News | May 22, 2019

The Biosimilars Market Will Hit $69B By 2025: Global Market Insights, Inc.

U.S. Biosimilars Market dominated the North American region, accounting for over USD 655 million in 2018 is set to achieve significant CAGR from 2019 to 2025 propelled by presence of primary new technology and state-of-art facilities for biosimilar production.

Selbyville, DE (GLOBE NEWSWIRE) -- Recombinant glycosylated proteins segment of biosimilars market is estimated to grow at around 28.7% over the estimation period. Increase in number of people suffering from chronic disorders such as cancer and blood disorders will result in growing demand for biosimilars. Also, recent launch of molecular antibody biosimilars in developed regions of North America and Europe will boost the growth of recombinant glycosylated proteins over the forthcoming years.

Autoimmune diseases segment of biosimilars market exceeded USD 1,387.9 million in the year 2018. Increase in prevalence of autoimmune disease such as arthritis, inflammatory bowel disease and psoriasis will be major market impact rendering factor. As per the National Institutes of Health, around 23 million people suffer from autoimmune diseases. Hence, growing number of people with autoimmune disease and need for cost-effective medication for the disease treatment will result in augmenting the business growth.

In-house manufacturing of biosimilars was valued at USD 7,843.5 million in the year 2018. Presence of state-of-art facilities in the company along with better monitoring of the product manufacturing will lead to growing in-house manufacturing of biosimilars. Also, flexibility of operational and financial capabilities of the company will further augment market growth in the near future.

Global Biosimilars Market is set surpass USD 69 billion by 2025; according to a new research study published by Global Market Insights, Inc. Cost effectiveness of biosimilars will be a major market boosting factor as it will lead to growing demand and adoption rate of the same. Biosimilars are usually less expensive as compared to other reference products such as biologics and bio betters. Implementation of safe and cost-effective biosimilars in the U.S. will further lead to health improvements and reducing the health expenditure. Hence, low cost of drugs as compared to other drugs will increase the demand and adoption of biosimilars, thereby augmenting the business growth in near future.

Biosimilars market is estimated to grow due to high number of patent expirations of biologics drugs, government cost saving initiatives and increase in prevalence of chronic diseases. Several well-known biologics are estimated to lose their patents in the forthcoming years, giving the chance for other big pharma players to manufacture their biosimilars, thus, set to increase in number of biosimilar applications and approvals, and augmenting the industry growth.

However, presence of biologics and bio betters will be one the major market impeding factors. Presence of sophisticated biologic drugs still in the market along with several bio betters and generic versions of the drugs will hamper the business growth over the estimation period.

Development of biosimilars using recombinant DNA technology is estimated to grow at around 26.2% over the projection period. Several of the biosimilars products are developed using rDNA technology that enhances the product quality and efficiency of the product.

U.S. biosimilars market is estimated to grow at significant rate of 38.1% over the projection period. Presence of several big pharma players and recent regulatory approvals of biosimilar products in the country will augment the business growth. Also, several biosimilar products in line for product approval will result in boosting the sales in the forthcoming years. China dominated the Asia Pacific biosimilars market and was valued at USD 1,498.1 million in the year 2018. Presence of several biosimilar products manufacturing companies in the country along with over 100 biosimilars in development will boost the business growth.

Browse key industry insights spread across 600 pages with 1236 market data tables & 9 figures & charts from the report, “Biosimilars Market Size By Product (Recombinant Non-Glycosylated Proteins {Human Growth Hormone, Granulocyte Colony-Stimulating Factor, Insulin, Interferon}, Recombinant Glycosylated Proteins {Erythropoietin, Monoclonal Antibodies, Follitropin, Low Molecular Weight Heparin}), By Application (Hematology {Neutropenia, Anemia}, Oncology {Lung Cancer, Brain Cancer, Breast Cancer, Cervical Cancer, Colorectal Cancer, Leukemia or Blood Cancer}, Autoimmune Disease {Arthritis, Inflammatory Bowel Disease, Psoriasis}, Growth Hormone Deficiency, Diabetes), By Manufacturer (Contract Research and Manufacturing Services, In-house), By Technology (Recombinant DNA Technology, Monoclonal Antibodies Technology) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Turkey, Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Netherlands, Norway, Romania, Slovakia, Slovenia, Sweden, Switzerland, China, Japan, India, South Korea, Australia, New Zealand, Singapore, Malaysia, Rest of The World), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:

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Source: Global Market Insights