Biosimilars Market – Global Demand, Analysis and Key Trends by 2025
Biosimilars Market – Overview
As biosimilars show a similar effect as compared to generic medicines, they are growing their popularity at an increased pace. Market concentrated reports associated with the healthcare industry amid others recently have been made available by Market Research Future which issues reports on this industry.Biosimilars Market Size is expected to register a CAGR of 7.5% during the forecast period of 2019 to 2025, with a market value of USD 13,460 Million in 2018.
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As the processes used to make generic medicines can’t be used to develop biosimilar medicines, the market for biosimilars is expanding positively. Increase in the analytical studies has prompted the increased growth of the biosimilars market in the forecast period. Sizeable investments in multiple state-of-the-art facilities that are developing biosimilars has prompted significant growth in the market. The market is motivated majorly due to the different diseases that are being diagnosed in recent times. Increased level of clinical trials have influenced the development of the market considerably. The focus of this segment is currently on ensuring the release of biosimilar drugs into the market to treat a wider spectrum of diseases.
The market for biosimilars globally is segmented on the basis of product into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and other. The Recombinant glycosylated proteins are additionally sub segmented into monoclonal antibody (mAb) and EPO. Recombinant non-glycosylated proteins is sub segmented into growth hormones, insulin and other. On the basis of application, the market is segmented into immune diseases, blood related disorders, oncology and other. On the basis of manufacturing, the market is segmented into in-house manufacturing and contract manufacturing.
Biosimilars Market- Detailed Regional Analysis
The regional analysis of the market for biosimilars includes APAC, North America, Europe, Middle East and Africa. The European region has been guiding the market for the biosimilars. Rising geriatric population and growing prevalence of diseases have led to the growth of this market in the European region. North America has the second top market followed by the Asia Pacific region. The Asia Pacific biosimilars market is anticipated to grow at a CAGR of 27.8 percent in the forecast period.
Biosimilars Market- Global Competitive Analysis
The competitors in the market are trying to get ahead commercially by making sure that demand and supply are in balance. The momentum of the market’s progress has changed the competitive backdrop of the market. The competitors in the market are persistently trying to establish leading market positions through new policies and strategies. The experienced management in the companies operating in the market are creating business models which can bring about a fruitful phase of development. The key trends and players have established a positive tone for development. The contenders in the market are also leveraging their competitive advantages to secure their growth in the market. The market development by competitors also encompasses strong risk management strategies.
Sandoz International GmbH (Germany), Celltrion, Inc. (South Korea), F. Hoffmann-La Roche Ltd. (Switzerland), Biocon Ltd. (India), Astra Zeneca (UK), Amgen Inc. (U.S.), Pfizer Inc. (U.S.), Novartis (Switzerland), Accord Healthcare (UK), Eli Lilly (US), Teva Pharmaceuticals Industries Ltd. (Israel), Dr. Reddy’s Laboratories Ltd. (India) and Samsung Bioepis (South Korea).
June 2018 Mylan NV has recently achieved a major milestone recently by winning an approval from the U.S. Food and Drug Administration aimed at a biosimilar version of Neulasta which is an anti-infective used for patients suffering from breast cancer treatment. The pharmaceutical giant plans to launch the product, Fulphila, in the coming weeks. The McClintic Coates said that a big part of the FDA’s approval of Mylan’s biosimilar cancer therapy, Fulphila, is attributed to the drugmaker’s Morgantown-based research and development capabilities. Fulphila would signify the first alternative and more reasonable treatment option to Neulasta for oncology patients.
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