Biosimilar Market to Expand at a CAGR of 30% Over 2018-2023 - IMARC Groupby IVO Smith Business Analyst
According to the recent report by IMARC Group, entitled “Biosimilar Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the market size was estimated to be US$ 2.9 Billion in 2017, growing at a CAGR of more than 36% during 2012-2017. Biosimilars, also known as subsequent entry biologics (SEBs) or follow-on biologics, refer to FDA-approved biotherapeutic products which are similar to their reference biologics. Biosimilars can only be manufactured after the patent of the reference product expires. The demand for biosimilars has been increasing in recent years as they help in reducing the overall cost of the treatment for a variety of chronic diseases including cancers, autoimmune diseases, kidney failure, diabetes, CVDs, haematological disorders, infectious diseases, rheumatoid arthritis, growth hormone deficiency, etc.
Global Biosimilar Market Drivers:
Recent patent expiries of a large number of blockbuster biological drugs such as Humira, Remicade, MabThera, Enbrel, etc. have majorly boosted the growth of the biosimilar market. Another major growth-inducing factor is ageing population which has led to a rise in the prevalence of non-communicable diseases. Further, high costs of innovator biologics, especially monoclonal antibodies (mAbs), have encouraged several governments across the globe to promote the usage of biosimilars. For instance, European countries like the Netherlands, Denmark and Germany have established strategic models for discount pricing and introduced numerous incentive programs. Apart from this, biosimilars do not require extensive marketing as the safety and efficacy profile of biologics has already been established. This has resulted into the low cost of these drugs in comparison to their branded counterparts, in turn, spurring their demand worldwide. Due to the abovementioned factors, the market is projected to expand at a CAGR of more than 30% during 2018-2023, registering a value of US$ 15.6 Billion by 2023.
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Market Breakup by Molecule
2. Insulin Glargine
3. Epoetin Alfa
8. Follitropin Alfa
Market Breakup by Type of Manufacturing
1. In-house Manufacturing
2. Contract Manufacturing
Market Breakup by Indication
1. Auto-Immune Diseases
2. Blood Disorder
5. Growth Deficiency
6. Female Infertility
Market Breakup by Region
2. United States
5. South Korea
6. Rest of the World
Explore Healthcare Market Research Reports: https://www.imarcgroup.com/categories/healthcare-market-research-reports
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Created on Jul 3rd 2019 07:59. Viewed 183 times.