This scenario has thrown light on the requirement for new affordable and effective therapeutics, which can be favorable for the biosimilars industry in subsequent years. Market Research Future (MRFR) expects the biosimilars market to thrive at a rate of 7.5% from analysis period.
Popular biological drugs are edging towards patent cliff and this can mean substantial profits for the global market. Cost effectiveness of oncology biosimilars, especially compared to the patented biologics and successful outcomes during clinical trials should also benefit the global market. The expanding pharmaceutical sector focused on developing biosimilar drugs can be another key growth booster in the near future. Top manufacturers of biosimilars in the global industry include Stada Arzneimittel AG (Germany), Teva Pharmaceuticals (Israel), Biocon (India), Pfizer (US), Sandoz International (Germany), Eli Lily & Company (US), Actavis, Inc. (US), Dr. Reddy’s Laboratories (India), Cipla Ltd (India), Amgen, Inc. (US), Samsung Biologics (South Korea), Hospira Inc.(US), Mylan, Inc.(US), Celltrion (South Korea), to mention a few.
Overall healthcare costs are rising owing to the high-priced pharmaceutical drugs, particularly biologics. Government bodies worldwide are concentrating on lower-priced drug synthesis. The United States spends the most on healthcare and is therefore, working on cutting down on the same. Likewise, price regulations in India and Japan for reducing the health budget have bolstered the demand for cost containment.
Market Segmentation
Biosimilars industry can be considered with respect to product, applications, and end users.
By Product Type
- Recombinant non-Glycosylated Proteins
- Recombinant Glycosylated Proteins
- Recombinant Peptides
By Application
- Oncology
- Chronic Diseases
- Autoimmune Diseases
- Blood Disorders
- Infectious Diseases
- Others
By End use
- Hospitals and Clinics
- Research Institutes
- Others
Regional Status
Europe, MEA or Middle East & Africa along with the Americas, APAC or Asia Pacific are the primary markets for biosimilars.
The North American market displays a bright outlook and can emerge quite lucrative in the coming years, in view of the surging burden of chronic ailments in Canada and the United States. The rising spending on research activities by the healthcare agencies also fuels the market expansion in the region. Favorable reimbursement landscape in the region, especially in the US, encourages healthy competition as it results in lower incentives for the players to compete based on price.
Europe has taken the lead in the global market, as the region houses a vast elderly pool, with close to one fifth of the overall EU population aged more than 65 years. This has given way to several lifestyle-related disorders such as oncology, autoimmune diseases, diabetes, to name a few.
Presumably, the scenario has raised the demand for biosimilars and can mean higher market growth over the next few years. In addition to this, numerous blockbuster biologics are on track to lose patent in the coming years, which should present lucrative opportunities to the biosimilar manufacturers.
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