Biosimilar Market in Europe to Reach US$ 11,663.1 Million by 2024 – IMARC Group

Biosimilar Market in Europe to Reach US$ 11,663.1 Million by 2024 - IMARC Group

“Biosimilar Market in Europe Initiatives by the EMA Supporting Growth – IMARC Group”
The biosimilar market in Europe has witnessed robust growth in recent years owing to the relatively lower prices of biosimilar drugs, the rising awareness among patients and the growing prevalence of lifestyles diseases in the region.

According to the latest report by IMARC Group, titled “Biosimilar Market in Europe: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the biosimilar market in Europe size reached US$ 2,934.6 Million in 2018. Biosimilars are biological drugs which are similar to approved branded biologics in terms of their safety, efficacy, structure and immunogenicity profile. They are manufactured and approved in accordance with the stringent laws of the European Medicines Agency (EMA). Over the years, there has been a rise in the prevalence of chronic diseases such as obesity, stroke, cancer, seizure and heart attacks owing to the increasing aging population. For instance, as per one of the recent reports by WHO, cancer has emerged as one of the major causes of death and morbidity in the region.

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Market Trends:

As patients have limited access to biologics on account of their high prices, there is a huge demand for biosimilars in the region. Biosimilars are relatively less expensive as they do not require extensive investment for research and development activities and marketing, which saves time as well as money of the manufacturers. This has further assisted in reducing the overall cost of treating chronic diseases.  Moreover, the increasing awareness among patients about the safety and efficiency of biosimilars is creating a positive outlook for the market growth. In line with this, the EMA and the European Commission are working to improve the understanding of biosimilars across the European Union. Looking forward, the market is projected to reach a value of US$ US$ 11,663.1 Million by 2024, expanding at a CAGR of nearly 24.9% during 2019-2024.

Market Summary:

Market Breakup by Molecule

1. Infliximab
2. Insulin Glargine
3. Epoetin Alfa
4. Etanercept
5. Filgrastim
6. Somatropin
7. Rituximab
8. Follitropin Alfa

Based on the molecule, the market has been segmented into infliximab, insulin glargine, epoetin alfa, etanercept, filgrastim, somatropin, rituximab and follitropin alfa. Currently, infliximab dominates the market, holding the largest share as it is used in the treatment of numerous inflammatory disorders like plaque psoriasis, psoriatic arthritis and ankylosing spondylitis.

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Market Breakup by Manufacturing Type

1. In-house Manufacturing
2. Contract Manufacturing

On the basis of the manufacturing type, in-house manufacturing represents the largest segment, followed by contract manufacturing. In-house manufacturing enables companies to monitor every step of the biosimilar manufacturing process.

Market Breakup by Country

1. Italy
2. Germany
3. France
4. United Kingdom
5. Spain
6. Rest of Europe

Country-wise, the market has been classified into Italy, Germany, France, the United Kingdom, Spain and Rest of Europe. Amongst these, Italy is the leading market, accounting for the majority of the total market share due to healthcare cost containment measures adopted in the country.

Competitive Landscape

The competitive landscape of the market has also been examined with some of the key players being Novartis, Pfizer, Teva, Celltrion, Merck Sharp & Dohme, Samsung Bioepis, Eli Lilly, Accord Healthcare Ltd., Amgen, Boehringer Ingelheim, Hexal Ag, Apotex, Stada Arzneimittel Ag, Ratiopharm and Mylan.

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