Market report is segmented as below:
A. Biosimilars Market – By Product Type (Market Size – $Million/$Billion)
1. Recombinant Non-Glycosylated Protein
2. Recombinant Glycosylated Protein
B. Biosimilars Market – By Technology (Market Size – $Million/$Billion)
1. Monoclonal Antibodies Technology
2. Recombinant DNA Technology
C. Biosimilars Market – By Application (Market Size – $Million/$Billion)
1. Blood Disorders
2. Oncology Diseases
3. Chronic and Autoimmune Diseases
4. Growth Hormone Deficiency
D. Biosimilars Market – By Geography
1. North America
E. Biosimilars Market – Market Entropy
F. Companies Cited/Interviewed
1. Novartis International AG
4. Pfizer Inc.
5. Biogen Inc.
6. Samsung Bioepis
7. Teva Pharmaceutical Industries Ltd.
8. Stada Arzneimittel AG
9. Biocon Limited
10. Allergan plc
A. Generic Drugs Market
B. Oncology Drugs Market
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