Biosimilar Market 2019 Size, Share, Growth, Trends, Global Opportunity Analysis And Industry Forecast to 2024

Biosimilar Market 2019 Size, Share, Growth, Trends, Global Opportunity Analysis And Industry Forecast to 2024

“Global Biosimilar Market Expected to Grow at 33% During the next five years”
The global biosimilar market has witnessed a double-digit growth over past few years. Factors such as increasing prevalence of lifestyle diseases, savings for governments and third party-payers, and incentives for pharmacists have been proactive in propelling the market growth.

According to the global biosimilar market report by IMARC Group titled, the market reached a value of US$ 3.8 Billion in 2018. Looking forward, the market is expected to reach US$ 20.2 Billion by 2024, growing at a CAGR of nearly 33% during the next five years. A biosimilar is a biotherapeutic product that has medicinal properties and efficacy like that of a branded biological drug. It is manufactured as an authorized replacement of a biological drug that has an expired patent. Biosimilars include capsules and vaccines with ingredients, such as insulin, erythropoietin, interferon, monoclonal antibodies (MABS), granulocyte colony-stimulating elements and plasma-derived recombinant factors. Unlike generic drugs, biosimilars are more cost-intensive as they involve complex manufacturing and approval processes.

The global market is primarily driven by the increasing prevalence of chronic disorders, such as cancer, cardiovascular and autoimmune ailments, across the globe. Furthermore, the development of biosimilars using recombinant DNA technology for enhancing the product’s quality and efficiency is another factor contributing to the market growth. Other factors, including increasing product acceptance rates among patients and healthcare providers, subsidies offered by governments of various nations for the production of biosimilars and extensive research and development (R&D) in the field of biotechnology, are projected to drive the market further.

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Biosimilar Market Segmentation: 

Market Breakup by Molecule

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

Market Breakup by Type of Manufacturing

1. In-house Manufacturing
2. Contract Manufacturing

Market Breakup by Indication

1. Auto-Immune Diseases
2. Blood Disorder
3. Diabetes
4. Oncology
5. Growth Deficiency
6. Female Infertility

Market Breakup by Region

1. Europe
2. United States
3. Japan
4. India
5. South Korea
6. Rest of the World

Some of the major players operating in the industry include:

Novartis (NYSE: NVS)
Pfizer (NYSE: PFE)
Merck & Co
Samsung Bioepis
Eli Lilly
Dr. Reddy’s Laboratories
Boehringer Ingelheim

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