Biosimilar products are biopharmaceutical products with high molecular complexity, similar to existing reference biological products. Biosimilars are highly dependent on data analysis and must follow the same quality, safety and efficiency standards as biopharmaceuticals. However, the key difference is that biological drugs consist of living cells, while other drugs consist of chemicals. Although biopharmaceuticals can be used to treat many health problems, such as inflammatory bowel disease (IBD), their cost is higher than biosimilars. Therefore, biosimilars are cheaper versions of the same drugs with the same level of proficiency and are therefore a huge market.
The increasing awareness of the Biosimilars market amongst patients and doctors has been one of the major drivers of this market. In addition, the number of patients suffering from chronic diseases has been increasing, so biosimilars are generally more popular than chemical drugs produced. The main constraint on the biosimilar market is the manufacturing cost due to production complexity. This is related to the polymer complexity of the drug and its high sensitivity. Although, the expiration of patents for very popular drugs provides opportunities for this market.
The report provides insights about DRC and considers value chain analysis to further explore the application of this market and their respective impact on the global biosimilar industry. The report is titled "Global Biosimilars - Market and Technology Forecasts to 2028", broken down by region, product and manufacturing. The product segment is further subdivided into insulin, interferon, etanercept, infliximab, rituximab, glucagon and calcitonin. The regional breakdown is further divided into North America, Europe, Asia Pacific, Middle East, and RoW. According to manufacturing technology, the market is divided into contract manufacturing and internal manufacturing.
The main product applications in this market are health problems that people face, just to name a few: blood diseases, growth hormone deficiency, and others. Currently, the field of oncology has been dominating the global market for biosimilars. Some leading suppliers in the field of oncology include Amgen, Baxter, Biocon, Cipla, Reddy's Laboratories, F Hoffmann-la Roche, etc. According to the product, it can be seen that the recombinant non-glucose protein is estimated to retain 48% of the global market.
By 2020, the global biosimilar market is estimated to be worth US$20 billion, and by 2028, the market is expected to grow to US$110 billion. The market is expected to grow at a compound annual growth rate of 12%. North America dominates this market. The North American market is driven by many large research laboratories, such as Sandoz, Amgen, Teva Pharmaceutical, etc. This market is expected to expand due to developments in biotechnology and economic growth in the Asia-Pacific region. Other factors, such as the high demand for low-cost therapies and treatments, the high incidence of several chronic diseases, the booming R&D expenditures of market participants in developing economies such as India, South Korea, and China, are also driving the growth of biosimilars Growth in the Asia-Pacific market.
COVID-19 is a global public health emergency that has affected almost every industry. Although, continuous research on changing market trends and their impact on the biosimilar market has been detailed in this report.
Scope:
The report “
Global Biosimilars - Market and Technology Forecast to 2028" is segmented based on Region, Manufacturing Type, and Product. The study period is 2018- 2028 and the forecast period is 2020-2028.
Reasons to Buy:
- The report will be of use to new competitors entering the market to identify all the key trends which would impact the same during the forecast period, 2020-2028.
- The report gives a detailed analysis of all the drivers, restraints, and challenges in the Biosimilars market. Potential players of this segment could use this report to study the effects of the DRC’s on the global market trends.
- Industry professionals could use this report to study the upcoming technologies in the sector and their impacts on the changing market dynamics.
- A comprehensive analysis has been performed for the key areas within this segment with respect to region, industry specialists probing for a scope to expand their existing enterprise benefit from this section.
- The key players of this market can make use of this report to develop both a long term and short term strategic analysis since the report ranges up to a forecast period of 2028.
- Impact of COVID-19 has been covered in detail for the Biosimilars market, existing players could use this segment to create a new strategy with respect to the shifting market dynamics.
- The sales team dealing with the Biosimilars market could make use of this report to plan their objectives and increase product-based revenue generated.