Biosimilars Market Comprehensive Analysis, Growth Forecast from 2019 to 2025
Ocean View, DE -- (SBWIRE) -- 05/21/2020 -- Biosimilars Market will exceed USD 69 billion by 2025; as per a new research report.
Biosimilars market is estimate to growth at a significant rate over the forecast period. Biosimilars are estimated to play a substantial role in enhancing public health issue by addressing the customer needs. It is estimated that biosimilars would result in total potential savings of around over USD 100 billion by the year 2020. Increase in demand for biosimilar drugs in order to reduce the healthcare cost will be one of the major market boosting factors.
Growing prevalence of chronic disorders across the globe, especially in developing regions of Asia Pacific and Latin America owing to rise in sedentary lifestyle among the population and growing habit of fast food consumption will result in growing number of people suffering from such diseases. Hence, increased prevalence rate in developed as well as in certain areas in developing nations will augment the demand and adoption rate of biosimilar drugs, fueling the business growth.
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However, high biosimilar development cost will be one of the major reasons hampering the adoption rates in under-developed and few developing countries. It takes around 7 to 8 years and costs around USD 100 million to USD 250 million to develop a biosimilar. Hence, high cost related to biosimilar drugs development will continue to hinder market growth over the forecast timeframe.
Recombinant non-glycosylated proteins market held the majority market share in the year 2018 and is estimated to grow at around 26.1% over the estimation period. Recombinant non-glycosylated proteins include human growth hormone, granulocyte colony-stimulating factor (Filgrastim), insulin and interferon. Recent technological developments in high-throughput analytical techniques and cell technology will help in effective production of products resulting in enhanced sales. Also, recent launch of insulin glargine in major countries and growing demand of filgrastim will further augment the biosimilars market growth.
Application of biosimilars is highest in hematology segment resulting in major market share. The hematology segment accounted for around USD 4,552.1 million revenue in the year 2018. As per the American Society of Hematology, around 3 million American suffer from anemia. Increase in number of people suffering from blood disorders such as neutropenia, anemia etc. will boost the sales of biosimilars.
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In-house manufacturing of biosimilars held around 75% market share in the year 2018 and is forecasted to grow at around 26.5% over the projection period. Several benefits offered by in-house manufacturing facilities has helped the companies to monitor and assess the production and reduce other costs of delivery and shipping. Also, several other advantages of in-house manufacturing such as flexibility and efficiency of the work will increase the operational and financial capabilities of the company. Hence, currently in-house manufacturing of biosimilar products will have major market share.
Development of biosimilars by recombinant DNA technology (rDNA technology) held over 80% market share and was valued at USD 8,123.6 million in the year 2018. Biosimilar products such as human growth hormones, insulin, erythropoietin etc. are manufactured using recombinant DNA technology. The use of rDNA technology improves the capability of the biosimilars to treat ailment immediately and efficiently. Hence, manufacturers use the recombinant DNA technology in order to manufacture biosimilar products.
U.S. dominated the North America biosimilars market and is estimated to witness significant growth at 38.1% over the forecast period. Presence of new technology, state-of-art facilities for biosimilar production, established and big pharma players market presence has resulted in the U.S. capturing majority market share of the North America biosimilars market. Also, recent biosimilar approvals by FDA in the year 2015 will result in rapid biosimilar adoption, augmenting the market growth. During the forecast years, it will witness significant growth owing to relatively low addressable needs.
Amgen, Biocon, Biogen, Boehringer Ingelheim, Celltrion, Coherus BioSciences are some of the major industry participants operating in the global biosimilars market. Various firms are entering in less addressed and high potential geographies in order to expand their industry presence. Also, introduction and development of several biosimilar drug in developing countries by major local companies will result in augmenting the market growth.