A biosimilar is a biologic medical product that is an exact copy of an original reference product that is manufactured by a different company. Both reference drugs and biosimilar drugs are derived from living things, however, they may be produced in somewhat different methods and with slightly different substances. The growth of the biosimilars market can be attributed to the rising incidences of autoimmune diseases such as ankylosing spondylitis, rheumatoid arthritis, and others. For instance, according to the estimates of the Arthritis Foundation (AF), the global prevalence of rheumatoid arthritis is 0.5% to 1% in developed countries.
The Biosimilars Market is expected to grow at a steady rate of around 18%. The cost-effectiveness of biosimilars, loss of protection events of original drug manufacturers, strong product pipeline and increasing FDA approvals in major countries are some of the factors contributing to the growth of the market.
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Based on product, the biosimilars market is segmented into monoclonal antibodies, recombinant hormones, immunomodulators, anti-inflammatory agents, and others. The monoclonal antibodies segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to the rising demand for cost-effective treatment options and the wide scope of applications of monoclonal antibodies in treating cancer, autoimmune disorders, and others.
Based on the application, the market is fragmented into oncology, inflammatory autoimmune disorders, chronic diseases, blood disorders, and others. The oncology segment is expected to grab a considerable market share in 2020 and is expected to grow with a lucrative CAGR during the forecast period owing to the growing prevalence of cancer and an increase in the number of ongoing studies in the biosimilars filed across the globe.
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North America to witness extensive growth
For a better understanding of the market adoption of the Biosimilars industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure, and rising incidences of chronic diseases. For instance, According to GLOBOCAN 2020, the number of new cancer cases diagnosed was 2,281,658 in the United States in 2020, with 612,390 deaths. Furthermore, rising investment in research and development activities by the key industry players and an increasing pipeline of products new product launches in the market are also driving the market growth.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the biosimilars market are Novartis AG, Pfizer Inc., Dr. Reddy’s Laboratories Ltd., Amgen Inc., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Fresenius Se Co. KGAA, Boehringer Ingelheim, Intas Pharmaceutical Ltd., Biocon Limited.
“Global Biosimilars Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Product (Monoclonal Antibodies, Recombinant Hormones, Immunomodulators, Anti-Inflammatory Agents, and Others)
- By Application (Oncology, Inflammatory Autoimmune Disorders, Chronic Diseases, Blood Disorders, and Others)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Novartis AG, Pfizer Inc., Dr. Reddy’s Laboratories Ltd., Amgen Inc., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Fresenius Se Co. KGAA, Boehringer Ingelheim, Intas Pharmaceutical Ltd., Biocon Limited)
Key questions answered in the study:
- What are the current and future trends of the global biosimilars industry?
- How the industry has been evolving in terms of product and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global biosimilars industry?
- What is the customer orientation, purchase behavior, and expectations from the global biosimilars suppliers across various region and countries?
