Key companies covered in the U.S. Biosimilars Market Research report include Novartis AG, Pfizer Inc., Amgen Inc., Merck & Co., Coherus BioSciences, Inc., AbbVie Inc., F. Hoffmann-La Roche Ltd., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Celltrion Inc., and others.
Pune (GLOBE NEWSWIRE) -- The U.S. Biosimilars Market will gain momentum from the increasing government support to adopt biosimilars in the healthcare sectors. According to a report by Fortune Business Insights, titled, “Biosimilars Market: U.S. Market Analysis, Insights and Forecast, 2019-2026,” the U.S. Biosimilars Market is projected to reach US$ 17,696.0 Mn by 2026. The report provides valuable insights into the drivers influencing growth of the market. As per the report, the U.S. Biosimilars Market is anticipated to report an impressive CAGR of 54.7% during the forecast period. The report also states that the U.S. market was valued at US$ 436.1 Mn in 2018.
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Increased Research and Development Initiatives to Drive the Market
Biosimilars are the copies of original products. Due to the high cost of pharmaceutical drugs, healthcare facilities are not accessible to people from every economical stratum. This is where biosimilars come to recuse. Being an identical copy, biosimilars help in treating chronic diseases like cancer and arthritis in an effective manner just as original medications do. The market is likely to grow during the forecast period because of an increasing demand from the masses. Also, a rise in research and development initiatives by prominent organizations have increased market opportunities. This has led to tough competition in the U.S. Biosimilars Market.
Autoimmune Diseases Segment Projected to Dominate the Market in the U.S.
The U.S. Biosimilars Market is classified into three segments, namely, by distribution channel, by disease indication, and by drug class. By distribution channel, the market is grouped into online pharmacy, hospital pharmacy, and retail pharmacy. In terms of disease indication, the market is divided into cancer and autoimmune diseases such as arthritis, neutropenia, psoriasis, and others. In 2018, the autoimmune diseases held a market share of 92.0%. The segment is anticipated to remain in the leading position the U.S. Biosimilars Market during the forecast period. Factors like increasing adoption of biosimilars, rise in the prevalence of autoimmune diseases, and availability of limited drugs are likely to boost the segment. The Centers of Disease Control and Prevention declared that approximately 26% adults are estimated to have arthritis by 2040. This in turn, will increase the demand for biosimilars to treat arthritis. Moreover, treatment of cancer is expensive in the U.S. Combined with this, constant investments in research and development and rise in the adoption of sedentary lifestyle are projected to favor growth of the cancer segment throughout the forecast period in the U.S.
Pfizer Inc., Samsung Bioepis Co. Ltd., and Other Key Players Tend to Focus on Product Launch to Strengthen Position
Samsung Bioepis Co. Ltd, a biopharmaceutical company, received approval from Food and Drugs Administrations for ETICOVO, a biosimilar of Etanercept in April 2019. It is used for the treatment of plaque psoriasis, rheumatoid arthritis, polyarticular juvenile idiopathic arthritis, ankylosing spondylitis, and psoriatic arthritis. Pfizer Inc. a multinational pharmaceutical company based in the U.S., received approval from FDA for TRAZIMERA, a biosimilar referencing Herceptin in March 2019. It will be used to treat gastroesophageal junction adenocarcinoma and breast cancer. Earlier in July 2018, Pfizer Inc. announced that the company has received FDA approval for NIVESTYM. It is a biosimilar to Neupogen that is approved to treat neutropenia. The FDA also granted approval for Truxima, the first biosimilar of rituximab in November 2018. It is developed by Celltrion Inc., a biopharmaceutical company headquartered in South Korea, for the treatment of non-Hodgkin’s lymphoma.
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The report analysis includes market dynamics and competitive landscape. Various key insights provided in the report are the prevalence of key diseases associate with the scope for key countries, new product launch, pipeline analysis, patent snapshot of biologics, the regulatory scenario in key countries, reimbursement scenario for key countries, recent industry developments such as mergers & acquisitions, and key industry trends.
Key Companies Covered
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SOURCE: Fortune Business Insights