DUBLIN–(BUSINESS WIRE)–The “Biosimilars Market By Product, By Technology, By Indication, By Manufacturing Type, By Route of Administration, by Geography – Global Market Size, Share, Development, Growth, and Demand Forecast, 2014-2024” report has been added to ResearchAndMarkets.com’s offering.
The biosimilars market is predicted to reach $26.7 billion by 2024, progressing at a CAGR of 29.6% during the forecast period (2019-2024).
The market is driven by the rising prevalence of the chronic disease, growing investment in research and development by biopharmaceutical organizations, the vast pipeline of biosimilars, surging geriatric population, and the cost-efficient nature of biosimilars as compared to approved drugs.
Based on technology, the biosimilars market is classified into the monoclonal antibody (mAb), bioassays, nuclear magnetic resonance (NMR), recombinant deoxyribonucleic acid (rDNA), and electrophoresis. Biosimilars manufactured using the mAb technology held 56.0% share in the market in 2018. This technology is further anticipated to be the fastest growing due to its large-scale deployment in the development of therapeutics to treat various diseases, such as immunological, cancer, and infections.
On a global ground, in 2018, Europe dominated the biosimilars market with nearly 47.7% share. This is ascribed to the flexible regulatory parameters, surging aging population, and increasing R&D investments by biopharmaceutical organizations in the region.
The biosimilars market is expected to observe the fastest growth in North America, progressing at CAGR of 32.7% during the 2019-2024 period. This can be mainly attributed to the surging geriatric population, increasing prevalence of chronic diseases, and growth in R&D investments.
Companies in North America have more freedom to price their products as they want compared to other regions, and advanced technologies and trained scientific personnel are readily available in here, which make it ideal for pharmaceutical companies.
According to the Population Reference Bureau report, titled Aging in the United States, the aging population is anticipated to double by 2060, resulting in the need for old age-related disease management. Furthermore, according to the Centers for Disease Control and Prevention (CDC), around 60.0% of the adults in the U.S. are suffering from one or more chronic diseases.
Strategic collaborations and product launches play a prominent role in the growth of the biosimilars market. For instance, Amgen Inc. and Entera Bio Ltd. collaborated in 2018 to launch an orally administered formulation of biologics. This collaboration shows that organizations are ready to invest in biologics, resulting in the growth of the market.
Furthermore, in January 2019, Samsung Bioepis Co. Ltd. partnered with 3SBio Group to expand the business of biosimilars in China. With the collaboration, Samsung Bioepis Co. Ltd. will seek to enlarge its biosimilars portfolio, while 3SBio Group will be supported by the sales of Avastin.
- Increasing number of collaborations and partnerships
- Rapid product launches
- Growing geriatric population
- Increasing prevalence of chronic diseases
- Increasing R&D investment by biopharmaceutical companies and an extensive pipeline of biosimilars
- Inexpensive nature of biosimilar drugs
- Complex manufacturing process
- Strict regulations and delays in approvals
Global Biosimilars Market Segmentation
Market Segmentation by Product
Recombinant Glycosylated Proteins
- Monoclonal antibodies (mAbs)
Recombinant Non-Glycosylated Proteins
- Recombinant human growth hormone
- Granulocyte-colony stimulating factor (G-CSF)
- Recombinant Peptides
Market Segmentation by Technology
- Monoclonal Antibody (mAb)
- Recombinant Deoxyribonucleic Acid (rDNA)
- Nuclear Magnetic Resonance (NMR)
Market Segmentation by Indication
- Blood-Related Disorders
- Auto-Immune Diseases
- Chronic Diseases
- Infectious Diseases
- Growth Hormone Deficiency (GHD)
Market Segmentation by Manufacturing Type
Market Segmentation by Route of Administration (ROA)
- AMEGA Biotech
- Celltrion Inc.
- Coherus BioSciences Inc.
- Dr. Reddy’s Laboratories Ltd.
- Mylan N.V.
- Novartis AG
- Pfizer Inc.
- Samsung Bioepis Co. Ltd.
- Synthon Holding B.V.
- Teva Pharmaceutical Industries Limited
- Zydus Cadila
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Related Topics: Biosimilars and Biosuperiors