Biosimilars Market to Surpass US$ 70 Billion by 2026

Published On : Apr 16, 2019

Global Biosimilars Market, by Drug Class (Recombinant Human Growth Hormone, Granulocyte Colony-Stimulating Factor, Insulin, Anticoagulants, Fusion Proteins, Erythropoietin, Monoclonal Antibodies, Follitropin, and Others), by Therapy Type (Oncology, Immunology, Hematology, Hormone Therapy, Metabolic Disorders, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Specialty Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 5.0 billion in 2017, and is projected to exhibit a CAGR of 35.2% over the forecast period (2018 - 2026), as highlighted in a new report published by Coherent Market Insights.

Demand for biosimilars is increasing in healthcare sectors in comparison to small molecules due to low manufacturing cost of biosimilars. Biosimilars are less expensive to produce than reference biologics. For instance, as per a National Center for Biotechnology 2017 study, biosimilars generally require 8 to 10 years to develop at a cost between US$ 100 and US$ 200 million, compared to around US$ 2.5 billion for developing a new drug. As a result, manufacturers have fewer expenses to recover, which theoretically allows for biosimilars to build upon the innovation of the reference product and have lower list prices.

Increasing number of manufacturers engaged in developing biosimilars that are similar to current analogs at more affordable prices. The low cost and effectiveness of biosimilar insulin is aiding in treatment of patients suffering from diabetes mellitus.

Major investments by regional players for research and development of biosimilar production is expected to drive growth of the market in emerging economies. For instance, in October 2016, Cipla Inc. invested US$ 8 million to set up manufacturing plant for biosimilars in South Africa. International players are collaborating with local players in emerging economies to enhance their market share. For instance, Mylan N.V. has a long-standing biosimilars partnership with India-based Biocon.

Browse 27 Market Data Tables and 21 Figures spread through 231 Pages and in-depth TOC on " Global Biosimilars Market, by Drug Class (Recombinant Human Growth Hormone, Granulocyte Colony-Stimulating Factor, Insulin, Anticoagulants, Fusion Proteins, Erythropoietin, Monoclonal Antibodies, Follitropin, and Others), by Therapy Type (Oncology, Immunology, Hematology, Hormone Therapy, Metabolic Disorders, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Specialty Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2026"

To know the latest trends and insights related to biosimilars market, click the link below:

https://www.coherentmarketinsights.com/market-insight/biosimilars-market-750

Moreover, several manufacturing companies are expected to lose patent protection for various drugs. For instance, LEVEMIR, an Insulin by Novo Nordisk is expected to lose its patent rights in 2019. Such instances are creating opportunities for pharmaceutical manufacturers to develop alternatives to the patents. Furthermore, expiry and termination of pharmaceuticals drugs such as Humira, Enbrel, and Remicade is offering significant opportunity for new players to enter in the market.

Key Takeaways of the Biosimilars Market:

  • The global biosimilars market is expected to witness a CAGR of 35.2% during the forecast period (2018–2026), owing to increasing approvals of biosimilars
  • Among drug class, the monoclonal antibodies segment is expected to account for major revenue share in the market over the forecast period. The development of monoclonal antibodies biosimilars — a major therapeutic class for diseases including various cancers and autoimmune disorders such as rheumatoid arthritis — is accelerating rapidly, owing to the upcoming patent expiry of top-selling drugs.
  • Major players operating in the global biosimilars market include, Novartis AG, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., Celltrion Healthcare Co., Ltd., Biocon Limited, Amgen, Inc., Dr. Reddy's Laboratories, and Sanofi S.A.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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