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Biosimilar Market Research Report, Trends, Growth, Regional Outlook and Forecast By 2023

United States, 12 January 2019 -- The global biosimilar market has witnessed a double-digit growth over past few years. Factors such as increasing prevalence of lifestyle diseases, savings for governments and third party-payers, and incentives for pharmacists have been proactive in propelling the market growth.

According to the recent report by IMARC Group, entitled “Biosimilar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global biosimilar market size was estimated to be US$ 2.9 Billion in 2017, growing at a CAGR of more than 36% during 2012-2017. Biosimilars, also known as subsequent entry biologics (SEBs) or follow-on biologics, refer to FDA-approved biotherapeutic products which are similar to their reference biologics. Biosimilars can only be manufactured after the patent of the reference product expires. The demand for biosimilars has been increasing in recent years as they help in reducing the overall cost of the treatment for a variety of chronic diseases including cancers, autoimmune diseases, kidney failure, diabetes, CVDs, haematological disorders, infectious diseases, rheumatoid arthritis, growth hormone deficiency, etc.

Request for a sample report: https://www.imarcgroup.com/request?type=report&id=497&flag=B

Global Biosimilar Market Drivers:

Recent patent expiries of a large number of blockbuster biological drugs such as Humira, Remicade, MabThera, Enbrel, etc. have majorly boosted the growth of the biosimilar market. Another major growth-inducing factor is ageing population which has led to a rise in the prevalence of non-communicable diseases. Further, high costs of innovator biologics, especially monoclonal antibodies (mAbs), have encouraged several governments across the globe to promote the usage of biosimilars. For instance, European countries like the Netherlands, Denmark and Germany have established strategic models for discount pricing and introduced numerous incentive programs. Apart from this, biosimilars do not require extensive marketing as the safety and efficacy profile of biologics has already been established. This has resulted into the low cost of these drugs in comparison to their branded counterparts, in turn, spurring their demand worldwide. Due to the abovementioned factors, the market is projected to expand at a CAGR of more than 30% during 2018-2023, registering a value of US$ 15.6 Billion by 2023.

Biosimilar Market Segmentation:

Market Segmentation by Molecule

• Infliximab
• Insulin Glargine
• Epoetin Alfa
• Etanercept
• Filgrastim
• Somatropin
• Rituximab
• Follitropin Alfa

Based on molecule type, Infliximab represents the largest segment, accounting for the majority of the total market share. Other major categories include Insulin Glargine, Epoetin Alpha, Ethanercept, Filgrastim, Somatropin, Rituximab and Follitropian Alfa.

Market Segmentation by Type of Manufacturing

• In-house Manufacturing
• Contract Manufacturing

On the basis of type of manufacturing, the market has been bifurcated into in-house and contract manufacturing. Currently, in-house manufacturing holds around three-fourth of the total share, representing the dominant segment. This method enables the manufacturers to monitor every step of the biosimilars’ production process and eliminates both shipping and delivery costs.

Market Segmentation by Indication

• Auto-Immune Diseases
• Blood Disorder
• Diabetes
• Oncology
• Growth Deficiency
• Female Infertility

The market has also been segregated on the basis of indication as autoimmune diseases, oncology, diabetes, blood disorder, growth deficiency and female infertility. Amongst these, autoimmune diseases account for around a half of the global share.

Market Segmentation by Region

• Europe
o Italy
o Germany
o France
o United Kingdom
o Spain
• United States
• Japan
• India
• South Korea
• Rest of the World

Region-wise, Europe is the leading market with more than a half of the global share. This can be attributed to the large ageing population in the region. Besides Europe, other major regions include the United States, India, Japan and South Korea.

Competitive Landscape

On examining the competitive landscape of the market, it has been found that the biosimilars industry is concentrated in nature. Some of the key players operative in the market are

• Sandoz International GmbH
• Pfizer Inc.
• Teva Pharmaceutical Industries Limited
• Celltrion Inc.
• Biocon Limited
• Samsung Biologics
• Amgen, Inc.
• Dr. Reddy's Laboratories Limited
• Stada Arzneimittel Ag.

For more information, click here: https://www.imarcgroup.com/biosimilar-market

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us

IMARC Group
James Smith
Email:
Tel No:(D) +91 120 433 0800 | http://www.imarcgroup.com
Americas :- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331
Linkedin: https://www.linkedin.com/company/imarc-group/

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Submitted by Imarc Group, IMARC Group on Saturday, 12 January 2019 at 7:45 PM
Category: Health Care & Medical
 
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