The market size of global biosimilar market was valued over USD 2.5 billion during 2014 and it surpassed USD 3.30 billion during 2016. The global biosimilar market is projected to surpass USD 10.50 billion by 2023, growing with a CAGR between 25.0 % and 26.0 % from 2017 to 2023.
A product is termed as biosimilar product, if it is a biological product with similar characteristics as that of a reference biological product, which possesses approval from agencies such as FDA. There would not be any major clinical difference in effectiveness and safety as that of reference product. Biosimilar products are made of complex molecules with high molecular weight produced through genetic engineering in living cells. Biologics drugs are costlier than respective chemical drugs. Biosimilar drugs can save around 30 to 40 % in terms of price relative to the respective biologics drugs. Biosimilars are useful for the treatment of illnesses such as anemia, autoimmune diseases, cancer, diabetes, growth hormone deficiencies, hematological diseases, kidney failure, rheumatoid arthritis and others. For the manufacturing of biosimilars, manufacturers have to develop environments that are ideal for the living cells, which remain sensitive to environmental conditions. Moreover, they need to develop distinctive process to entice the living cells for producing similar outcome to a prevalent biological treatment. The substitution of biological drugs with biosimilar drugs can save lot of money for public health care sector and patients. The regulatory authorities in developed nations are promoting biosimilar products.
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Increasing awareness about biosimilars among the patients and doctors is a major factor for the growth of the global biosimilar market. Presence of large number of geriatric population is expected to aid the growth of the global biosimilar market during the forecast period, as they need treatment for various chronical illnesses. Increasing number of patients with chronic illnesses such as diabetes and cancer drive the demand for effective patented biologics medicines. Due to the lower cost, biosimilar medicines are expected attain more demand and drive the growth of the global biosimilar market during the forecast period. Segments related to diabetes medicine and oncology are expected to attain faster growth during the forecast period.
Segments Covered:
The report segments the global biosimilar market by product, application and region. On the basis of product, the market is segmented as human growth hormones, monoclonal antibodies, insulin, peptides, erythropoietin and others. Based on application, the market is segmented as oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases and others.
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Companies Profiled:
• Allergan plc,
• BIOCAD,
• Biocon,
• BioXpress Therapeutics SA,
• Boehringer Ingelheim GmbH,
• Celltrion Inc.,
• Coherus BioSciences, Inc,
• Dr. Reddy’s Laboratories Ltd.,
• Genor BioPharma Co. Ltd,
• Intas Pharmaceuticals Limited,
• Novartis AG,
• Pfizer, Inc.,
• Reliance Life Sciences.
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