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 annual sales will lose patent protection. Estimated patent and exclusivity expiry of a few of the blockbuster biologics are given below. Due to the structural complexity of the 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 the 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 biosimilars manufacturing and development in China. Thus, the growing interest of the companies towards 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 the 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.
|Market size value in 2017||US$2.528 billion|
|Market size value in 2023||US$19.151 billion|
|Growth Rate||CAGR of 40.14% from 2017 to 2023|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Disease, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||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)|
|Customization scope||Free report customization with purchase|
Oncology and Immunology
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What will be the biosimilar market size by 2023?
A1. The global biosimilar market is estimated to reach a total market size of US$19.151 billion by 2023.
Q2. What is the size of the global biosimilar market?
A2. Biosimilars Market was valued at US$2.528 billion in 2017.
Q3. What are the growth prospects for the biosimilar market?
A3. The biosimilar market is estimated to register a CAGR of 40.14% during the forecast period.
Q4. What factors are anticipated to drive the biosimilar market growth?
A4. The biosimilar market growth 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.
Q5. Which region holds the largest market share in the biosimilar market?
A5. Geographically, Europe holds the largest share in the biosimilar market due to the presence of well-known biopharmaceutical companies such as Stada, Sandoz, AstraZeneca, Merck, etc.
Stada Arzneimittel AG
Sandoz International GmbH (A Novartis Company)
Dr. Reddy’s Laboratories Ltd.
Boehringer Ingelheim International GmbH
Hospira (A Pfizer Company)
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