Global Biosimilars Market was worth $4.76 billion in 2016 and estimated to be growing at a CAGR of 36%, to reach $22.15 billion by 2021. Biosimilars are emerging as one of the most important sector in the healthcare industry.
With increasing healthcare costs, biosimilars are being looked upon as an affordable treatment option. Growing economies are observing comprehensive growth in biosimilars industry from demanding clinical needs of therapeutics.
Rise in GDP and healthcare expenditures, and the demand for cost effective therapeutics solution has resulted in the growth of this market.
Biosimilars Market are made using living cells that treat disease, by recombinant DNA technology and controlled gene expression. Most biosimilars are derived from bacteria, viruses, plants and animals.
Biosimilar drugs are used in prevention and cure of various diseases such as rheumatoid arthritis, cancer, chronic kidney failure, oncology, diabetes, heart attacks, autoimmune diseases, growth hormone deficiency, and infectious disease.
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Biosimilars offer a cheaper alternative for other biological and synthetic drugs. Across the world, the biosimilars market is driven by aging population and increasing rates of diabetes and chronic disorders.
Government support and initiatives play a crucial role. Emerging pharmaceutical markets and lenient government regulations provide some of the major openings this is market.
In addition, increased co-operation between manufacturing companies, and the outsourcing of biosimilar products are acting as an impetus for biosimilars market. However, high manufacturing cost and complexity, and the availability of low priced generic drugs in the market are some of the major restraints of biosimilars market are facing.
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Based on product types, biosimilars are classified into Protein, Insulin, Human Growth Hormones, Granulocyte Colony-stimulating Factor (G-CSF), Interferons, Recombinant Glycosylated Proteins, Erythropoietin, Monoclonal Antibodies, Follitropin, Recombinant Peptides, Glucagon and Calcitonin. By application, they have been segemented into chronic and autoimmune diseases, blood disorders, oncology and growth hormone deficiency.
Furthermore, based on geography the market is segmented into various regions namely North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. Europe is undoubtedly the largest market, followed by North America and Asia-Pacific regions.
India and China are estimated to grow the fastest. Other countries such as the U.S., Brazil and South Korea, are also expected to record high growth over the next five years.
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Some of the major players in the biosimilars market are Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd. Dr. Reddy’s Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics and Cipla Ltd.
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