Pune /PRNewswire/ - With some of the world's best-known biologics continuing to face patent expiration in the coming years, the biosimilars market is set for continued growth. Infinium Global Research has recently published a global report on "Biosimilar Market (Product - Human Growth Hormones, Monoclonal Antibodies, Insulin, Peptides, Erythropoietin, and Other Products; Application - Oncology, Chronic and Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025". The reported study estimated the market for biosimilar will reach up to 55.19 Billion by 2025, with a Compound annual growth rate of 35.12%, in the forecast period (2019-2025).
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A biosimilar is a biologic product that is highly identical to the original biologic product, known as a reference product. Biosimilar products are large and usually complex molecules produced from living organisms and are keenly monitored to ensure consistent quality. In biosimilar products, most minor differences in clinically inactive components are permissible. On basis of studies such as pharmacokinetics, pharmacodynamics, and immunogenicity assessment as well as additional clinical studies it is shown that biosimilars have no clinically meaningful differences in safety, purity or potency as compared to the reference product. Globally due to the increasing number of chronic diseases such as cancer, diabetes, autoimmune diseases, growth hormone deficiency, hematological diseases, there is a rise in demand for biosimilar products and tends to continue the trend in the forecast period.
Patent Expiration of More Than USD 70 Billion Biologicals is Expected to Boost the Biosimilar Market
The most important key factor driving the biosimilar market is the patent cliff of prime biological drugs. Patent expiry permits competitors as well as small manufacturing companies to produce biosimilars which in turn boosts the overall biosimilar market, the growth is largely driven by approximately USD 80 Billion worth of biologics going off patent by 2020. Additional factors contributing to fueling the biosimilar market are the low cost of biosimilars as compared to the approved referenced product, increase in age-related disorder as a result of growing geriatric population and positive outcomes in clinical trial studies. In addition to this rising awareness promoted for use of biosimilars by the government as well as private organizations propel the biosimilar market.
High Research and Manufacturing Cost Can Hinder the Market Growth
High cost associated with manufacturing as well as research and development of biosimilar, easy accessibility of generic drugs at reasonable price and consumers increased inclination towards original product hampers the growth of the market. In addition to this, stringent regulatory guidelines for approval of biosimilar affects the growth of the market as the biosimilar must show similarity with the reference product in terms of safety and efficacy. Reduction in cost through innovation and strategic collaboration among manufactures ensures to accelerate the growth of the biosimilar market during the forecast period.
Insulin and Monoclonal Antibodies Expected to Hold Major Share of the Market in the Forecast Period
The global biosimilar market is segmented by product and application. Based on the product, the market is segmented as human growth hormones, monoclonal antibodies, insulin, peptides, erythropoietin, and others. Based on the application, the market is segmented as oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and others. The oncology segment dominates the market revenue as a result of an increase in awareness and adoption of cancer drugs in the treatment.
Asia Pacific is Expected to Register High Growth in the Forecast Period with the More Approved Drugs in the Market
Based on geographical analysis, the global biosimilar market is categorized into North America, Europe, Asia Pacific and Rest of the World. Europe holds the highest share in the market owing to supportive government regulations as well as an increase in biosimilar acceptance that they are equivalent to patented drugs. In 2017, the European market was approximately $2.5million with 36 biosimilars being approved by May 2018. North America holds the second most share in the market and is expected to increase during the forecast period due to initiatives taken for use of biosimilars as well as in research and development. Asia Pacific region is anticipated to show substantial growth in the forecast period, with more than 50 approved products, minimal complexity of regulatory guidelines, and adequately less manufacturing cost providing a suitable environment for the growth of the market.
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Global Biosimilar Industry Coverage
Chapter - 1 Preface
- Report Description
- Research Methods
- Research Approaches
Chapter - 2 Executive Summary
- Biosimilar Market Highlights
- Biosimilar Market Projection
- Biosimilar Market Regional Highlights
Chapter - 3 Global Biosimilar Market Overview
- Market Dynamics
- Porter's Five Forces Analysis
- IGR-Growth Matrix Analysis
- Value Chain Analysis of Biosimilar Market
Chapter - 4 Biosimilar Market Macro Indicator Analysis
Chapter - 5 Global Biosimilar Market by Product
- Human Growth Hormones
- Monoclonal Antibodies
- Other Products
Chapter - 6 Global Biosimilar Market by Application
- Chronic and Autoimmune Diseases
- Growth Hormone Deficiency
- Infectious Diseases
- Other Applications
Chapter - 7 Global Biosimilar Market by Region 2019-2025
- North America
Chapter - 8 Company Profiles and Competitive Landscape
- Allergan plc
- Biocon Limited
- BioXpress Therapeutics SA
- Boehringer Ingelheim International GmbH
- Celltrion Inc, Coherus BioSciences, Inc
- Dr. Reddy's Laboratories Ltd
- Genor BioPharma Co. Ltd
- Intas Pharmaceuticals Limited
- Novartis AG
Browse in-depth TOC on "Biosimilar Market"
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