Global Biosimilars Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Monoclonal Antibodies, Recombinant Proteins, Hormones, Others), By Disease (Infectious Disease, Oncology And Immunology, Respiratory, Genetic Disorders, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Mar 2023
- Report Code : KSI061611550
- Pages : 130
The global biosimilar market is estimated to register a CAGR of 40.14% over the forecast period to reach a market size of US$19.151 billion by 2023 from US$2.528 billion in 2017. Biosimilars are defined as licensed and highly similar versions of biological drugs that have already been approved for use by regulatory bodies. The growth in the market may be attributed to the cost-effectiveness of the biosimilars when compared to reference biologics coupled with the patent expiration of the many blockbuster biologic drugs. By 2018, biologics worth more than US$68 billion in annual sales will lose patent protection. The estimated patent and exclusivity expiry of a few of the blockbuster biologics is given below. Due to the structural complexity of biosimilar drugs, multi-layered manufacturing, and risk of immunogenicity, separate regulatory pathways have been drafted to introduce them into the market.
Increasing investment by the companies for the development of biosimilars will also be the key factor driving the market. Recently in August 2018, Stada, a German biopharmaceutical company announced an investment of $ 115 million n biosimilar development by becoming a major shareholder in BioCeuticals, a venture capital-funded organization created by Stada to carry out its biosimilar programs. Similarly, Merck, in February 2018, invested $49 million to support the growing demand with new biopharmaceutical manufacturing and distribution centers in South Korea and India, while accelerating biosimilar manufacturing and development in China. Thus, the growing interest of the companies in biosimilars will augment the market during the given time frame. New drug launches and collaborations have also helped the companies and bolstered the market. For instance, in January 2018, Biocon and Sandoz entered into a strategic partnership to develop the next generation of biosimilars in immunology and cancer. However, stringent regulations for the development and production of biosimilars could hinder biosimilar market growth.
Geographically, Europe holds the largest market share due to the presence of well-known biopharmaceutical companies such as Stada, Sandoz, AstraZeneca, Merck, etc. Also, the well-defined regulatory framework for the approval of biosimilars and a rising number of product approvals coupled with well-developed healthcare infrastructure has further provided a boost to the European biosimilar market. Similarly, North America will also show robust growth during the forecast period owing to the increasing focus on product development coupled with the rising efforts from the manufacturers to tap the growth opportunities in the region.
Market intelligence is presented in the form of analysis, charts, and graphics to help clients in gaining a faster and more efficient understanding of the global biosimilar market.
Major industry players profiled as part of the report are Sandoz, Stada Arzneimittel, Dr. Reddy's Laboratories, Biocad, and Samsung Bioepis among others.
Segmentation:
- By Type
- Monoclonal antibodies
- Recombinant Proteins
- Hormones
- Others
- By Disease
- Infectious Disease
- Oncology and Immunology
- Respiratory
- Genetic Disorders
- Others
- By Geography
- North America
- US
- Canada
- Others
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Others
- Middle East and Africa
- Asia Pacific
- China
- India
- Australia
- Japan
- Others
Frequently Asked Questions (FAQs)
Samsung Bioepis
Stada Arzneimittel AG
Sandoz International GmbH (A Novartis Company)
Amgen Inc.
Apotex Inc.
BioCad
Dr. Reddy’s Laboratories Ltd.
Biocon
Boehringer Ingelheim International GmbH
Cinfa Biotech
Biogen International
Hospira (A Pfizer Company)
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