Pulished : September, 2019
ID: 94
Region: Global
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Biosimilar Market Estimated to Reach USD 23.63 Billion By 2024

Pulished: September, 2019
ID: 94
Share on

According to our report, the report “Global Biosimilars Market Analysis - By Product Type (Protein, Insulin, Human Growth Hormones, Granulocyte Colony-stimulating Factor (G-CSF), Interferons, Recombinant Glycosylated Proteins, Erythropoietin, Monoclonal Antibodies, Follitropin, Recombinant Peptides, Glucagon & Calcitonin), By Disease (Mass Spectroscopy, Chromatography, Monoclonal Antibody Technology, Recombinant DNA Technology, Nuclear magnetic resonance (NMR) technology, Electrophoresis, Bioassay), By Application (Oncology Diseases, Blood Disorders, Growth hormone deficiencies, Chronic and autoimmune diseases & Others), By Region - Global Industry Analysis on Size, Share, Trends, Growth, Forecast | 2019 – 2024” is estimated to be USD USD 4.49 billion in 2019 and predicted to rise to USD 23.63 billion with a CAGR of 39%.

The Biosimilar Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc.

Biosimilars offer a cheaper alternative for other biological and synthetic drugs. Across the world, the biosimilars market is driven by the aging population and increasing rates of diabetes and chronic disorders. Government support and initiatives play a crucial role. Emerging pharmaceutical markets and lenient government regulations provide some of the major openings this is market. In addition, increased co-operation between manufacturing companies, and the outsourcing of biosimilar products are acting as an impetus for the biosimilars market.

The biosimilar product market is categorized into recombinant glycosylated proteins, recombinant non-glycosylated proteins, and recombinant peptides. Calcitonin and glucagon have been put under recombinant peptides. The recombinant non-glycosylated proteins market is further segmented as granulocyte colony-stimulating factor, insulin, interferons, and others; while the recombinant glycosylated proteins market is further segmented into monoclonal antibodies, erythropoietin and follitropin. The recombinant glycosylated proteins segment is expected to experience the highest growth due to the increased demand for monoclonal antibodies in the treatment of cancer, autoimmune disorders, blood disorders, and infectious diseases. The fastest-growing segment by application is expected to be Oncology, and presently it accounts for about 25% market share in the global market in 2016.

Europe dominates the biosimilar market. In the coming years, several new classes of biosimilars are expected to be submitted for approval in Europe. Most existing drugs are expected to lose their EU patents by 2020, including leading treatments for breast cancer, diabetes, and rheumatoid arthritis. Overall, the opportunities in biosimilar research are expected to escalate throughout Europe. Although, Europe would continue to dominate the market while the Asia Pacific would emerge as a fastest-growing region over the forecast period. Asia-Pacific is the fastest-growing market for biosimilars because of low manufacturing expenses, availability of skilled and cheap labor, lenient regulations laid by governments.

Leading players in the biosimilars market are Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd. Dr. Reddy’s Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics and Cipla Ltd.

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