Biosimilars Market to reach $11.12 Billion by 2021, Providing An Incentive For New Companies to Enter the Market.
“Biosimilars Market: By Product (Recombinant Glycosated Proteins and Others) Technology (mAbs, Chromatography, Mass Spectroscopy and Others); By Application (Blood & Oncology Diseases, Chronic Diseases and Others); By Geography-Forecast (2016 - 2021)”, published by IndustryARC.
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Biosimilars Market (2016 - 2021)
Biosimilars are biologic inventions that are analogous but not the same as the original reference biologic products. Initial biologics like insulin and growth hormones have been helpful in the healing of severe illnesses like anemia, diabetes and other diseases. Unlike the biologics, biosimilars are articulated in living cells which brings flexibility in the properties of the biosimilars. The Biosimilars market report is a comprehensive study of the market for different technologies, product types, applications and geography. The global market size is estimated to reach $11.12 billion by 2021 growing at a CAGR of around 27.9% during the forecast period of 2016 and 2021.
The market is mainly driven by rising demand from patients who do not have access and cannot afford exorbitantly priced biologics. Along with this, there is a constant growing demand from various governments for development of their domestic pharmaceutical industries. Mounting demand for curing chronic diseases coupled with blood, oncology and hormonal diseases are set to bring an upsurge in the biosimilars market.
Rising need for affordable biologics and balanced solutions combined with changes in regulations of contemporary times are amassing the influence of biosimilars in various segments of health care industry. Developed markets like the U.S. and Europe, deliver short-term development prospects for biosimilars, assisted by governments which are dispensing approvals in terms of regulatory frameworks, along with providers and payers, who are set to push the uptake of biosimilars for cost containment.
Recombinant Glycosylated Protein dominated the market with the largest share and generated revenue of $1.43 billion in 2015. On the other hand, the same trend has been followed by recombinant non-glycosylated proteins which held a share of 33%. The majority of biosimilars are now being developed with the help of Recombinant DNA technology. The emphasis on recombinant glycosylated proteins has amplified considerably owing to the development of mAbs (monoclonal antibodies) which are considered to be, by far the best innovation utilized for the treatment and cure of cancer.
The global market for biosimilars is dominated by European region, which is poised to remain the largest market in 2021 as well. The fastest growth is however attributed to the American region which is anticipated to grow at a CAGR of nearly 33% during the forecast period. With respect to Europe, Germany by far has been the most progressive nation in educating and incentivizing physicians to drive the demand for biosimilars. The important thing to understand is that biosimilars provide better access as it improves the prospects for treatment option, not just for the patients, but physicians and payers as well.
There is big room for biosimilars to grow with large untapped potential. The healthcare savings can be reutilized or channeled back into the system to improve the healthcare processes. On the pharmaceutical front, innovation is only going to better the patient outcomes and that is the sole purpose of biosimilars. The number of manufacturers across the world for Biosimilars has increased manifold. These manufacturers are vigorously exploiting in surmounting their position in the market and are able to entice profitable deals.
Some of the major players are:
- Novartis International AG
- Hospira Inc.
- Celltrion Pharma Inc.
- Biocon Limited
- Teva Pharmaceutical Industries Ltd.
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