Biosimilar Market worth over $69bn by 2025

Biosimilar Market size is set 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 growth factor for the market 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 acceptance of biosimilars, thereby augmenting the market growth during the forecast period.

 

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Biosimilar 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 poised 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 impelling the industry growth.
 

However, presence of biologics and bio betters will be one the major market impeding factors. Presence of sophisticated biologic drugs still in the market along with several bio betters and generic versions of the drugs will hamper the market expansion during the forecast timeframe.
 

U.S. Biosimilar Market, By Product

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Recombinant glycosylated proteins segment is predicted to witness 28.7% growth rate through 2025. Increase in number of people suffering from chronic disorders such as cancer and blood disorders will result in growing demand for biosimilars. Also, recent launch of molecular antibody biosimilars in developed regions of North America and Europe will boost the segment growth over the coming years.
 

Browse key industry insights spread across 600 pages with 1236 market data tables & 9 figures & charts from the report, “Biosimilar Market Size By Product (Recombinant Non-Glycosylated Proteins {Human Growth Hormone, Granulocyte Colony-Stimulating Factor, Insulin, Interferon}, Recombinant Glycosylated Proteins {Erythropoietin, Monoclonal Antibodies, Follitropin, Low Molecular Weight Heparin}), By Application (Hematology {Neutropenia, Anemia}, Oncology {Lung Cancer, Brain Cancer, Breast Cancer, Cervical Cancer, Colorectal Cancer, Leukemia or Blood Cancer}, Autoimmune Disease {Arthritis, Inflammatory Bowel Disease, Psoriasis}, Growth Hormone Deficiency, Diabetes), By Manufacturer (Contract Research and Manufacturing Services, In-house), By Technology (Recombinant DNA Technology, Monoclonal Antibodies Technology) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/biosimilars-market

 

Autoimmune diseases Segment in the biosimilar market accounted for USD 1.38 billion 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 fostering the market value.
 

Biosimilar market for in-house manufacturing segment exceeded USD 7.84 billion in 2018. Presence of state-of-art facilities in the company along with better monitoring of the product manufacturing will lead to growing in-house manufacturing of biosimilars. Also, flexibility of operational and financial capabilities of the company will further stimulate the market revenue in the coming years.
 

Recombinant DNA technology is projected to grow at around 26.2% CAGR by 2025. Several of the biosimilars products are developed using rDNA technology that enhances the product quality and efficiency of the product.
 

U.S. biosimilar market is anticipated to expand at a CAGR of more than 38.1% through 2025. Presence of several big pharma players and recent regulatory approvals of biosimilar products in the country will influence the market demand. Also, several biosimilar products in line for product approval will result in boosting the sales during the forecast timeline.
 

China dominated the Asia Pacific market and accounted for USD 1.49 billion in 2018. Presence of several biosimilar products manufacturing companies in the country along with over 100 biosimilars in development will drive the industry expansion.

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