The biosimilar market reached a value of US$ 3.8 Billion in 2018. 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 further projected to reach US$ 20.2 Billion by 2024, growing at a CAGR of nearly 33% 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:
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.
Key Questions Answered in This Report:
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