According to the latest report by IMARC Group, titled "Biosimilar Market in Europe: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the biosimilar market in Europe reached a value of US$ 6,735 Million in 2021. Biosimilars are medical products that are generally manufactured from biological substances, such as microorganisms and animal or plant cells. They are extensively used in the production of vaccines, therapeutic proteins and monoclonal antibodies. Additionally, they are utilized by healthcare professionals for preventing, determining, and treating numerous medical ailments. These products are usually produced under the guidance of licensed facilities that are tracked as an essential part of post-market surveillance. They are considered to be harmless and safe for medical use with minor differences in clinically inactive components.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.??
Europe Biosimilar Market Trends:?
The market in Europe is primarily driven by the rising prevalence of chronic illnesses due to the sedentary lifestyle patterns of the masses. Additionally, the multiple initiatives undertaken by the governments of numerous countries towards the development of a comprehensive set of stringent regulatory guidelines for biosimilar review are positively influencing the market growth across the region. Furthermore, increasing investments and funding by private and public agencies to upgrade the existing healthcare infrastructure and various technological advancements across the sector are considered to be major growth-inducing factors. Other factors, including the rising awareness regarding the availability of biosimilars among patients, patent expiration of numerous blockbuster biologics and extensive research and development (R&D) activities conducted by key players in biotechnology and medical science, are further projected to drive the market growth across Europe. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 25,446 Million by 2027.
- Based on the molecule, the market has been segmented into infliximab, insulin glargine, epoetin alfa, etanercept, filgrastim, somatropin, rituximab, follitropin alfa and adalimumab.
- On the basis of the indication, the market has been classified into auto-immune diseases, blood disorders, diabetes, oncology, growth deficiency and female infertility.
- Based on the manufacturing type, the market has been bifurcated into in-house manufacturing and contract manufacturing.
- On the basis of the country, the market has been divided into Italy, Germany, the United Kingdom, France, Spain and the rest of Europe.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players?include Novartis, Pfizer, Teva, Celltrion, Samsung Bioepis, Amgen, Apotex, Ratiopharm, Mylan, Merck Sharp & Dohme, Eli Lilly, Accord Healthcare Ltd, Boehringer Ingelheim, Hexal Ag and Stada Arzneimittel Ag.
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