(PharmaNewsWire.Com, November 03, 2017 ) According to the report Asia Pacific Biosimilars Market, published by Market Data Forecast, the market is projected to reach USD 4.05 billion by 2021, at a CAGR of 39% from 2016 to 2021.
Biosimilar is a biological product, identical to the original and is estimated to possess active properties, very similar to what was previously licensed. Biosimilars can be produced only when the patent for the original product expires.
Biosimilars Market Analysis are made from living cells that have the capability to treat diseases using recombinant DNA technology and controlled gene expression. Most of the biosimilars are made from bacteria, viruses, plants and animals. Biosimilar drugs are used in prevention and cure of various diseases such as rheumatoid arthritis, cancer, chronic kidney failure, oncology, diabetes, heart attacks, autoimmune diseases, growth hormone deficiency, and infectious disease.
The growth of Biosimilars Market is driven by competitive edge over branded drugs due to cost-effectiveness. Limited healthcare resources across many countries result in underutilization of important biosimilars for conditions such as cancer and rheumatoid arthritis, largely due to their cost and a lack of proper support from state-run programs. These factors contribute to below optimal adoption of clinical practice recommendations and poor care across the region. Factors restraining the growth of market are strict regulations set up by FDA, high manufacturing costs and the alternatives of lower priced generic drugs.
Biosimilars have accounted for large percentage in the Pharmaceutical expenditure but relatively lower amount of prescriptions. Strategic collaborations resulting in enhanced productivity and clinical trial activities for biosimilars, and increasing government support and initiatives to develop and promote biosimilars. Oncology segment is expected to grow at a higher CAGR due to rising prevalence of cancer cases. Biosimilars for conditions such as breast cancer, rheumatoid arthritis and non-small cell lung cancer are presently being developed and may soon be out in the market.
Biosimilars Market: Region-wise Outlook
Based on Regional Analysis, this region is further categorized in to India, China, Korea, Japan and others. Asia-Pacific is the fastest growing market for biosimilars because of low manufacturing expenses, availability of skilled and cheap labour, lenient regulations laid by governments. In fact, governments are encouraging the use of biosimilars. For example, the government of India provides various necessary and regulatory procedures for the usage of biosimilars products. In addition, low costs of biosimilars attract consumers to use these products over synthetic and biological drugs in the Asian countries. 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.
Key Questions Answered
What is the current and future Biosimilars Market outlook in Asia Pacific? What trends are affecting the market?
What is the competitive landscape and market share of major players in the Biosimilars Market space in Asia Pacific?
What are the key, high growth markets that Biosimilars Market manufacturers 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 patient perception and market outlook of Biosimilars?
What are the challenges and barriers that have hindered widespread adoption of Biosimilars?
Biosimilars Market: Key Players
Some of the major companies dominating the market, by their products include Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd. Dr. Reddys Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics and Cipla Ltd.
Reasons to buy 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 Porters 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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