The global biosimilars market was valued USD 9.0 billion in 2019. Biosimilars market is projected to grow at a CAGR of 19.2% from 2020 to 2026.
Covid19 has impacted the Pharmaceuticals market in a way that everyone is talking only about this virus. The pharmaceuticals industries are majorly focusing on developing either a treatment or a vaccine for this virus. COVID-19 doesn’t impacted biosimilars market negatively. There is no decline seen in this market due to COVID-19. This market will continue to grow as before.
For more details, visit: Global Biosimilars Market By Product Type (Insulin, Erythropoietin, Others), By Application (Oncology, Blood Disorders, Others), By End User (Research, Hospitals & clinics, Others), By Region–Forecast & Opportunities to 2026
Many biological drugs are moving towards patent cliff. In 1997 the U.S. Food and drug association had approved Rituxan, a monoclonal antibody biologics. This is a very vital driving factor of biosimilars market.
On the basis of product the biosimilars market is segmented into insulin, monoclonal antibodies, granulocyte colony-stimulating factor, erythropoietin, recombinant gycosylated proteins, recombinant non-gycosylated proteins, etanercept, follitropin, teriparatide, interferon, enoxaparin sodium, glucagon and calcitonin. Monoclonal has accounted for largest market share in 2019.
Based on the application, the biosimilars market is segmented into oncology, blood disorders, growth hormonal deficiency, chronic & autoimmune disorders and others. The oncology segment had accounted for maximum market share by revenue in 2019. World health organization (WHO) has declared cancer as the second leading cause of death around the world. In 2015 8.8 million deaths occurred due to cancer. Out of 8.8 million deaths around 70% people died are from lower or middle income country, who can’t afford the cost of treatment. Hence there is an increased demand of low cost and highly effective therapeutic drugs.
Based on the end users the market is divided into research, hospitals and clinics and others. The healthcare and clinics segment is estimated to register growth at highest CAGR during the forecast period. Biosimilars provide low cost and efficient treatments for many diseases such as cancer, blood disorder and diabetics etc. Biosimilars are affordable by low and middle income countries. Such countries use biosimilars in clinics and hospitals at large scale to treat patient.
Based on region, Europe accounted for largest market share in 2019. The increment of chronic diseases was the major driving factor in this region. To treat such diseases the most efficient and low cost solution was the use of biosimilars. This has maximized the market size of biosimilars in the Europe region.
The key market players in this sector are Teva Pharmaceutical Ltd., Biocon and Mylan N.V., Agmen, Pfizer, Sandoz International, Dr. Reddy’s Laboratories, Celltrion, Samsung Biologics, Eli Lily and company, Hospira Inc., Cipla Ltd., Actavis Inc., Biogen and Stada Arzneimittel Ag.
- What are the expected industry trends over the next three to five years?
- Which of the biosimilars product type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?