The biosimilars market is expected to reach $23.63 billion by 2023 from $5.95 billion in 2018, at a CAGR of 31.7 percent. Factors driving the growth of this market include increasing demand for biosimilar drugs due to their cost-effectiveness, rising incidence of chronic diseases, and strategic collaborations resulting in enhanced productivity and clinical trial activities.
The recombinant glycosylated protein segment is anticipated to grow at the fastest growth rate during the forecast period.
The biosimilars market by product is categorized into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides.The recombinant glycosylated proteins segment is expected to register the highest CAGR during the forecast period.
The factors driving the market for glycosylated proteins are the broad therapeutic area of these proteins; presence of biosimilar versions of monoclonal antibodies at lower prices compared to reference products; numerous biologic drugs underclass monoclonal antibody, follitropin, and erythropoietin going off-patent; and numerous products in the pipeline.
The contract manufacturing segment is estimated to grow at a rapid rate during the analysis period.
By type of manufacturing, the biosimilars market is segmented into in-house manufacturing and contract manufacturing.The contract manufacturing segment is expected to grow at the highest CAGR during the forecast period.
CMOs provide cost-saving benefits to companies in terms of facilities, equipment, and labor costs.
Asia is estimated to register the highest CAGR during the study period.
On the basis of region, the biosimilars market is segmented into North America, Europe, Asia, and the Rest of the World (RoW).Asia is expected to grow at the highest CAGR during the forecast period.
Many Asian countries such as India, China, South Korea, and Japan have emerged as potential markets for biosimilars.Many emerging economies in the region are also establishing biosimilar pathways.
Moreover, leading market players are outsourcing manufacturing and R&D activities to countries in the Asia Pacificregion due to the availability of highly skilled resources at lower costs. In addition to this, the low per capita consumption, rapid growth in economies, trade links, and the rise in medical tourism are accelerating the growth of the Asian market.
The key players in the biosimilars market include Pfizer (US), Sandoz (Germany), Teva Pharmaceuticals (Israel), Amgen (US), Biocon (India), Dr. Reddy’s Laboratories (India), Celltrion (South Korea), and Samsung Biologics
The report analyses the biosimilars market by products, type of manufacturing, disease, and region. Apart from a comprehensive geographic product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years.
In addition, the company profiles include the product portfolios, developments, and strategies adopted by prominent market players to maintain and increase their shares in the market. Market research data, current market size, and forecast of the future trends will help key market players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, and levels of output to remain successful in the market.
Filed Under: Drug Discovery