Biosimilars Market Size & Growth (2020 – 2025)
The biosimilars market at global level is projected to reach USD 7.56 Billion by 2025 growing at a CAGR of 38.4% during the forecast period 2020-2025. The market is driven by increased prevalence of chronic diseases such as cancer and diabetes, which complement the growing needs of pharmaceutical drugs, in particular for high-priced branded drugs. Whereas, market growth is limited by the high cost of reference products which increases the financial burden on patients as well as service providers for reimbursement.
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A biosimilar is a biological medicinal drug (also known as biologic) extremely similar to another biological medication already licensed (the ‘reference medicine’). Biosimilars are licensed in accordance with the same pharmaceutical quality, safety and effectiveness standards which apply to all biological medicines. The development and testing of biosimilars with reference biologics is a key part of the whole process of development. Biosimilars regulations have a crucial role to play in ensuring the viability and balance between original and biosimilar goods. The commercialization and production of biosimilars is actively supervised by various regulatory authorities such as EMA and FDA.
Biosimilars Market Segmentation
The global biosimilars market is segmented as follows:
- Biosimilars Market – By Application
- Blood Disorders
- Oncology Diseases
- Chronic and Autoimmune Diseases
- Growth Hormone Deficiency
- Others
Oncology segment accounted for the largest share in biosimilar market. It is driven by higher cancer incidence including lung , liver, colorectal , stomach, breast, and blood cancer. Blood disorder segment is estimated to grow at a lucrative rate over the forecast period. Effects such as the positive outcome of ongoing clinical biosimilar trials, the prevalence of anemia, hemophilia, and blood clots among other blood disorders, and the need for innovative low-cost therapeutic products are estimated to drive market growth.
- Biosimilars Market – By Technology
- Monoclonal Antibodies Technology
- Recombinant DNA Technology
Recombinant DNA technology has highest market share in 2019. Several products including human growth hormones, insulin, erythropoietin, etc. are manufactured using this technology. This technology enhances the biosimilars ability to treat the disease effectively. Manufacturers are now utilizing this technology to generate biosimilar drugs.
- Biosimilars Market – By Type
- Recombinant Non-Glycosylated Proteins
- Recombinant Glycosylated Proteins and Peptides
Recombinant non-glycosylated protein market holds the majority market share in 2019. They include human growth hormone, granulocyte colony-stimulating factor (Filgrastim), insulin and interferon. Recent advances in cell technology and high-throughput analytical techniques is set to enable effective production in global market growth.
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Top Market Players
Some of the key players on the global biosimilars market include Amgen Inc, F.Hoffmann-La Roche Ltd, Sandoz International GmbH, Dr. Reddy’s Laboratories Ltd,Teva Pharmaceutical Industries Ltd, Pfizer Inc, Samsung Bioepis,Biocon, 3SBio, Biogen, Boehringer Ingelheim,Celltrion,Coherus BioSciences, Elli Lilly and Company, Intas Biopharmaceuticals, Lupin,Merck,Novartis,Ratiopharm,STADA Arzneimittel,Wockhardt,Zydus Cadila and Mylan N.V.
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