Global Biosimilar Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
Global Biosimilar Market is expected to grow significantly from USD 3,748 million in 2017 to USD 34,865 million in 2024, at a lucrative 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.
The years used for the assessment are as follows;
Historical year: 2014, 2015, and 2016
Base year: 2017
Forecast period: 2018 – 2024
The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total biosimilar market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global biosimilar market
Finalizing the overall size and share of the global biosimilar market
To analyze market trends, opportunities, drivers, and restraints associated with the global biosimilar market
To study market response with respect to the mergers and acquisitions in the industry
To profile key companies operating in the biosimilar market and provide their competitive landscape
The research scope for biosimilar market is as follows:
Recombinant Nonglycosylated Protein
Recombinant Human Growth Hormone (rHGH)
Granulocyte Colony Stimulating factor
Recombinant Glycosylated Proteins
Other Monoclonal Antibodies
By Manufacturing Type
Growth Hormone Deficiency
Rest of the World (RoW)
Biosimilar products are safe and effective for the treatment of various diseases such as rheumatoid arthritis, cancer, and other complex diseases. Increasing product approvals and growing awareness regarding the use of biosimilar products are providing lucrative opportunities for the investors and major healthcare players to invest in the market. Owing to the increasing demand of biosimilars due to the low cost of treatment and their ability to treat various diseases, biosimilar products are expected to account for 30% of novel drug products launched during 2016-2020.
The growth in the biosimilar 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.
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.
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.