New York, NY (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, biosimilars market is expected to generate $26.7 billion revenue by 2024, advancing at a CAGR of 29.6% during the forecast period. The market is majorly driven by rising prevalence of chronic diseases, increasing investment in research and development (R&D) activities by biopharmaceutical companies, extensive pipeline of biosimilars, growing geriatric population, and inexpensive nature of biosimilars as compared to reference drugs.
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On the basis of technology, the biosimilars market is categorized into five categories, such as monoclonal antibody (mAb), recombinant deoxyribonucleic acid (rDNA), bioassays, nuclear magnetic resonance (NMR), and electrophoresis. Biosimilars manufactured using mAb technology held the largest share, of 56%, in 2018. This technology is also expected to be the fastest growing category in the market, owing to large development of therapeutics with the help of this technology for various diseases such as cancer, immunological, and infectious diseases.
Geographically, Europe held the largest share, of 47.7%, in the biosimilars market in 2018. This is attributed to flexible regulatory framework, growing geriatric population, and rising R&D investment by biopharmaceutical companies in the region.
The biosimilars market is anticipated to undergo fastest growth in North America, advancing at a CAGR of 32.7% during the forecast period. This can be mainly ascribed to rising geriatric population, increasing prevalence of chronic diseases, increase in R&D investments in the region.
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According to the Population Reference Bureau report, “Aging in the United States”, the geriatric population is projected to reach more than double by 2060, which in turn, poses the requirement for management of old age-related diseases. Moreover, according to the Centers for Disease Control and Prevention (CDC), almost 60% of the U.S. adults have one or other chronic disease.
Additionally, according to the Arthritis Foundation, among people aged 18–64 years, about one in three people (both men and women) have doctor-diagnosed arthritis and/or report joint symptoms consistent with a diagnosis of arthritis in the U.S. People over 65 years of age, more than one in two men may have arthritis; and over two in three women are reported to have arthritis. Biosimilars have potential to treat such chronic diseases, which are most frequently reported among aged people.
New product launches and strategic collaborations play an important role in expansion of the biosimilars market. For instance, Amgen Inc. and EnteraBio Ltd. announced a collaboration to develop orally-administered formulation of biologics in 2018. This shows that companies are willing to invest in biologics, which in turn, is expected to be a major driving factor for the growth of the market.
Furthermore, in January 2019, Samsung Bioepis Co. Ltd. partnered with 3SBio Group to expand the biosimilar business in China. Through the partnership, Samsung Bioepis Co. Ltd. will be able to widen its biosimilars portfolio and 3SBio Group will be benefited from the sales of Avastin.
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In another strategic move, Celltrion Inc. in partnership with Teva Pharmaceutical Industries Ltd. announced the approval of Herceptin’s biosimilar, Herzuma, in October 2016. As a result, both companies got benefit from the sales of Herzuma. Also, Amgen Inc., Sandoz International GmbH, Samsung Bioepis, and Mylan N.V. jointly launched adalimumab in 2018 in the European biosimilars market and they are expected to launch this biosimilar in the U.S. market by 2023.
Some of the key players in the global biosimilars market are AMEGA Biotech, Samsung Bioepis Co. Ltd., Coherus BioSciences Inc., Synthon Holding B.V., BIOCAD, Zydus Cadila, Celltrion Inc., Dr. Reddy’s Laboratories Ltd., Teva Pharmaceutical Industries Limited, Novartis AG, Pfizer Inc., and Mylan N.V.
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SOURCE: Prescient & Strategic Intelligence