Biosimilars Market to Expand Remarkable Growth at Robust CAGR of 26% During 2017-2023

“Biosimilars Market”
The Global Biosimilars Market is registered to project remarkable expansion at a strong CAGR of 26% during the forecast period of 2017-2023 and is projected to reach the valuation of USD 16.97 Bn by the end of 2023 from USD 3.35 Bn in 2016.

Biosimilars Market Overview:

Biosimilars are biologic medical products that are highly similar to the existing biologic medicines which are complex molecules or mixture of molecules that may be composed of living materials. As per the report that has been recently published by Market Research Future (MRFR).

Biosimilars Market Drivers and Restraints:

Increasing consumer inclination towards biosimilars over generic medicine is majorly driving the global biosimilars market. The high demand for cheap medical products that provide similar result as that of the expensive ones and rise in prevalence of various acute and chronic diseases due to the changing lifestyle, food habits and biological factors are projected to be propelling the growth of the global biosimilars market in the coming years. However, lack of awareness regarding biosimilars and physician skepticism are the primary factors that are likely to hamper the growth of the global biosimilars market.

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Biosimilars Market Key Players:

The prominent players profiled by MRFR in the report on the global biosimilars market are Pfizer Inc. (the U.S.), Teva Pharmaceuticals Industries Ltd. (Israel), Sandoz International GmbH (Germany), Celltrion, Inc. (South Korea), Astra Zeneca (the UK),  Amgen Inc. (the U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Biocon Ltd. (India), Dr. Reddy’s Laboratories Ltd. (India), Novartis (Switzerland), Accord Healthcare (the U.K.), Eli Lilly (the U.S.) and Samsung Bioepis (South Korea).

Biosimilars Market Segmentation:

The global biosimilars market has been segmented on the basis of product, application and manufacturing. Based on product, the biosimilars market is segmented into recombinant glycosylated proteins, recombinant non-glycosylated proteins and others. The recombinant glycosylated proteins segment includes monoclonal antibody (mAb) and EPO. The recombinant non-glycosylated proteins segment is sub-segmented into insulin, growth hormones and others. Based on application, the biosimilars market is segmented into immune diseases, oncology, blood related disorders and others. Based on manufacturing, the biosimilars market is segmented into contract manufacturing and in-house manufacturing.

Biosimilars Market Regional Analysis:

Geographically, The Global Biosimilars Market has been segmented into four major regions such as North America, Asia Pacific, Europe and the Middle East and Africa. Among these, the Europe region is projecting dominance over the global biosimilars market owing to the rise in research and development activities in the healthcare sector and high healthcare expenditure by the population of this region. With respect to market size, the North America region stands second in the global biosimilars market. The high prevalence of chronic and acute diseases and easy adoption of advanced technology for diagnosis of these diseases in the well-developed healthcare sector is majorly driving the biosimilars market in the North America region. The biosimilars market in the Asia Pacific region is projecting significant growth owing to increasing demand for advanced diagnostic techniques and increasing prevalence of chronic diseases in this region.

Biosimilars Industry Updates:

In September 2018, Xbrane Biopharma, a biopharmaceutical company, has announced that the board of directors of Xbrane has decided to focus majority of company’s development resources to biosimilars from generic drugs.

In September 2018, Pall, a leading provider of filtration, separation and purification solutions, has announced a strategic partnership of its Pall Biotech business unit and Aetos Biologics, a San Francisco based biosimilar cell-line development company. This collaboration focuses on biosimilar manufacturing solutions.

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