A new market study, titled “Discover Global Biosimilar’s Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
A biosimilar is an identical copy of a drug that is manufactured by some other company. The biosimilar is different from genetic drugs owing to its higher degree of molecular complexity. This report suggests that the global biosimilars market is anticipated to expand at a moderate CAGR across the evaluation period. In addition, the market is poised to reach a decent valuation by the close of the review period.
The intensified competition in the drug manufacturing industry is anticipated to drive growth of the biosimilars market in the nearby future. The rising demand for cost-cutting in the healthcare industry is likely to encourage the adoption of the product, thus, supporting expansion of biosimilars market. However, the complex and time-consuming ways of obtaining approvals are projected to challenge the growth trajectory of the market in the coming years.
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By therapy type, the Recombinant Non-Glycosylated Proteins (Human growth hormone, Granulocyte colony-stimulating factor, Interferons, Insulin) and Recombinant Glycosylated Proteins (Erythropoietin, Monoclonal antibodies, Follitropin)
By application, the biosimilars market is segmented into Oncology, Blood Disorders, Growth Hormonal Deficiency, Chronic & Autoimmune Disorders, and others
By end user, the segments of the biosimilars market are hospitals and retail pharmacies.
The geographical analysis of the global biosimilars market is covered on two levels – regional and country basis. The key regions identified are North America, South America, Europe, Asia Pacific, the Rest of the World (RoW). Europe is anticipated to play a substantial role in the market development. The regions is a home to some of the key players that are poised to expand biosimilars market over the next couple of years. However, the impact of Brexit on the regional biosimilars market is expected to pose challenges to players. In a recent Mi 10th Annual Biosimilars Conference, which was held in London, it has been discussed that the Medicines and Healthcare Products Regulatory Agency (MHRA) pf the UK will receive marketing authorizations on the exit day. It is poised to influence the market positively over the next couple of years.
North America is one of the prime regional segments of the biosimilars market. It is expected that the region is set to observe increase in production levels in the years to come. In addition, the entry of new players is about the accelerate the growth rate of the biosimilars market in the region across the evaluation period.
Asia Pacific biosimilars market is also projected to witness substantial compound annual growth rate over the next few years. The growth is likely to be backed by the rising patient population and expansion of the healthcare industry. Also, the boost in the medical tourism industry is anticipated to attract investments, thus, motivating growth of the biosimilars market.
In September 2019, Amgen Inc., an American multinational biopharmaceutical company, has fostered its biosimilar pipeline.
In September 2019, Pfizer Inc., an American multinational pharmaceutical corporation, has announced its plan of launching biosimilar bevacizumab, Zirabev, by 31st December 2019 for the U.S. market.
In September 2019, the Food & Drug Administration of the U.S. has released “Biosimilars Basics for Patients.”
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