The global biosimilars market is expected to exhibit a strong 7.5% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The global biosimilars market was valued at USD 13.4 billion in 2018.
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Biosimilars are biological medicines that are highly similar to another already approved medicine. The patent expiry of several blockbuster drugs has been a major driver for the global biosimilars market over the last few years, as this has driven the demand for generics and other alternatives to blockbuster drugs. This is likely to remain a major driver for the global biosimilars market over the forecast period, with several blockbuster drugs expected to lose their patents in the coming years, leading to a growing demand for alternatives. Due to the high profitability of biosimilars, many pharmaceutical companies have invested significantly in the development of biosimilars in the last few years. Biosimilars have become a highly useful and lucrative addition to the portfolio of pharmaceutical giants in the last few years. This is also likely to remain a key driver for the global biosimilars market over the forecast period.
The growing prevalence of chronic diseases is also likely to be a major driver for the global biosimilars market over the forecast period. The increasing prevalence of orthopedic, hematological, oncological, and neurological diseases that take a long time to fix has been a boon for the biosimilars market, as this has driven the demand for effective biological drugs to treat the diseases. The increasing demand from patients for biological products, which are viewed as being healthier and more effective than synthetic products, is also likely to be a major driver for the global biosimilars market over the forecast period. Noting the growing demand for biosimilars, the U.S. FDA has approved numerous biosimilars drugs over the last few years. This has also been a major driver for the global biosimilars market and is likely to remain a key driver for the market over the forecast period.
Biosimilars Market Competitive Leaderboard:
Leading players in the global biosimilars market include Mylan Inc., Stada Arzneimittel AG, Cipla Ltd., Actavis Inc., Hospira Inc., Eli Lily and Company, Samsung Biologics, Celltrion, Dr. Reddy’s Laboratories, Biocon, Amgen Inc., Teva Pharmaceuticals, Sandoz International, and Pfizer. Major players in the global biosimilars market are likely to focus on product expansion and development over the forecast period. Developing new, varied biosimilars for multiple diseases is likely to remain a profitable venture for players in the biosimilars market over the forecast period.
Biosimilars Market Segmentation:
The global biosimilars market is segmented on the basis of product, application, end user, and region.
By product type, the global biosimilars market is segmented into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. The recombinant non-glycosylated proteins are further divided into human growth hormone (RHGH), granulocyte colony-stimulating factor (filgrastim), insulin, and interferons. Similarly, the recombinant glycosylated proteins segment is further sub-segmented into erythropoietin (EPO), monoclonal antibodies (MABS), and follitropin. The recombinant peptides segment has been subdivided into glucagon and calcitonin. The recombinant non-glycosylated proteins segment is expected to hold a major share in the market due to an increase in the incidence of chronic diseases, diabetes, and growth hormone deficiency-related disorders. Thus, the therapeutic use of recombinant non-glycosylated proteins is broadening.
By application, the global biosimilars market is segmented into oncology, chronic diseases, autoimmune diseases, blood disorders, growth hormone deficiency, infectious diseases, and others. The blood disorders segment is expected to exhibit growth at a high growth rate over the forecast period due to the growing realization of the usability of biosimilars in treating blood disorders.
By end use, the global biosimilars market is segmented into hospitals and clinics, research institutes, and others. Hospitals and clinics are likely to hold the largest share in the global biosimilars market over the forecast period.
Biosimilars Market Regional Analysis:
Europe is expected to dominate the global biosimilars market over the forecast period, followed by North America. Increasing product launches and supportive schemes from governments in the region are the major driver for the Europe and North America biosimilars markets.
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