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Biosimilar Market (Product - Human Growth Hormones, Monoclonal Antibodies, Insulin, Peptides, Erythropoietin, and Other Products; Application - Oncology, Chronic and Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : HC0498

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on biosimilar market provides in-depth analysis of segments and sub-segments in the global as well as regional biosimilar market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biosimilar market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of global biosimilar market. According to the report, the global biosimilar market is projected to grow at a CAGR of 35.12% over the forecast period of 2020-2026.

 

Market Insight

A biosimilar is a biological product with similar characteristics that are referred to as a biological product, which possesses approved according to the same standards of pharmaceutical quality, safety and efficacy that apply to all biological medicines. Biosimilar products are made of high molecular weight complex molecules generated in living cells through genetic engineering. In terms of price compared to the respective biologic drugs, biosimilar drugs will save approximately 30 to 40 percent. Biosimilar is useful for the treatment of illnesses such as anemia, autoimmune diseases, cancer, diabetes, growth hormone deficiencies, hematological diseases, kidney failure, rheumatoid arthritis, and others. The substitution of biological drugs with biosimilar drugs can save a lot of money for the public health care sector and patients.

 

Additionally, the current concern over the spread of coronavirus has severely impacted the pharmaceutical and biologics industry. The healthcare industry is facing challenges in ongoing discovery and clinical development efforts, as well as bracing for increased market access hurdles. The sudden outbreak of COVID-19 impacted on clinical trials and new drug development due to travel limitations, interruptions to the supply chain for the investigational product, quarantines, and site closures owing to stringent government regulations and guidelines. However, biosimilars industry continue to move forward through new FDA approvals, biosimilar launches, and government policy proposals.  

 

Growing number of geriatric population and increasing awareness about biosimilar among the patients and doctors are the major factors for the growth of the global biosimilar market. An increasing number of patients with chronic illnesses such as diabetes and cancer drive the demand for effective patented biologics medicines. Due to the lower cost, biosimilar medicines are expected to attain more demand over the forecast period. Further, the reimbursement policies of various governments and the increasing interests of the insurance companies are expected to make biosimilar affordable to more people and drive the growth of the global biosimilar market. however, the high manufacturing cost and complexity of production, along with the unclear regulatory policies in many countries are expected to be the major restraints for the global biosimilar. Furthermore, the expiry of patents of various blockbuster drugs is a major factor for the growth of the global biosimilar market, as it is expected to provide growth opportunities in the forecast period.

 

In terms of geographies, the European market holds a major share in the biosimilar market. Countries such as France, Germany, Italy, and United Kingdom drive the growth of the European biosimilar market owing to the high demand for biosimilars. Further, Presence of major biopharmaceutical key players with large spending on developing biosimilar propel the demand of Biosimilars in Europe region. Furthermore, the Asia Pacific region is anticipated to be the fastest-growing market for biosimilars over the projection period, due to growing population and the need for low-cost alternative medicines for various diseases in countries such as China, India, and South Korea.


Global Biosimilar Market

 

Segment Covered

The report on global biosimilar market covers segments such as product, and application. On the basis of product, the sub-markets include human growth hormones, monoclonal antibodies, insulin, peptides, erythropoietin, and other products. On the basis of application, the sub-markets include oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and other applications.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Allergan plc, BIOCAD, Biocon Limited, Amgen Inc., Boehringer Ingelheim International GmbH, Celltrion Inc, Coherus BioSciences, Inc, Dr. Reddy’s Laboratories Ltd, Pfizer Inc., and Novartis AG.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of biosimilar market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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