Amsterdam, NL - July 20, 2020 -
A Biosimilar product is a biological medicinal product with high molecular complexities that is similar to an existing reference biological product. Biosimilars are highly reliant on Data analysis and are subject to the same standards of quality, safety, and efficiency that governs biological medicines. However, the key difference is that biological medicines are made up of living cells while other pharmaceutical products are composed of chemicals. Though Biological medicines can be used to treat many health problems like inflammatory bowel disease (IBD), but they cost more than biosimilars. Hence, biosimilars are a cheaper version of the same drug with the same proficiency and are therefore a very huge market.
The increasing awareness of the Biosimilars market amongst patients and doctors has been one of the major drivers of this market. Moreover, the number of patients with chronic illnesses has been increasing therefore biosimilars are very often preferred over chemical drugs that are manufactured. The key restraint of the biosimilars market is the manufacturing cost incurred due to the complexity of production. This is with accounts for high molecular complexity of this drug and its high sensitivity. Although, the expiry of patents for very popular drugs serves as an opportunity for this market.
This report provides insights with respect to the DRC’s and takes into account the value chain analysis in order to probe further into the applications of this market and their impact on the global Biosimilars sector respectively.
This report titled “Global Biosimilars - Market and Technology Forecast to 2028
” is segmented by Region, Product, and Manufacturing. The product segment is further sub-segmented as Insulin, Interferon, Etanercept, Infliximab, Rituximab, Glucagon and Calcitonin. The regional segment is further divided into North America, Europe, Asia Pacific, Middle East, RoW. Based on manufacturing techniques, the market is segmented into Contract and In-house manufacturing.
The predominant product applications for this market are health problems faced by people, to name a few: Blood disorders, Growth hormonal deficiency, Others. The Oncology segment has been dominating the global market for Biosimilars currently. Some of the leading vendors of the Oncology segment include Amgen, Baxter, Biocon, Cipla, Dr. Reddy's Laboratories, F Hoffmann-la Roche, etc. On the basis of product, it is seen that Recombinant Non-Glucosulated Protein is estimated to hold 48% of the global market.
The total Global Market for Biosimilars is estimated to have a value of USD 20 Billion in 2020 and the market is predicted to grow to USD 110 Billion by 2028. The market is expected to grow with a CAGR of approximately 12%. North America dominates this market. The North American segment is driven by many large research laboratories, like- Sandoz, Amgen, Teva Pharmaceutical, and others. Owing to the growing field of Biotechnology and the economy in the Asia-Pacific-this market is expected to expand. Some of the other factors such as high demand for the low-cost therapeutics and treatments, high provenance of several chronic illnesses, booming R&D expenditure by the market players in developing economies like India, South Korea, and China are also driving the growth of biosimilars market in the Asia Pacific region.
COVID-19 is a global public health emergency that has affected almost every industry. Although, ongoing research about the changing market trends and the impact it has on the biosimilars market has been covered in detail in this report.
The report “Global Biosimilars - Market and Technology Forecast to 2028
" is segmented based on Region, Manufacturing Type, and Product. The study period is 2018- 2028 and the forecast period is 2020-2028.
Reasons to Buy:
- The report will be of use to new competitors entering the market to identify all the key trends which would impact the same during the forecast period, 2020-2028.
- The report gives a detailed analysis of all the drivers, restraints, and challenges in the Biosimilars market. Potential players of this segment could use this report to study the effects of the DRC’s on the global market trends.
- Industry professionals could use this report to study the upcoming technologies in the sector and their impacts on the changing market dynamics.
- A comprehensive analysis has been performed for the key areas within this segment with respect to region, industry specialists probing for a scope to expand their existing enterprise benefit from this section.
- The key players of this market can make use of this report to develop both a long term and short term strategic analysis since the report ranges up to a forecast period of 2028.
- Impact of COVID-19 has been covered in detail for the Biosimilars market, existing players could use this segment to create a new strategy with respect to the shifting market dynamics.
- The sales team dealing with the Biosimilars market could make use of this report to plan their objectives and increase product-based revenue generated.