The biosimilar market reached a value of US$ 5.1 Billion in 2019. This market is currently being driven by a number of factors such as patent expires of blockbuster biological drugs, lower prices, rising prevalence of chronic diseases, and cost-saving initiatives from governments and third-party payers. Catalyzed by these factors, the market is expected to witness strong growth during the next five years.
Biosimilars, also known as follow-on biologics, refers to a biotherapeutic product which is highly similar to a reference biologic drug. It is produced using living organisms or cells and has a complex molecular structure. When the patent of a biologic drug expires, manufacturers resort to the approval from the regulatory authorities so as to start the production of biosimilars. For being labelled as a biosimilar, a biological drug should be proved similar in terms of quality, safety and efficacy. In comparison with generic drugs, biosimilars are expensive as their production process is more complex and requires higher investment in research and development.
Global Biosimilar Market Drivers/Constraints:
IMARC Group provides an analysis of the key trends in each sub-segment of the global biosimilar market report, along with forecasts for growth at the global, regional and country-level from 2020-2025. Our report has categorized the market based on region, molecule insights, indication insights, and manufacturing insights.
On the basis of molecule, the market has been segmented as Infliximab, Insulin Glargine, Epoetin Alfa, Etanercept, Filgrastim, Somatropin, Rituximab, Follitropin Alfa, etc. Currently, Infliximab dominates the market, holding the largest share.
Based on the indication, autoimmune diseases account for the majority of the total market share. Other major indications include oncology, diabetes, blood disorder, growth deficiency, female infertility, etc.
Based on the type of manufacturing, the market is segregated into in-house manufacturing and contract manufacturing. Amongst these, in-house manufacturing accounts for the majority of the market share.
Region-wise, the market has been segmented into the United States, Germany, France, Italy, Spain, United Kingdom, Japan, India, South Korea and Others. Amongst these, Italy is the biggest market, accounting for the majority of the global biosimilar market.
The competitive landscape of the global biosimilar market has also been analysed. Some of the leading players operating in the market are:
This report provides a deep insight into the global biosimilars market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the biosimilars market in any manner.
The global biosimilar market was worth US$ 5.1 Billion in 2019.
The rising prevalence of chronic diseases and patent expiration of blockbuster drugs are the significant factors bolstering the market growth. The market is also driven by the several cost-saving initiatives undertaken by the governments and third-party payers to promote biosimilars over their branded counterparts.
With advancements in biotechnology, market players have been able to develop biobetters, biosimilars with improved efficacy and benefits. Leading manufacturers are also utilizing artificial intelligence (AI) technologies to analyze data and predict future outcomes.
As China is a key supplier of biopharma raw materials, the outbreak of the coronavirus disease (COVID-19) can negatively impact the industry’s supply chain in the long term. Furthermore, biosimilar manufacturers may face challenges in conducting clinical trials on account of lockdowns and travel limitations in place to curb the spread of the pandemic.
The global biosimilar market size is expected to reach US$ 24.5 Billion by 2025.
Based on the molecule type, infliximab currently holds the majority of the total market share.
At present, the in-house manufacturing of biosimilars accounts for three-fourth of the total market share, followed by contract manufacturing.
On the basis of indication, autoimmune diseases exhibit a clear dominance in the market.
Region-wise, Europe holds the leading position in the market. Other major regions include the United States, Japan, India, South Korea, and the rest of the world.
Leading players operative in the market are Novartis International AG, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., Celltrion Healthcare Co., Ltd., Merck & Co., Inc., Samsung Bioepis Co, Ltd., Eli Lilly and Company, Biocon Limited, Dr. Reddy’s Laboratories and C.H. Boehringer Sohn AG & Ko. KG.
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