Biosimilars Market Overview

As biosimilars show a similar effect as compared to generic medicines, they are growing their popularity at an increased pace. Market concentrated reports associated with the healthcare industry amid others recently have been made available by Market Research Future which issues reports on this industryConsidering the rapid expansions, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global Biosimilars Market will reach USD 16.97 BN by 2023 registering a whopping CAGR of 23.90 % during the review period (2022 2030). In 2016, the market had valued merely 3.35 BN USD this presages that the market will accrue over five fold.

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Biosimilars are biologic medical products that are highly similar to the existing biologic medicines which are complex molecules or mixture of molecules that may be composed of living materials. Factors that contribute to the market growth include growing population, urbanization, and industrialization. Improving economic conditions, worldwide are increasingly availing access to excellent healthcare, fuelling consumers purchasing power and health expenditures which eventually increase market growth. Spreading awareness about the advantages of biosimilars among the patients and doctors is playing a vital role, propelling the market growth extensively.

Segmentation:

MRFR has segmented the report into four key dynamics;

By Product                   : Comprises Recombinant Glycosylated Proteins (Monoclonal antibody (mAb, EPO, etc.) and Recombinant Non-Glycosylated Proteins (insulin, growth hormones & other) among others

By Application : Immune Diseases, Oncology, and Blood-related Disorders among others.

By Manufacturing       : In-house and Contract, among others.

By Regions                  : North America, Europe, APAC and Rest-of-the-World.

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 Players

• Pfizer (US)
• Sandoz (Germany)
• Biocon (India)
• Biogen (US)
• Fresenius Kabi AG (Germany)
• Boehringer Ingelheim (Germany)
• Merck KgaA (Germany)
• Mylan (US)
• Eli Lilly (US)
• Teva Pharmaceutical (Israel)
• Others

 Regional Analysis

Whereas the second largest market for Biosimilars North America is surging owing to the contributions from the countries such as the US & Canada. The growth attributes to the high per capita income coupled with the growing trend of maintaining the well-being & health.

 Continuing with its dominance, Europe biosimilars market is expected to surge heading with high consumption of biosimilars backed by the augmented prevalence of chronic diseases and rising geriatric populace. Growing further, over its previous growth records by 2023 the region is expected to create a larger revenue pocket in the global market. Factors such as the high disposable income and the increasing health-eccentric populace impact the regional market growth positively.

While attributing to the growing economy in some of the APAC countries like India & China, the Asia-Pacific market for Heart Health Ingredients is witnessing exponential growth. Witnessing the increasing consumption of biosimilars across the region, The APAC market is estimated to register a double-digit CAGR of 27.8 % during the assessment period (2017-2023).

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