ID: MRFR/LS/0821-HCR | February 2021 | Region: Global | 95 pages
Regional Market Summary
Biosimilars Global Market Share by Region, 2018 (%)
Source: World Health Organization (WHO)
Biosimilars Market Dynamics
To understand the Biosimilars Market trends and opportunities, to understand different factors affecting Biosimilars industry Growth, market dynamics is required that covers drivers, restraints, opportunities, and challenges to the biosimilars market.
The factors that are contributing to the market growth and driving the growth of the Biosimilars market are:
Expiring Patent of Several Biological Drugs: Over the years, patents of many biological drugs have expired and patents of many will expire in a few years which is expected to increase the demand for Biosimilar Medicines.
Financial sustainability cost-Saving Initiatives: The main objective of Biosimilar medicines is to make critical medicines affordable to all. The government is taking initiatives in many countries to promote Biosimilar medicines.
Growing Geriatric Population: More Geriatric Population signifies more people prone to chronic diseases. Hence, higher demand for biosimilar medicines.
Opportunities:
Every market is always open to opportunities and is dependent on them for future expansion of the biosimilars market, its growth, and its scope.
Launch of new Biological Products: The biosimilars market can expand further and produce new forms of medicines when the original formulation and launch of the new biological product will come into the market.
Cost-Saving Sales: Biosimilar medicines can be accessible at the cost-saving amount to the Payer and the patient as well.
Restraints:
The factor controlling the Biosimilars Market growth is studied under restraints to the market:
Negative Perception: Many physicians and Doctors have a negative perception about biosimilar products and so they do not recommend their uses as well they demote their uses in the patient’s minds. This causes few people to restrict the use of biosimilar medicines.
Patent Extension: When the patent of original biological medicine does not expire or is expanded, then their biosimilar medicines cannot be produces
Challenges:
Challenges to the market can be converted into opportunities if tackled properly. Every Market has different challenges and tries different ways to overcome them. The challenges to Biosimilars Market are:
Gaining Trust: Biosimilars industry will grow at a faster rate if the market can gain the trust of all the physicians, doctors, and patients. These medicines are approved and safe for use but their effectiveness is not guaranteed.
Improved Access to the medicines: Even though these medicines are available at a lower cost, still not everyone can access them. Improve access to these medicines can trigger a better growth of biosimilar medicines.
Regulatory Implications
The Biosimilars Market is all drugs and medicines so regulatory implications come under one of the very important concerns for the market. Government-issued laws and regulations are to be followed and important to be maintained within the market. These regulations are necessary to keep a regular check and maintain a legit way of work within the market. Rules, laws, and regulations are applied from importing drugs, their formulation, their manufacturing, and exportation of the product, everything is kept under surveillance to avoid any form of illegal activity.
Biosimilars Market Segment Overview
The study of a market segment-wise helps to understand the different segments of a particular market. The Biosimilar Market is divided into four major segments which are:
By Molecule: This segment of the Market states the different types of molecular products produced by the Biosimilar Market.
By Indication: This segment of the biosimilars market includes the chronic diseases for which the products are formulated and manufactured.
By Manufacturing: There is two main division of the Market by Manufacturing segment which are:
By Region: The biosimilar market is divided into five major regions which are:
Regional Analysis:
Global Market Robotics Shares are spread across the five major regions of the world. The highest share of the market is held by Europe as the maximum number of people belonging to the geriatric population then followed by the Asia-Pacific Region. Moreover, Asia-Pacific Region is expected to show significant growth over the forecasted period till 2027. The Global Biosimilar market is divided into major regions namely, North-America, Latin-America, Europe, Asia-Pacific region, Middle East, and Africa.
Competitive Landscape
The Biosimilar Market has a competitive environment as different companies and key players of the market are trying to advertise similar products made of similar drugs. Sometimes, different companies collaborate to form a new product or to work on a single type of vaccine or medicine to treat a lethal disease.
Given below are the key players of the Biosimilars market-
Recent Developments
Report Overview
The Biosimilars Market research report gives a detailed description of this Market. Starting with the meaning and definition of Biosimilar medicines to the regulatory implications applied on the market, everything is covered in this report. The Biosimilars Market Analysis gives information about the market and allows understanding different aspects of the market through studies of Market drivers, restraints, challenges, and opportunities open to the market.
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: Significant Value |
CAGR | 2030: 23.90%% |
Base Year | 2019 |
Forecast Period | 2020-2030 |
Historical Data | 2018 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Applications and End-users |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Pfizer (US), Sandoz International (Germany), Teva Pharmaceuticals (Israel), Amgen, Inc. (US), Biocon (India), Dr. Reddy’s Laboratories (India), Celltrion (South Korea), Samsung Biologics (South Korea), Eli Lily & Company (US), Hospira Inc.(US), Actavis, Inc.(US), Cipla Ltd (India), Stada Arzneimittel AG (Germany), and Mylan, Inc.(US). |
Key Market Opportunities | Increasing prevalence of diseases and rising geriatric population has led to grow this market in Europe. |
Key Market Drivers |
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Frequently Asked Questions (FAQ) :
For instance, according to the biosimilars update report by Amgen in 2019, As of January 2019, the US Food and Drug Administration (FDA) approved 17 biosimilars, out of which 7 products launched in 4 therapeutic areas.
A biosimilar is a biologic medical product highly similar to another already approved biological medicine. Biosimilars are approved according to the same standards of pharmaceutical quality, safety, and efficacy that apply to all biological medicines.
Biosimilars Market is expected to grow at 23.90% CAGR from 2020 to 2030.
Biosimilars Market stood at USD 13,460 million in 2018.
Rising prevalence of diseases and cost-effective production rate of biosimilars can drive the Biosimilars Market.
Europe is expected to contribute the maximum to the Biosimilars Market.
Pfizer, Eli Lily & Company, Teva Pharmaceuticals, Stada Arzneimittel AG, Dr. Reddy’s Laboratories, Cipla Ltd, Celltrion, Hospira Inc., Sandoz International, Amgen, Inc., Samsung Biologics, Biocon, Mylan, Inc., Actavis, Inc. are some of the biggest names of the Global Biosimilars Market.