The Biosimilars Market is evolving pervasively on the global platform by emerging in to the fields of Pharmaceutical, treatments of chronic & rare diseases, medications and revolutionary cell and gene therapies. Assuring the best results and improved quality of life for patients, Biosimilars escorted these (above mentioned) markets to galore opportunities to evolve and grow.
Thanks to the advancements in biotechnology & medical science, that has provided impetus to the market growth of Biosimilars, over the last few years allowing the Biosimilars market to ascend to the enhanced heights. Accrediting the sedulous work of the researchers and key players to bring novelties in Biosimilars, the Market Research Future has recently published a meticulous study report, giving out the complete market prognosis up to 2023. According to which, the global Biosimilars market will grow rapidly, accounting for USD 16.97 Billion by 2023 will register a phenomenal double digit CAGR of 26 % during 2017to 2023. The market had accrued the value of USD 3.35 Billion in 2016, which means Biosimilars market is expected to grow in five folds! Quite an ascend!!
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Factors that predominantly drive the Biosimilars market growth include rising awareness about Biosimilars among the patients and doctors alike. Increasing prevalence of various diseases has fostered the productivity led by strategic collaborations, clinical trial activities for Biosimilars coupled with the increasing demand for the affordable, cost effective medical products. Additionally, Presence of large number of geriatric population attributed by their need to treat for various chronic diseasesis anticipated to fuel the market growth of Biosimilars.Moreover, increasing number of patients with chronic diseases such as diabetes and cancer drive the demand for effective patented biologics medicines further providing impetus to the Biosimilars market growth. Due to the lower cost, biosimilar medicines are expected gain traction in demand and drive the growth of the global biosimilar market during the forecast period.
On other hand lack of awareness towards befits of Biosimilars coupled with the scepticism of physicians are posing challenges to the Biosimilars market growth. The high manufacturing cost and complexity of production, along with the unclear regulatory policies in many countries are expected to pose as major constraints for the global biosimilar market during the forecast period. Alternatively the lower prices of Biosimilars, the treatment for many diseases such as diabetes, rheumatoid arthritis and types of cancers, are projected to become affordable in developing countries eventually, providing opportunities for the marketers to expand in the global biosimilar market during the anticipated years.
Biosimilars Global Market – Competitive Analysis
The Global Biosimilars Market is driven by some of the prominent players including Pfizer Inc. (U.S.), Teva Pharmaceuticals Industries Ltd. (Israel), Sandoz International GmbH (Germany), Celltrion, Inc. (South Korea), Astra Zeneca (UK), Amgen Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Biocon Ltd. (India), Dr. Reddy’s Laboratories Ltd. (India), Novartis (Switzerland), Accord Healthcare (UK), Eli Lilly (US) and Samsung Bioepis (South Korea). Acknowledging, the sedulous work of these key players, MRFR profiles them in its market analysis.
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The global market of Biosimilars appears to be highly competitive with the presence of several well-established and small players. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market. Top players are investing heavily in R&D and clinical trials to develop effective Biosimilars.
Strategic partnerships between biosimilar manufacturers, in house production of multiple biosimilar products and contract of manufacturing (manufacturing at some other facility) such factors will support to the growth and expansion plans of the key players during the forecast period.Pharmaceuticalcompanies are significant investors in the Biosimilars Market. These Manufacturers are striving to develop novel pharmaceuticals and the blockbuster drugs. However, patent protections and availability of other intellectual rights are preventing these formulations from imitation. In such scenario, the pharmaceutical companies are shifting their focus over the development of Biosimilars by adopting approval and clinical trials strategies.
Industry/Innovation/ Related News:
July 24, 2017 – Merck (mrk – US) and partner Samsung Bioepis announced that they have begun to market their “biosimilar” (a generic version of expensive biologic drugs) of Remicade following to the FDA approval in April 2017 at a striking 35% discount to its list price. The treatment, Renflexis, will be available at about $750 per 100 mg dose, which is significantly cheaper than Remicade’s list price.
September 14, 2017 – The US drug regulator, the USFDA (US Food and Drug Administration) approved the first biosimilar for the treatment of cancer. The regulator has approved Mvasi (bevacizumab-awwb) as a biosimilar to Avastin (bevacizumab) – Innovator Company Roche – for the treatment of multiple types of cancer. “Mvasi”, which is the first biosimilar approved in the U.S. for the treatment of cancer.
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Recombinant glycosylated proteins segment accounted for 60% of market share during the past whereas, segments related to diabetes medicine and oncology are expected to attain faster growth during the forecast period.
Biosimilars Global Market – Regional Analysis
On regional basis, Europe has dominating market for the Biosimilars market. Increasing prevalence of diseases and rising geriatric population has led to grow this market in Europe. North America has second leading market followed by Asia Pacific. Asia Pacific Biosimilars market is growing at a CAGR of 27.8 % during 2017-2023.
The biosimilars market is expected to reach USD 16.97 Billion by 2023 from USD 3.35 Billion in 2016, at a CAGR of 26 % during 2017 to 2023.
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