$15.6 Bn Biosimilar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023 - ResearchAndMarkets.com
Sep. 07, 2018
DUBLIN--(BUSINESS WIRE)--Sep 7, 2018--The "Biosimilar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The biosimilar market reached a value of US$ 2.9 Billion in 2017.
This market is currently being driven by a number of factors such as patent expires of blockbuster biological drugs, lower prices, rising prevalence of chronic diseases, and cost saving initiatives from governments and third party payers. Catalyzed by these factors, the market is further projected to reach US$ 15.6 Billion by 2023, at a CAGR of around 30% during the next five years.
Biosimilars, also known as follow-on biologics, refers to a biotherapeutic product which is highly similar to a reference biologic drug. It is produced using living organisms or cells and has a complex molecular structure. When the patent of a biologic drug expires, manufacturers resort to the approval from the regulatory authorities so as to start the production of biosimilars. For being labelled as a biosimilar, a biological drug should be proved similar in terms of quality, safety and efficacy. In comparison with generic drugs, biosimilars are expensive as their production process is more complex and requires higher investment in research and development.
Global Biosimilar Market Drivers/Constraints:
Over the years, the patents of several blockbuster biologic drugs have expired and a number of blockbuster drugs are further expected to lose patent protection in the coming years. This is expected to provide tremendous opportunities for biosimilar manufacturers in the near future.
Cost saving initiatives undertaken by governments and third-party payers have encouraged the use of biosimilars over branded biologics, thereby propelling the demand of biosimilars.
Some of the other factors bolstering the demand for biosimilars include cost-effectiveness, rising prevalence of chronic diseases (such as autoimmune diseases and cancer) and growing geriatric population.
There are some factors hampering the growth of the biosimilars market. This includes negative perception from physicians, patent extensions, lower price differential compared to small molecule generics, etc.
On the basis of molecule, the market has been segmented as Infliximab, Insulin Glargine, Epoetin Alfa, Etanercept, Filgrastim, Somatropin, Rituximab, Follitropin Alfa, etc. Currently, Infliximab dominates the market, holding the largest share.
Some of the leading players operating in the market are:Novartis Pfizer Teva Celltrion Merck & Co Samsung Bioepis Eli Lilly Biocon Dr. Reddy's Laboratories Amgen Boehringer Ingelheim
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
4 Biosimilars Market - Introduction
5 Why are Biosimilars So Lucrative?
6 Biosimilar Research, Development and Manufacturing
7 Biosimilars Market
8 Market Breakup by Molecule
9 Market Breakup by Type of Manufacturing
10 Market Breakup by Indication
11 Market Breakup by Region
12 Requirements for Setting Up a Biosimilar Manufacturing Plant
13 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/5mwhrp/15_6_bn?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180907005378/en/
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Related Topics:Biosimilars and Biosuperiors
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY PHARMACEUTICAL
SOURCE: Research and Markets
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PUB: 09/07/2018 12:29 PM/DISC: 09/07/2018 12:29 PM