According to the report published by IndustryARC titled “
Biosimilars Market: by Type (Recombinant Non-Glycosylated Proteins and Recombinant Glycosylated Proteins); by Technology (Recombinant DNA Technology and Monoclonal Antibody Technology); by Application (Blood Disorders, Oncology, Chronic and Autoimmune Diseases, and Others); by Geography – Forecast (2018 – 2023)
”, the market is estimated to reach $27.65 billion by 2023
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According to a recent study from IndustryARC, the Biosimilars market is forecast to reach $27.65 billion by 2023 and is estimated to grow at a CAGR of 37%. The growth in the biosimilars market can be attributed to the low cost of biosimilars in comparison to biologics and high prevalence of life threating diseases such as cancer.
The market for biosimilars is being propelled by a large number of patient’s expiration of biologics, availability of biosimilars at a lower cost, and government support and initiative in developing biosimilars. Biosimilars have slowly garnered the attention of the healthcare community as biologics have started to undergo patent expiration and they are considered as strong alternatives to biologics for the cure of life-threatening diseases. Encouragement of developing low-cost biosimilars, its approval through abbreviated regulatory frameworks, and the introduction of universal health coverage in developing economies are some of the important trends that are boosting the growth of the biosimilars market. Biosimilars are used for the treatment of certain infectious disease such as Hepatitis, blood disorders, and so on. The high incidence of chronic diseases in the western region, increased cost savings and alternative treatments offered by biosimilar products to the patients have propelled the growth of the biosimilar market.
Europe was the largest market for biosimilars globally with a revenue of $xx billion in 2017. Increased spending on R&D is required to cope up with the increasing demand of biosimilars. Also, several biologics products faced patent expiration which in turn created a significant market growth in Europe. Asia-Pacific is the second largest market for biosimilars. Biosimilar uptake in countries like Japan and India is high making these countries a lucrative market for the manufacturers of biosimilars.
The Major Players in this Market Include
- Novartis International AG
- Pfizer Inc.
- Biogen Inc.
- Amgen Inc.
Biosimilars manufacturers have utilized mergers and acquisitions as well as product launches as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.
The applications covered in the Biosimilars Market report include:
- Blood Disorder
- Chronic and Autoimmune Diseases
- Growth Hormone Deficiency
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. The competitive landscape for each of the application is highlighted and market players are profiled.
IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
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