Global Biosimilars Market - Forecasts From 2018 to 2023

The global biosimilar market is estimated to register a CAGR of 40.14% over the forecast period of to reach a market size of US$19.151 billion by 2023 from US$2.528 billion in 2017. Biosimilars are defined as the licensed and highly similar version of biologic drugs that have already been approved for use by the regulatory bodies. The growth in the market may be attributed to the cost-effectiveness of the biosimilars when compared to reference biologics coupled with the patent expiration of the many blockbuster biologic drugs. By 2018, biologics worth more than US$68 billion annual sales will lose patent protection. Estimated patent and exclusivity expiry of few of the blockbuster biologics are given below. Due to structural complexity of the biosimilar drugs, multi-layered manufacturing and risk of immunogenicity, separate regulatory pathways have been drafted to introduce them into the market.

Increasing investment by the companies for the development of biosimilars will also be the key factor driving the market. Recently in August 2018, Stada, a German biopharmaceutical company announced the investment of $ 115 million n biosimilar development by becoming a major shareholder in BioCeuticals, a venture capital-funded organization created by Stada to carry out its biosimilar programs. Similarly, Merck, in February 2018, invested $49 million to support the growing demand with new biopharmaceutical manufacturing and distribution centers in South Korea and India, while accelerating biosimilars manufacturing and development in China. Thus, growing interest of the companies towards biosimilars will augment the market during the given time frame. New drug launches and collaborations have also helped the companies and bolstered the market. For instance, in January 2018, Biocon and Sandoz entered into a strategic partnership to develop the next generation of biosimilars in immunology and cancer. However, stringent regulations for the development and production of biosimilars could hinder biosimilars market growth.

Geographically, Europe holds the largest market share due to the presence of well-known biopharmaceutical companies such as Stada, Sandoz, AstraZeneca, Merck etc. Also well-defined regulatory framework for the approval of biosimilars and rising number of product approvals coupled with well-developed healthcare infrastructure have further provided a boost to the European biosimilar market. Similarly, North America will also show robust growth during the forecast period owing to the increasing focus on the product development coupled with the rising efforts from the manufacturers to tap the growth opportunities in the region.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the global biosimilar market.
Major industry players profiled as part of the report are Sandoz, Stada Arzneimittel, Dr. Reddy's Laboratories, Biocad and Samsung Bioepis among others.

Segmentation

By Type

Monoclonal antibodies
Recombinant Proteins
Hormones
Others

By Disease

Infectious Disease
Oncology and Immunology
Respiratory
Genetic Disorders
Others

By Geography

North America
US
Canada
Others

South America
Brazil
Argentina
Others

Europe
UK
Germany
France
Others

Middle East and Africa
Asia Pacific
China
India
Australia
Japan
Others