A recent report published by
Infinium Global Research on biosimilar market provides an 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,
forecast and dollar values of the 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 2019-2025.
A biosimilar is a biological
product with similar characteristics that are referred to as a biological
product, which possesses approval from agencies such as the FDA. Biosimilar
products are made of complex molecules with high molecular weight produced
through genetic engineering in living cells. Biosimilar drugs can save around
30 to 40 % in terms of price relative to the respective biologics drugs.
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.
Increasing awareness about
biosimilar among the patients and doctors is a major factor for the growth of
the global biosimilar market. The presence of a large number of geriatric
population is expected to aid the growth of the global biosimilar market during
the forecast period, as they need treatment for various chronical illnesses. 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 and drive
the growth of the global biosimilar market during the forecast period. 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. On the other side,
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. Besides, 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 opportunities during 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 due to the high demand for low-cost alternatives for
biologics medicines. Further, the Asia-Pacific region has significant
biosimilar in use due to the relaxed regulations in various countries. Due to
the presence of a large population and the need for low-cost alternative
medicines for various diseases in countries such as China, India, South Korea,
and others drive the growth of the biosimilar market in Asia-Pacific. Moreover,
the rate of approvals for a biosimilar is increasing at a faster pace in the
U.S., due to this the North-American region is expected to become the fastest
growing biosimilar market during the forecast period.
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 application.
The report provides profiles of
the companies in the market such as Allergan plc, BIOCAD, Biocon Limited, BioXpress
Therapeutics SA, Boehringer Ingelheim International GmbH, Celltrion Inc, Coherus
BioSciences, Inc, Dr. Reddy’s Laboratories Ltd, Genor BioPharma Co. Ltd, Intas
Pharmaceuticals Limited, Novartis AG, and Other Companies.
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 2019-2025. 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.