Global Biosimilar Market to

30 Apr

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Global Biosimilar Market to Grow with a CAGR of 35.12% over the Period of 2020 to 2026

  • By admin

  • January, 1970

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.

 

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Loss of Exclusivity of Biologicals Worth More than USD 80 Billion is Expected to Boost the Biosimilar Market 

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.

Monoclonal Antibodies to Hold a Major Share of the Market in the Forecast Period

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.

 

The Asia Pacific is expected to Register High Growth in the Forecast Period with the More Approved Drugs in the Market

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 2018North 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.