Global Biosimilar Market - Growth, Trends and Forecast (2017 - 2022)
The global biosimilar market was estimated to be USD XX million in 2017 and is expected to reach USD XX million by 2022, witnessing a CAGR of XX% during the forecast period.
Biosimilar is a biological product, which is almost an identical copy of the original and is expected to possess active properties, similar to what was previously licensed. Biosimilars can be made only when the patent for the original product expires. Currently, Europe holds the largest market share in the biosimilar market, followed by Asia-Pacific. The Asia-Pacific market is witnessing the highest CAGR, mainly due to the proper & consistent guidelines issued by the regulatory authority and high adoption rate. The low-cost of a biosimilar is the primary driving force of the Asia-Pacific market. In countries, such as the United States, this market is still in its nascent stage; however, with a growing approval rate, the American market is expected to expand during the forecast period.
Several blockbuster pharmaceuticals going off-patent in the next 5 to10 years is the primary driver for this market. Patent expiry of blockbuster drugs, such as Humira, Enbrel and Remicade, which have been among the top selling drugs, globally, present a significant opportunity for new players to enter this market. Patent expiry is not specific to geographical locations but is spread across the globe, including Europe and the United States. Biosimilar’s price is close to 70-80% of the original product, and hence, the low price margin is unable to attract a major share of the customers. Next-generation model, like getting into agreement with insurance companies for better reimbursement, is further driving the market. Additionally, as global biosimilar market is still in its early phase, entry is easier, and opportunity of growth is high.
Developing a biosimilar drug is not easy, and opening a manufacturing facility costs between USD 100-250 million. The expensive process, along with high complexity, is the major restraint for this market. Additionally, inconsistent guidelines issued by the regulatory body, within the country, and competition from biobetters are inhibiting the biosimilar market growth
The biosimilar market is segmented by product class and geography.
By product class, the global biosimilar market is further segmented as follows –
Monoclonal Antibodies (Adalimumab, Infliximab, Rituximab, Trastuzumab, Bevacizumab and others)
Recombinant Hormones (Insulin, Human Growth Hormone, Follicle Stimulating Hormone)
Recombinant Growth Factors (Granulocyte Colony Stimulating Factor, Erythropoietin and others)
Immunomodulators (Interferon Alfa, Interferon Beta and others)
Anti-Inflammatory Agents (TNF Inhibitors and others)
By geography, the market is segmented into –
The Middle East & Africa
Some of the key players in this market are –
Market analysis for the global biosimilar market, with region-specific assessments and competition analysis.
Market definition along with the identification of key drivers, restraints opportunities and challenges.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with company profiles of key players with the analysis of their current strategic interests and key financial information.
Identification and analysis of the macro and micro factors that affect the global biosimilar market.
Insights of the market in the regions that have the highest potential for growth and also identify the markets that are still untapped."