Biosimilars Market Analysis, Challenges, Growth and Forecast By 2030
Biosimilarsare the officially approved versions of original biologic drugs, and can be manufactured when the original product’s patent expires. Biosimilars are relatively cheaper than their biologic counterparts and hence, users have come to prefer biosimilars over biologics in recent years. Biosimilars have great potential to lower costs improving patient access to life-saving medicines prescription drug costs continue to rise. Over the past two decades, biologics have revolutionized patient management in multiple disease cases, including autoimmune diseases, solid tumors, hematologic malignancies, infectious diseases and hormone deficiencies.
Increasing incidences of cancer and chronic diseases, cost effectiveness of biosimilars over biologics, strategic collaborations, promising pipeline of biosimilars with the expiration of biologics patents, and an increased demand for such drugs in the emerging countries are the primary factors driving the biosimilar global market. A complex manufacturing process coupled with high cost of development, and limited obtainability of biosimilar products are responsible for hindering the growth this market to a large extent.
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Market Analysis:
The market is analyzed based on three segments – products, applications, and regions.
Regional Analysis:
The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe is set to be the leading region for the biosimilars market growth followed by Asia Pacific, North America and Rest of the World.
Product Analysis:
The global Biosimilars market by product is segmented into recombinant glycosylated protein, recombinant non-glycosylated protein, recombinant peptides, and others.
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Application Analysis:
The global biosimilars market by application is segmented into cancer, infectious disease, blood disorders, chronic and immune diseases others.
Key Players:
Pfizer Inc., Novartis AG, Celltrion Healthcare, Dr. Reddy’s Laboratories Limited, Teva Pharmaceuticals Industries, Biocon Ltd, STADA Arzneimittel AG, Mylan N.V., Amgen Inc., Synthon Pharmaceuticals and Samsung Bioepis Co., Ltd are the predominant niche players in this market.
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Competitive Analysis:
Many top selling biologic drugs are going off-patent in the next five years, paving the way for biosimilar players to gain a strong foothold in the market with their innovative product offerings.Apart from this, the major players are taking advantage of strategic collaborations, agreements and approvals to increase their share in the market.
Benefits:
The report provides complete details about various types of biosimilars in various applications and regions. With that, key stakeholders will get clarity about the major trends, drivers, investments, vertical players’ initiatives, government initiatives toward the product adoption in the upcoming years along with the details of commercial products available in the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the most promising business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.