Biosimilar Market- Trends, Price, Share and Growth Rate from 2017 to 2023

Our latest research report entitled Biosimilar Market (by product (human growth hormones, monoclonal antibodies, insulin, peptides, erythropoietin and others), application, (oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases and others)) provides complete and deep insights into the market dynamics and growth of Biosimilar. Latest information on market risks, industry chain structure Biosimilar cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Biosimilar growth factors.

The forecast Biosimilar Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Biosimilar on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. The market size of global biosimilar market was valued over USD 2.5 billion during 2014 and it surpassed USD 3.30 billion during 2016. The global biosimilar market is projected to surpass USD 10.50 billion by 2023, growing with a CAGR between 25.0% and 26.0% from 2017 to 2023.

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A product is termed as biosimilar product, if it is a biological product with similar characteristics as that of a reference biological product, which possesses approval from agencies such as FDA. There would not be any major clinical difference in effectiveness and safety as that of reference product. Biosimilar products are made of complex molecules with high molecular weight produced through genetic engineering in living cells. Biologics drugs are costlier than respective chemical drugs. Biosimilar drugs can save around 30 to 40 % in terms of price relative to the respective biologics drugs. Biosimilars are useful for the treatment of illnesses such as anemia, autoimmune diseases, cancer, diabetes, growth hormone deficiencies, hematological diseases, kidney failure, rheumatoid arthritis and others. For the manufacturing of biosimilars, manufacturers have to develop environments that are ideal for the living cells, which remain sensitive to environmental conditions. Moreover, they need to develop distinctive process to entice the living cells for producing similar outcome to a prevalent biological treatment. The substitution of biological drugs with biosimilar drugs can save lot of money for public health care sector and patients. The regulatory authorities in developed nations are promoting biosimilar products.

Increasing awareness about biosimilars among the patients and doctors is a major factor for the growth of the global biosimilar market. Presence of large number of geriatric population is expected to aid the growth of the global biosimilar market during the forecast period, as they need treatment for various chronical illnesses. Increasing number of patients with chronic illnesses such as diabetes and cancer drive the demand for effective patented biologics medicines. Due to the lower cost, biosimilar medicines are expected attain more demand and drive the growth of the global biosimilar market during the forecast period. Segments related to diabetes medicine and oncology are expected to attain faster growth during the forecast period.

Expiry of patents of various blockbuster drugs is a major factor for the growth of the global biosimilar market, as it is expected to provide the opportunities for the smaller pharmaceutical manufacturer to produce biosimilars in those segments. The reimbursement policies of various governments and the increasing interests from the insurance companies are expected to make biosimilars affordable to more people and drive the growth of the global biosimilar market. Non-original biologics and bio betters provide major challenge to the biosimilar market. Non-original biologics are duplicate products of reference biologics found in markets with lesser regulations or relaxed intellectual property protection. Though bio betters are regulated, as stepwise upgrade of innovator molecules, they are finding space in the drugs market. The lack of clear guidelines for the interchangeability or substitution of drugs with bio-similar is a restraint for the growth of the biosimilar market. The high manufacturing cost and complexity of production, along with the unclear regulatory policies in many countries are expected to be the major restraints for the global biosimilar market during the forecast period. However, due to the lower prices of biosimilars, the treatment for many diseases such as diabetes, rheumatoid arthritis and types of cancers, are anticipated to become affordable in developing countries and it provide opportunities for major players in the global biosimilar market to expand during the forecast period. Moreover, strategic partnerships between biosimilar manufacturers, manufacturing of multiple biosimilar products in same production facility and outsourcing of manufacturing to third parties are expected to help the major players to expand faster during the forecast period.

Segments Covered:

The report segments the global biosimilar market by product, application and region. On the basis of product, the market is segmented as human growth hormones, monoclonal antibodies, insulin, peptides, erythropoietin and others. Based on application, the market is segmented as oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases and others.

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