- High target disease prevalence, product launches, emerging market players, and drug development pressure on pharmaceuticals due to upcoming patent expiries are key factors contributing to high CAGR of Biosimilars during forecast period.
- Market Size – USD 5.10 Billion in 2018, Market Growth - CAGR of 30.8%, Market Trends – Product launches and research for advanced Biosimilars
New York, NY (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Biosimilars market was valued at USD 5.10 Billion in 2018 and is expected to reach USD 44.56 Billion by year 2026, at a CAGR of 30.8%. Biosimilar are alternatives to existing patented, and approved biologics and possess similar medicinal properties as compared to the original biologics. The biosimilars vary a little from original biologics in terms of structure but must have similar safety and efficacy as compared to the originator biologics. Biosimilars development does not require Phase II clinical trial for approval and the focus is put on determination of ‘biosimilarity’ to the reference originator biologics. Thus it has much reduced clinical development timelines and reduced product costs as compared to use of original biologics.
The global market is driven by various factors such as global prevalence of target disease prevalence across the globe, launch of biosimilars by various market players, favorable investments scenario, and upcoming patent expiry.
The Biosimilars market is characterized by presence of significant number of pharmaceutical giants as well as emerging players operating across the globe. Additionally, availability of research fundings, demand for cheaper biologics alternative and favorable regulatory scenario in Europe and Asia pacific is propelling the market in these regions. However, some regions such as U.S are facing slow adoption of biosimilars with first biosimilar approved in 2015 for Sandoz’s Zarxio (filgrastim), and 3, 5, and 7, biosimilars approved by FDA in 2016, 2017, and 2018, respectively.
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Further key findings from the report suggest
- Biosimilars market is growing at a CAGR of 2% in Asia Pacific followed by North America and Europe, with 21.0% and 31.4% CAGR, respectively. High chronic disease prevalence across the globe is the key factor to accelerate the market growth during forecast period across all regions.
- As of 2018, Recombinant Non-glycosylated Proteins is the dominating Biosimilars which holds over 60% of the global market. European regional market is the chief revenue generating source for this product segment, followed by North America and Asia-Pacific regions.
- Recombinant Glycosylated Proteins is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 33.4%. However, regulatory obstacles and manufacturing complexity are major challenge for the market growth of this market segment.
- Recombinant Peptides segment was estimated to account for USD 501.00 million in 2018 and is expected to grow reach USD 4.38 Billion by year 2026.
- Asia Pacific is expected to account for the 32.8% of the global Biosimilars market. Developing nations such as China, and India are likely to witness high growth.
- Some regions such as U.S. and Latin America are facing slow adoption of biosimilars due to stringent regulatory framework..
- Key participants include Amgen, Biocon, Celltrion, Dr. Reddy's Laboratories, Mylan, Pfizer, Samsung Biologics, Sandoz, Stada Arzneimittel, and Teva Pharmaceutical.
Read more at: https://www.reportsanddata.com/report-detail/global-biosimilars-market
For the purpose of this report, Reports and Data has segmented the Biosimilars market on the basis of type, disease type, and region:
Type (Revenue, USD Million; 2016–2026)
- Recombinant Non-glycosylated Proteins
- Recombinant Human Growth Hormone
- Granulocyte Colony-stimulating Factor
- Recombinant Glycosylated Proteins
- Monoclonal Antibodies
- Other Monoclonal Antibodies
- Recombinant Peptides
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Disease Type (Revenue, USD Million; 2016–2026)
- Blood Disorders
- Chronic Diseases
- Autoimmune Diseases
- Growth Hormone Deficiency
- Infectious Diseases
- Other Diseases
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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