The biosimilar market reached a value of US$ 2.9 Billion in 2017. 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$ 15.6 Billion by 2023, at a CAGR of around 30% 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:
- Over the years, the patents of several blockbuster biologic drugs have expired and a number of blockbuster drugs are further expected to lose patent protection in the coming years. This is expected to provide tremendous opportunities for biosimilar manufacturers in the near future.
- Cost saving initiatives undertaken by governments and third-party payers have encouraged the use of biosimilars over branded biologics, thereby propelling the demand of biosimilars.
- Some of the other factors bolstering the demand for biosimilars include cost-effectiveness, rising prevalence of chronic diseases (such as autoimmune diseases and cancer) and growing geriatric population.
- There are some factors hampering the growth of the biosimilars market. This includes negative perception from physicians, patent extensions, lower price differential compared to small molecule generics, etc.
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:
- Merck & Co
- Samsung Bioepis
- Eli Lilly
- Dr. Reddy's Laboratories
- Boehringer Ingelheim
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:
- How has the global biosimilars market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global biosimilar industry?
- What are the major molecule types in the global biosimilar industry?
- What are the various manufacturing types in the global biosimilar industry?
- What are the various indications in the global biosimilar industry?
- What are the price trends of biosimilars?
- What are the various stages in the value chain of the global biosimilar industry?
- What are the key driving factors and challenges in the global biosimilar industry?
- What is the structure of the global biosimilar industry and who are the key players?
- What is the degree of competition in the global biosimilar industry?
- What are the key requirements for setting up a biosimilar manufacturing plant?
- How are biosimilars manufactured?
- What are the machinery requirements for setting up a biosimilar manufacturing plant?
- What is the capital cost for setting up a biosimilar manufacturing plant?