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.
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.
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.
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.
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.