With a portion of the world's most popular biologics proceeding to confront patent expiration in the coming years, the biosimilars market is set to expand considerably. Infinium Global Research has recently published a global report on "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". The reported study estimated the market for biosimilar will grow with a Compound annual growth rate of 35.12%, in the forecast period (2020-2026).
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Biosimilars are increasingly growing
important worldwide, and due to their low price tags relative to brands and
their similarity in terms of function and side effects, many leading countries
are incorporating them into their health care systems and using them in many
fields of medicine. Although the quality of these drugs is usually lower than
that of the originator products and have not been exposed to a comparability
pathway dedicated to biosimilars, they are expected to build a significant
market share over time. At the moment, the COVID-19 outburst is setting the priorities
for most healthcare providers (HCPs) and hospital decision-makers such as
taking care of affected patients, navigating the developing COVID-19 coverage
and payment landscape, and maintaining a sufficient supply of beds and personal
protective equipment (PPE). Amid the COVID-19 pandemic, institutions may lack
the bandwidth to endure to evaluate complex biosimilar-related decisions and
may stick to the status quo, the reference product, or the current preferred
biosimilar product until the dust settles. This will hold back the growth of the
biosimilar market for the short term.
https://www.infiniumglobalresearch.com/reports/enquiry/6039
The key factor impelling
the Biosimilar
Market is the patent expiry of prime biological drugs. Patent expiry
permits huge competitors as well as emerging manufacturing companies to produce
biosimilars which in turn boosts the overall biosimilar market. The growth is
largely driven by approximately USD 80 Billion worth
of biologics going off patent by 2020. Apart from that, factors that fuel the
biosimilar market is the low cost of biosimilars as compared to the approved
referenced product, increase in age-related disorder as a result of growing
geriatric population and positive outcomes in clinical trial studies. With the
increasing transformation in the overall pharmaceutical landscape towards
biologics, biosimilars offer an enormous opportunity for innovative biotech and
generic companies operating in the developed as well as emerging markets as
well as the ones trying to enter these markets.
Human growth hormones, monoclonal
antibodies, insulin, peptides, and erythropoietin are the major biosimilar
products available commercially. Among them, biosimilar monoclonal antibodies
are the highest selling biologics and are a key therapeutic class for a wide
range of diseases including cancer, autoimmune diseases, and much more due to
the patent expiration of top-selling drugs in forthcoming years. Most of the
pharmaceuticals are entering the rapidly growing monoclonal antibody biosimilar
market. Further, the rising prevalence of diseases and strategic alliances of
the key players are boosting the market growth in this segment.
Based on the geographical analysis, Europe holds the highest share in the market owing to supportive government regulations as well as an increase in biosimilar acceptance in European countries. In 2017, the European market was approximately $2.5million with 36 biosimilars being approved by May 2018. North America holds the second-largest share in the market and is expected to increase during the forecast period due to strong initiatives adopted for implementing the use of biosimilars in the U.S. Asia Pacific region is foreseen to show generous development in the time frame, with more than 50 approved biosimilars, favorable government regulations, and sufficiently less assembling cost giving a reasonable climate to the development of the market.
