Market Overview

Global Biosimilar Market to Witness a CAGR of 32.6% during 2018-2024

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NEW YORK, Aug. 16, 2018 (GLOBE NEWSWIRE) -- The global biosimilar market is expected to grow significantly from USD 3,748 million in 2017 to USD 34,865 million in 2024, at a CAGR of 32.6% from 2018 to 2024. The growth in the market is attributed to the growing demand of biosimilars for the treatment of various diseases such as cancer, rheumatoid, crohn's disease, and psoriatic arthritis, among others. Moreover, increasing investment in research and development activities coupled with favorable policies to accelerate approvals of biosimilar drugs and lower cost of the biosimilar products are also boosting the market growth.

Key findings from the report:

  • On the basis of products, the recombinant nonglycosylated protein segment held the major share of the market in 2017
  • On the basis of manufacturing type, the in-house manufacturing segment held the major share of the market in 2017
  • Based on application, the oncology segment held major share of the market in 2017
  • Geographically, Europe held the major share of the global market in 2017. Asia-Pacific is expected to witness the highest CAGR during the forecast period.

Some of the key companies operating in the market include Sandoz International GmbH, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Amgen Inc, STADA Arzneimittel AG, Mylan N.V., Biocon, Samsung Bioepis, Dr. Reddy s Reddy's Laboratories, Intas Biopharmaceuticals Ltd., Biocad, Amega Biotech, Qilu Pharmaceutical Co., Ltd, Prestige BioPharma Pte Ltd., Shanghai Fosun Pharmaceutical Group Co., Ltd., Celltrion Inc., among others.

Biosimilars providing cost efficient alternative to resolve healthcare issues

Biotechnology has been widely adopted by major pharmaceutical companies in the development of novel drugs. Biosimilar is biological medicine that contains a highly similar version of biologics. Biosimilar is isolated from various natural sources such as living cells or organisms (animals and human microorganisms such as bacteria or yeast) and is often produced by cutting-edge technology. The biosimilar products offer treatment options for patients with various chronic conditions and often disabling conditions such as autoimmune disease, diabetes, and cancer. Increasing ageing population and chronic conditions across the globe have resulted in rising healthcare costs. Biosimilars have emerged as an efficient alternative to resolve these healthcare issues. Moreover, biosimilars also play an important role in the field of oncology and growing research and development activities in biosimilar products which is providing new hope for cancer patients. Furthermore, increasing investment in research and development activities and favorable policies to accelerate approvals for biosimilar drugs is expected to propel the growth of the biosimilar market during the forecast period.

Browse full research report with ToC on "Global Biosimilar Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024" at: https://www.energiasmarketresearch.com/global-biosimilar-market-report/

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Biosimilar Market – Regional insight

Geographically, Europe held the largest share of the market in 2017. The growth in the region is attributed to the growing prevalence of chronic diseases and increasing research and development activities in biosimilar products. Moreover, strong government support for the approval of biosimilar products as well as increasing investments is also driving the market growth in the region. Furthermore, growing awareness among people and presence of major biotechnology players in the region is also expected to augment the market growth. Asia-Pacific is expected to witness the highest CAGR during the forecast period owing to large old age population and rapid development of biotechnology sector in the region.

This report segments global biosimilar market based on products, manufacturing type, application, and region.

By Products

  • Recombinant Nonglycosylated Protein
    • Insulin
    • Recombinant Human Growth Hormone (rHGH)
    • Granulocyte Colony Stimulating factor
    • Interferon
  • Recombinant Glycosylated Proteins
    • Erythropoietin
    • Monoclonal Antibodies
      • Adalimumab
      • Infliximab
      • Rituximab
      • Trastuzumab
      • Bevacizumab
      • Other Monoclonal Antibodies
    • Follitropin
  • Recombinant Peptides
    • Glucagon
    • Calcitonin

By Manufacturing Type

  • Contract Manufacturing
  • In-House Manufacturing

By Application

  • Oncology
  • Growth Hormone Deficiency
  • Autoimmune Diseases
  • Infectious Diseases
  • Blood Disorders
  • Chronic Diseases
  • Other Diseases

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World (RoW)

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