Biosimilars are bio-medical products that are identical copies of an original pharmaceutical drug, which has been manufactured by a different manufacturing company. Biosimilars are manufactured once the patent of the original product expires. Unlike generic drugs, biosimilars exhibit high molecular complexity and are sensitive to alterations in the processes of manufacturing. These drugs are similar to reference products, in terms of purity, safety and potency.
New York, NY -- (SBWIRE) -- 04/07/2020 -- The global Biosimilars market was estimated to be over US$ 4,500 Mn in 2018. It is anticipated to grow at a CAGR of 31.4% from 2019 to 2030.
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Biosimilars Market Prominent Players
The prominent players in the global biosimilars market are Pfizer, Sandoz International, Teva Pharmaceuticals, Amgen, Biocon, Dr. Reddy's Laboratories, Celltrion, Samsung Biologics, Stada Arzneimittel AG, and Mylan
The global biosimilars market is driven by cost effectiveness of drug due to which there is a increase demand of biosimilar drugs. Moreover, diverse applications of biosimilars for treatment of several chronic ailments, namely cancer and diabetes is anticipated to further contribute significantly to growing demand of this products in the coming years. Furthermore the collaboration are in a strategic manner which result in enhanced productivity and clinical trials. However, availability of affordable generic drugs, and complexity involved in the process of manufacturing are likely to restrain the market to a certain extent.
Biosimilars Market by Product
On the basis of product, the biosimilars market can be segmented into recombinant glycosylated proteins, recombinant non-glycosylated proteins, and recombinant peptides. The segment of recombinant glycosylated proteins can be further segmented into monoclonal antibodies, erythropoietin, and follitropin. The monoclonal antibodies can be segmented into rituximab, adalimumab, and infliximab. The segment of recombinant non-glycosylated proteins can be classified into insulin, granulocyte colony stimulating factor, recombinant human growth hormone and interferon. The interferon can be further bifurcated into interferon-alpha and interferon-beta. Finally, the segment of recombinant peptides can be segmented into glucagon and calcitonin. The recombinant non-glycosylated proteins segment accounted for the largest market share in the global biosimilars market, owing to its wide range of therapeutic applications
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Biosimilars Market by Type of Manufacturing
On the basis of type of manufacturing, the market can be segmented into in-house manufacturing and contract manufacturing. In terms of market share, the segment of in-house manufacturing accounted for the largest share, as in-house manufacturing reduces costs associated with shipping, delivery and thereby lowering the overall cost of manufacturing.
Biosimilars Market by Diseases
Similarly, in terms of diseases the biosimilars market can be segmented into chronic disease, oncology, autoimmune disease, blood disorders, infectious diseases, growth hormone deficiency and other diseases. The blood disorder segment accounted for the largest share of the market, owing to low cost of biosimilars as compared to biologics, and rising incidence of blood disorders worldwide among others.
Biosimilars Market by Regions
The global biosimilars market can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). Europe dominated the market, followed by North America and Asia Pacific. Asia Pacific is expected to dominate the global market in the forecast period. Factors such as the patent expiry of launch of new biosimilars, biologic products, rising incidence of chronic disorders, and emergence of new market players are anticipated to drive market growth in this region
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