- Demand for biosimilars for a range of chronic diseases and
cancers gathers momentum from their low cost of production and
efficacy comparable to the reference biologics
ALBANY, New York, Feb. 20, 2020 /PRNewswire/ -- Large patent expiry
of biologics in next few years has imparted an increasingly high
momentum to the development of biosimilars. The prevalence of
biosimilars has benefitted from their demand in oncology,
particularly from the role of monoclonal antibodies in numerous
cancer treatments, according to a study by TMR. The global
Biosimilars Market is expected to reach a value of ~US$ 21.1 bn by the end of 2027 and is projected
to garner a CAGR of ~23% during 2019–2027. The valuation of the
market was pegged at ~US$ 8 bn in
2018.
Drug makers and healthcare companies will benefit from the
increasing rate approval of biosimilars in developed nations.
"Manufacturers are harnessing a growing body of clinical
studies to prove analytical similarity with originators and unveil
biosimilars that are worthy of approvals. They should invest in
developing economies of Asia
Pacific to tap new revenue streams," opine analysts
at TMR.
Key Findings of Biosimilars Market Study
- Among the various product types, recombinant glycosylated
proteins is a prominent revenue generator for the biosimilars
market; the segment is expected to touch valuation of ~US$ 23.5 bn by 2027.
- Of all the indications, oncology led the global market by
holding the major share in 2018. The segment is expected to retain
its dominance throughout the remaining period of the assessment
period.
- Further, recombinant non-glycosylated proteins is anticipated
to account for a major share during the forecast period. The major
growth impetus will come from the attractive growth of
opportunities in the insulin sub-segment; it also held the major
share in the segment in 2018
- Of all the major regions, Europe held the major share in the global
biosimilars market in 2018.
Explore 232 pages of top-notch research, incisive insights,
and detailed country-level projections. Gain business intelligence
on Biosimilars Market (Product: Recombinant Glycosylated Proteins
[Monoclonal Antibodies, Erythropoietin, and Others], Recombinant
Non-glycosylated Proteins [Insulin, Granulocyte Colony Stimulating
Factor, Recombinant Human Growth Factor, and Interferons], and
Recombinant Peptides; and Indication: Chronic Diseases, Oncology,
Autoimmune Diseases, Infectious Diseases, Blood Disorders, Growth
Hormone Deficiency, and Others) - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast, 2019 – 2027 at
https://www.transparencymarketresearch.com/report-toc/118
Biosimilars Market: Key Driving Factors
A study by Transparency Market Research highlights numerous
healthcare trends driving need for biosimilars development world
over. A few trends are worth noticing:
- Increasing prevalence of diabetes in recent years has spurred
interest of biotechnology companies in biosimilars insulin.
According to the International Diabetes Federation (IDF), the
diabetes prevalence globally in 2019 was estimated to be 9.3%, and
is expected to rise to 10.2% by 2030, and further to 10.9% by
2045.
- Growing number of monoclonal antibodies approved by the U.S.
FDA for the treatment of cancer has bolstered prospects in the
biosimilars market. According to the Antibody Society in the U.S.,
more than 16 antibody biosimilar therapeutics were approved during
the period 2015–2019. Such approvals are helpful in potentially
reducing the cost of treatment of cancer.
- Increasing global burden of chronic diseases expands the avenue
for the acceptance of biosimilars among patient populations.
Chronic diseases are the key cause of death and disability.
According to the WHO, by 2020 their contribution is estimated to
reach 73% of all deaths.
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Key Impediments for Biosimilars Market Players
Though the biosimilars market is on an attractive growth
trajectory, a few factors hinder their preference over the
reference biologics and hamper their uptake in patient
population.
- One key bottleneck is prolonged clinical development pathways,
particularly for orphan biosimilars. This is due to the lack of
clinical data to support the efficacy of rare disease drugs.
- The affordability of biosimilars is still get established
worldwide.
However, large unmet demand in Asia
Pacific will impart a significant momentum to future
expansion of the market.
Biosimilars Market: Region-wise Analysis
Geographically, Europe
dominated the market in 2018. The penetration of biosimilars could
be attributed to the high significantly lower price compared to the
reference biologics and efforts by the healthcare systems to adopt
affordable treatments for the management of diseases.
On the other hand, Asia Pacific
is a market with sizable opportunities for the development of
biosimilars. The regional market is expected to grow at promising
pace during 2019 – 2027. Marked prevalence of chronic conditions
and autoimmune diseases has driven the demand for biologics, hence
catalyzing the need for biosimilars.
Analyze biosimilars market growth in 30+ countries including
US, Canada, Germany, United
Kingdom, India,
China, and South Korea. Request a sample of the
study.
Competition Landscape
Companies intending to up their stakes in the biosimilars market
have increased their efforts in reducing the cost of treatment for
cancer patients by offering those biosimilars. Also, most players
are geared toward conducting more clinical studies to establish the
effectiveness and safety of their biosimilars formulations with the
reference biologics. To this end, they are also mulling increased
numbers of collaborations. A few players in the biosimilars market
are also bolstering their product portfolio expansion in order to
strengthen their positions in coming few years.
Some of the well-entrenched players include names such as Apotex
Inc., Amgen, Inc., Celltrion Inc., Teva Pharmaceutical Industries
Ltd., Dr. Reddy's Laboratories Ltd., Biocon, and Pfizer, Inc.
The biosimilars market is segmented on the
basis of:
Product
- Recombinant Glycosylated Proteins
-
- Monoclonal Antibodies
- Erythropoietin
- Others
- Recombinant Non-glycosylated Proteins
-
- Insulin
- Granulocyte Colony Stimulating Factor
- Recombinant Human Growth Factor
- Interferons
- Recombinant Peptides
Biosimilars Market, by Indication
- Chronic Diseases
- Oncology
- Autoimmune Diseases
- Infectious Diseases
- Blood Disorders
- Growth Hormone Deficiency
- Others
Biosimilars Market, by Region
- North America
-
- Europe
-
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- GCC Countries
- Israel
- South Africa
- Rest of Middle East &
Africa
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