In 2017, Europe accounted for the largest share of the global Biosimilars Market.
Northrook, IL -- (SBWIRE) -- 12/02/2019 -- Growth in this Biosimilars Market is mainly driven by factors such as rising incidence of chronic diseases and increasing demand for biosimilar drugs due to their cost-effectiveness.
What the Market Looks Like?
Predicted to grow at a CAGR of 31.7% during the forecast period, the global Biosimilars Market is estimated to reach USD 23.63 Billion by the end of 2023.
By product, the Biosimilars Market is classified into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. Recombinant glycosylated proteins are expected to hold the largest share of the market during the forecast period. The key factors driving the market for glycosylated proteins are the broad therapeutic area of these proteins and presence of biosimilar versions of monoclonal antibodies at lower prices compared to reference products.
By type of manufacturing, the market is segmented into in-house manufacturing and contract manufacturing. In-house manufacturing accounted for the largest share of the global Biosimilars Market in 2017. The growing demand for cost-effective biosimilar products owing to the rising incidence of various diseases is driving the growth of the in-house manufacturing segment
By disease, this market is sub-segmented into oncology, chronic diseases, autoimmune diseases, blood disorders, growth hormone deficiency, infectious diseases, and other diseases. The autoimmune disease segment is expected to grow at the highest growth rate during the forecast period. Increasing incidences of autoimmune diseases and the increasing number of product launches by companies in this market are the major factors driving the growth of this segment.
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What Drives the Biosimilars Market?
The growth of the global market for Biosimilars is primarily influenced by the following factors:
Increasing Demand for Biosimilar Drugs Due to Their Cost-Effectiveness
Rising Incidence of Chronic Diseases
Strategic Collaborations Resulting in Enhanced Productivity and Clinical Trial Activities for Biosimilars
New Indications and Patent Expiry of Biologic Products
Geographical growth scenario of Biosimilars Market
The global market is geographically segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia is expected to grow at the highest CAGR during the forecast period. Many Asian countries such as India, China, South Korea, and Japan have emerged as potential markets for biosimilars. Many emerging economies in the region are also establishing biosimilar pathways.
Moreover, leading market players are outsourcing manufacturing and R&D activities to countries in the Asia Pacific region due to the availability of highly skilled resources at lower costs. In addition to this, the low per capita consumption, rapid growth in economies, trade links, and the rise in medical tourism are accelerating the growth of the Asian market.
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Leading market players and strategies adopted
The prominent players in the Biosimilars Market include Pfizer (US), Sandoz International (Germany), Teva Pharmaceuticals (Israel), Amgen (US), Biocon (India), Dr. Reddy's Laboratories (India), Celltrion (South Korea), and Samsung Biologics (South Korea).
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