Biosimilars Market Trends, Applications and Competitive Landscape to 2030
Biosimilars Market Overview
The global biosimilars market is expected to exhibit a strong 23.90%CAGR over the forecast period from 2022 to 2030, according to the latest research report from Market Research Future (MRFR). The global biosimilars market was valued at USD 13.4 billion in 2018.
Biosimilars are biological medicines that are highly similar to another already approved medicine. The patent expiry of several blockbuster drugs has been a major driver for the global biosimilars market over the last few years, as this has driven the demand for generics and other alternatives to blockbuster drugs. This is likely to remain a major driver for the global biosimilars market over the forecast period, with several blockbuster drugs expected to lose their patents in the coming years, leading to a growing demand for alternatives. Due to the high profitability of biosimilars, many pharmaceutical companies have invested significantly in the development of biosimilars in the last few years. Biosimilars have become a highly useful and lucrative addition to the portfolio of pharmaceutical giants in the last few years. This is also likely to remain a key driver for the global biosimilars market over the forecast period.
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Biosimilars Market Segmentation:
The global biosimilars market is segmented on the basis of product, application, end user, and region.
By product type, the global biosimilars market is segmented into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. The recombinant non-glycosylated proteins are further divided into human growth hormone (RHGH), granulocyte colony-stimulating factor (filgrastim), insulin, and interferons. Similarly, the recombinant glycosylated proteins segment is further sub-segmented into erythropoietin (EPO), monoclonal antibodies (MABS), and follitropin. The recombinant peptides segment has been subdivided into glucagon and calcitonin. The recombinant non-glycosylated proteins segment is expected to hold a major share in the market due to an increase in the incidence of chronic diseases, diabetes, and growth hormone deficiency-related disorders. Thus, the therapeutic use of recombinant non-glycosylated proteins is broadening.
By application, the global biosimilars market is segmented into oncology, chronic diseases, autoimmune diseases, blood disorders, growth hormone deficiency, infectious diseases, and others. The blood disorders segment is expected to exhibit growth at a high growth rate over the forecast period due to the growing realization of the usability of biosimilars in treating blood disorders.
Biosimilars Market Regional Analysis
Currently, the biosimilars market in North America might witness an exponential growth during the forecast period. The U.S. is one of the advance developed economies in North America, is faced with some restraints in the current developmental programs for protein products, including insulin, owing to stringent and time-constrained regulatory norms imposed by the FDA. Hence, manufacturers in the biosimilars market are escalating R&D activities to produce affordable biological products before the year 2020 deadline issued by the FDA.
The market in Europe might lead the global biosimilars market owing to the escalating biosimilar product approvals and the emergence of novel market participants in the region. The mounting prevalence of chronic diseases in the US and Canada might drive the market growth. For instance, as per Amgen, in the year 2019, Europe has an advanced biosimilar market, with 53 approved biosimilar products.
Biosimilars Market Players
- Pfizer (US)
- Sandoz (Germany)
- Biocon (India)
- Biogen (US)
- Fresenius Kabi AG (Germany)
- Boehringer Ingelheim (Germany)
- Merck KgaA (Germany)
- Mylan (US)
- Eli Lilly (US)
- Teva Pharmaceutical (Israel)
- Others
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