Biosimilars Market is expected to reach USD 23.63 Billion by 2023 from USD 5.95 Billion in 2018, at a CAGR of 31.7%.
According to a new market research report "Biosimilars Marketby Product (Recombinant Non-Glycosylated Proteins (Insulin, rHGH, Interferon), Glycosylated (mAb, EPO), Peptides (Glucagon, Calcitonin)), Manufacturing Type (In-house, Contract), Disease (Oncology, Autoimmune) - Global Forecast to 2023", published by MarketsandMarkets™
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The factors expected to drive the growth of this market include the increasing demand for biosimilar drugs due to their cost-effectiveness and the rising incidence of chronic diseases.
By product, the biosimilar market is classified into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. Recombinant glycosylated proteins are expected to hold the largest share of the market during the forecast period.
The key factors driving the market for glycosylated proteins are the broad therapeutic area of these proteins and presence of biosimilar versions of monoclonal antibodies at lower prices compared to reference products.
By type of manufacturing, the market is segmented into in-house manufacturing and contract manufacturing. In-house manufacturing accounted for the largest share of the global Biosimilars Market in 2017.
The growing demand for cost-effective biosimilar products owing to the rising incidence of various diseases is driving the growth of the in-house manufacturing segment
Europe accounted for largest share of the global Biosimilars Market in 2017, followed by Asia. Growth in this regional market is expected to be driven by patent expiry of biologic products & the launch of new biosimilars, raising incidence of chronic disorders, and the emergence of new market participants
Key players in the Biosimilars Market include Pfizer (US), Sandoz International (Germany), Teva Pharmaceuticals (Israel), Amgen (US), Biocon (India), Dr. Reddy's Laboratories (India), Celltrion (South Korea), and Samsung Biologics (South Korea).
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