(PharmaNewsWire.Com, July 04, 2017 ) According to the report Global Biosimilars Market, published by Market Data Forecast, the global market is projected to reach USD 22.15 billion by 2021 from USD 4.76 billion in 2016, at a CAGR of 36% from 2016 to 2021. A biosimilar product is a biological product that is approved based on a showing that it is highly similar to an FDA-approved biological product, known as a reference product, and has no clinically meaningful differences in terms of safety and effectiveness from the reference product. Only minor differences in clinically inactive components are allowable in biosimilar products.
An interchangeable biological product is biosimilar to an FDA-approved reference product and meets additional standards for interchangeability. An interchangeable biological product may be substituted for the reference product by a pharmacist without the intervention of the health care provider who prescribed the reference product.
FDA requires licensed biosimilar and interchangeable biological products to meet the Agency’s rigorous standards of safety and efficacy. That means patients and health care professionals will be able to rely upon the safety and effectiveness of the biosimilar or interchangeable product, just as they would the reference product.
Global Biosimilars Market: Drivers & Restraints Across the world, the biosimilars market is driven by 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 biosimilars market. However, high manufacturing cost and complexity, and the availability of low priced generic drugs in the market are some of the major restraints of biosimilars market are facing.
Global Biosimilars market: Overview Biosimilars cost 10% to 30% lesser than their parent products which is one of the primary factors fuelling their adoption. For instance, Omnitrope by Novartis and Valtropin by Bioton, the first biosimilar products to receive marketing authorization in the European market, cost 20%-25% less than the original growth hormone drug Somatotropin, which is used to treat growth disorders. The affordable pricing of biosimilars makes them more accessible in developing countries for the treatment of various diseases, such as rheumatoid arthritis, lupus, diabetes mellitus, and colorectal, breast, and lymphoma cancers.
In terms of geography, EMEA was the highest revenue contributing region in the global biosimilars market and is expected to reach close to USD 5 billion by 2020. The market will typically witness a higher growth rate in countries such as the UK, Germany, Spain, France, and Italy. The biosimilars market in the UK is mature and well-established, and is comparatively easy to enter, making the generic drugs market in the country stronger than in any other EU countries. The growth of this market in the region is attributed to well-defined regulatory guidelines and expiries of biologics that are anticipated to go off-patent during the forecast period.
Global Biosimilars market: Region-wise Outlook Based on geography the market is segmented into various regions namely North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. Europe is undoubtedly the largest market, followed by North America and Asia-Pacific regions. India and China are estimated to grow the fastest. Other countries such as the U.S., Brazil and South Korea, are also expected to record high growth over the next five years.
Key Questions Answered • What is the current and future Biosimilars market outlook worldwide? What trends are affecting the Global market? • What is the competitive landscape and market share of major players in the Biosimilars space globally? • What are the key, high growth markets that Biosimilars should expand into? Which market segments are growing the fastest? • What are the unmet needs with the Biosimilars currently on the market? How will emerging technologies fulfil these unmet needs? • What is physician perception and market outlook Biosimilars? • What are the challenges and barriers that have hindered widespread adoption of Biosimilars?
Global Biosimilars market: Key Players Some of the major 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.
Reasons to buy Global Biosimilars market Report: •Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering • Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail •Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics •Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses •A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment •Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies •Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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