World Biosimilars Market will surge at 27%+ CAGR up to 2025
U.S. dominated the North America biosimilars market and is estimated to witness significant growth at 38.1% over the forecast period. Presence of new technology, state-of-art facilities for biosimilar production, established and big pharma players market presence has resulted in the U.S. capturing majority market share of the North America biosimilars market. Also, recent biosimilar approvals by FDA in the year 2015 will result in rapid biosimilar adoption, augmenting the market growth. During the forecast years, it will witness significant growth owing to relatively low addressable needs.
Recombinant non-glycosylated proteins segmet of biosimilars market held the majority market share in the year 2018 and is estimated to grow at around 26.1% over the estimation period. Recombinant non-glycosylated proteins include human growth hormone, granulocyte colony-stimulating factor (Filgrastim), insulin and interferon. Recent technological developments in high-throughput analytical techniques and cell technology will help in effective production of products resulting in enhanced sales. Also, recent launch of insulin glargine in major countries and growing demand of filgrastim will further augment the biosimilars market growth.
Application of biosimilars is highest in hematology segment resulting in major market share. The hematology segment accounted for around USD 4,552.1 million revenue in the year 2018. As per the American Society of Hematology, around 3 million American suffer from anemia. Increase in number of people suffering from blood disorders such as neutropenia, anemia etc. will boost the sales of biosimilars.
Application of biosimilars in autoimmune diseases was valued at USD 1,387.9 million in the year 2018. Increase in prevalence of autoimmune disease such as arthritis, inflammatory bowel disease and psoriasis will be major market impact rendering factor. As per the National Institutes of Health, around 23 million people suffer from autoimmune diseases. Hence, growing number of people with autoimmune disease and need for cost-effective medication for the disease treatment will result in augmenting the business growth.
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In-house manufacturing of biosimilars held around 75% market share in the year 2018 and is forecasted to grow at around 26.5% over the projection period. Several benefits offered by in-house manufacturing facilities has helped the companies to monitor and assess the production and reduce other costs of delivery and shipping. Also, several other advantages of in-house manufacturing such as flexibility and efficiency of the work will increase the operational and financial capabilities of the company. Hence, currently in-house manufacturing of biosimilar products will have major market share.
Development of biosimilars by recombinant DNA technology (rDNA technology) held over 80% market share and was valued at USD 8,123.6 million in the year 2018. Biosimilar products such as human growth hormones, insulin, erythropoietin etc. are manufactured using recombinant DNA technology. The use of rDNA technology improves the capability of the biosimilars to treat ailment immediately and efficiently. Hence, manufacturers use the recombinant DNA technology in order to manufacture biosimilar products.
Amgen, Biocon, Biogen, Boehringer Ingelheim, Celltrion, Coherus BioSciences are some of the major industry participants operating in the global biosimilars market. Various firms are entering in less addressed and high potential geographies in order to expand their industry presence. Also, introduction and development of several biosimilar drug in developing countries by major local companies will result in augmenting the market growth.
Global Biosimilars Market is projected to surpass USD 69 billion by 2025; according to a new research study published by Global Market Insights, Inc. Cost effectiveness of biosimilars will be a major market boosting factor as it will lead to growing demand and adoption rate of the same. Biosimilars are usually less expensive as compared to other reference products such as biologics and bio betters. Implementation of safe and cost-effective biosimilars in the U.S. will further lead to health improvements and reducing the health expenditure. Hence, low cost of drugs as compared to other drugs will increase the demand and adoption of biosimilars, thereby augmenting the business growth in near future.
Biosimilars market is estimated to grow due to high number of patent expirations of biologics drugs, government cost saving initiatives and increase in prevalence of chronic diseases. Several well known biologics are estimated to loose their patents in the forthcoming years, giving the chance for other big pharma players to manufacture their biosimilars, thus, set to increase in number of biosimilar applications and approvals, and augmenting the industry growth.