A Biosimilar is described as a biological, medical product which is an identical copy of the original medical product. Market Research Future (MRFR) has published and released a research report Analyzing the market structure, this report estimates the future growth potential of the market. It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and developments (R & D) in the market.
about the global biosimilars market that predicts massive enlargement for this market with 26% CAGR during the forecast period between 2016 and 2023. In terms of cash, the market has been anticipated to rise to the US $ 16.97 bn.This report also covers insights on the major countries/regions in which this industry is flourishing, along with the list and description of untapped regions which could be the potential markets in the future.
The key factors aiding the growth of the global biosimilars market include clinical trial activities for biosimilars, increasing demand for the cheap medical products, increasing incident of different diseases, and strategic collaborations resulting in enhanced productivity. However, lack of awareness and physician skepticism are the major restraining factor regarding market growth.
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The segmentation global biosimilars market is on the basis of application, manufacturing, product, and region. The application based segmentation segments the market into blood-related disorders, immunity-related diseases, oncology, and other. Based on manufacturing, the market has contract manufacturing and in-house manufacturing. As per segmentation based on product, the market has been segmented into recombinant glycosylated proteins, recombinant non-glycosylated proteins, and others. Recombinant glycosylated proteins have been further segmented into Monoclonal antibody (mAb) and EPO. Recombinant non-glycosylated proteins have been further segmented into growth hormones, insulin, and other.
The regional segmentation of the global biosimilars market segments the market into continent-based regional markets namely Asia Pacific, North America, Europe, and rest of the world (RoW). According to the report, Europe is the biggest regional market for the biosimilars due to the advanced medical research, increasing the prevalence of diseases and rising geriatric population. Due to technological advancement, Western Europe is a bigger market than Eastern Europe. The key country-specific markets in Western Europe include France, Italy, Spain, Germany, and the United Kingdom (UK), followed by the rest of Western Europe.
North America is the second largest market, being ahead of Europe in terms of technological advancement and being equal to Europe in terms of medical research. North America‘s approach towards biosimilars is not as welcome as Europe‘s is. Major country-specific markets in North America are Canada and the United States of America (USA). The Asia Pacific has been expected to emerge as the fast-growing market during the forecast period. The country-specific markets generating maximum revenue in this region are Australia, India, Japan, South Korea, and China, followed by the rest of the Asia Pacific region.
The key players in the global biosimilars market include Accord Healthcare (UK), Amgen Inc. (USA), Astra Zeneca (UK), Biocon Ltd. (India), Celltrion, Inc. (South Korea), Dr. Reddy’s Laboratories Ltd. (India), Eli Lilly (USA), F. Hoffmann-La Roche Ltd. (Switzerland), Novartis (Switzerland), Pfizer Inc. (USA), Samsung Bioepis (South Korea), Sandoz International GmbH (Germany), and Teva Pharmaceuticals Industries Ltd. (Israel).
Latest Industry News
• Mundipharma, a network of independent pharma companies, has acquired Spanish biosimilars development company Cinfa Biotech. The deal gives Mundipharma, access to a biosimilar to Amgen’s Neulasta (pegfilgrastim). 10 OCT 2018
• The new white paper issued by the Association of European Cancer Leagues, a nonprofit, pan-European organization of national and regional cancer societies, has called for the greater use of biosimilars as a means to increase patient access to cancer treatment, and reduce costs. 10 OCT 2018
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