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November 2018, The global Biosimilars Market is
expected to reach USD 13.1 billion by 2024 on account of increase in the
prevalence of chronic diseases such as cancer, diabetics, cardiac disorders and
autoimmune diseases. Rising demand for the cost-effective therapies is expected
to drive the market in the forecast period. Biosimilars are about 30% cheaper
than their counterpart biologics. Furthermore, the patent expiry of the
blockbuster drugs is anticipated to provide a lucrative opportunity for the
growth of biosimilars. For instance, a patent for Bevacizumab, sold under the
trade name Avastin is expiring in 2019.
Moreover,
increasing government initiatives, speedy drug approvals and reimbursement
policies are expected to boost the market for the biosimilars in the study
period. Also, market giants are adopting merger & acquisition strategies to
increase their product portfolio. For instance, in 2015, Pfizer, Inc. acquired
Hospira, a key player in biosimilars market.
 |
| Global biosimilars market revenue, 2014 - 2024 (USD Billion) |
In
2016, oncology was the largest segment, accounting for 32% market share.
Increasing prevalence of cancer across the globe is the key factor driving the
growth of the market over the forecast period. For instance, according to the
American Cancer Society, an estimated 1.6 lakh people suffered from cancer in
2016. Also, increasing government initiatives to provide cost effective
treatment to cure deadly diseases will boost the penetration of biosimilar in
developing countries which in turn will increase the market for biosimilar over
the forecast period. For instance, WHO launched a pilot program for
prequalifying biosimilar drug, making some of the most expensive treatments for
cancer more widely available in developing countries. Under this initiative,
WHO has focused on two essential drug rituximab (principally used for the
treatment of non-Hodgkin's lymphoma and chronic lymphocytic leukaemia), and trastuzumab
(for the treatment of breast cancer).
In
terms of region, Europe dominates the market for biosimilars followed by North
America. The dominance of Europe is due speedy approval of the drug by European
regulatory bodies. Furthermore, improving healthcare infrastructure and ageing
population is expected to drive the market over the forecast period. However, Asia
Pacific is projected to be the fastest growing region owing to the increasing
disposable income of middle-class families, growing medical tourism and
improving healthcare infrastructure. Furthermore, increasing investment in
R&D activities by pharmaceutical giants is expected to boost the market in
the projected period.
Hexa
Research has segmented the global biosimilars market based on indication and
region:
Segmentation by indication, 2014 - 2024
(USD Million)
•
Blood Disorders
•
Oncology
•
Chronic & Autoimmune Diseases
•
Others
Segmentation by region, 2014 - 2024 (USD
Million)
•
North America
• U.S.
•
Europe
• Germany
•
Asia Pacific
• China
• India
• Japan
•
Rest of the world
Key players analyzed:
•
Dr. Reddy’s Laboratories Ltd
•
Mylan
•
Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
•
Pfizer Inc.
•
Sandoz International GmbH
•
Teva Pharmaceuticals Industries Ltd.
•
Amgen Inc.
•
STADA Arzneimittel AG
•
Biocon
•
F. Hoffmann-La Roche Ltd.
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