DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Biosimilar Market: Global Industry Analysis, Trends, Market Size & Forecasts to 2023" report to their offering.
The market size of global biosimilar market was valued over USD 2.5 billion during 2014 and it surpassed USD 3.30 billion during 2016. The global biosimilar market is projected to surpass USD 10.50 billion by 2023, growing with a CAGR between 25.0 % and 26.0 % from 2017 to 2023.
Increasing awareness about biosimilars among the patients and doctors is a major factor for the growth of the global biosimilar market. Presence of large number of geriatric population is expected to aid the growth of the global biosimilar market during the forecast period, as they need treatment for various chronical illnesses. Increasing number of patients with chronic illnesses such as diabetes and cancer drive the demand for effective patented biologics medicines. Due to the lower cost, biosimilar medicines are expected attain more demand and drive the growth of the global biosimilar market during the forecast period. Segments related to diabetes medicine and oncology are expected to attain faster growth during the forecast period.
Expiry of patents of various blockbuster drugs is a major factor for the growth of the global biosimilar market, as it is expected to provide the opportunities for the smaller pharmaceutical manufacturer to produce biosimilars in those segments. The reimbursement policies of various governments and the increasing interests from the insurance companies are expected to make biosimilars affordable to more people and drive the growth of the global biosimilar market. Non-original biologics and bio betters provide major challenge to the biosimilar market.
Non-original biologics are duplicate products of reference biologics found in markets with lesser regulations or relaxed intellectual property protection. Though bio betters are regulated, as stepwise upgrade of innovator molecules, they are finding space in the drugs market. The lack of clear guidelines for the interchangeability or substitution of drugs with bio-similar is a restraint for the growth of the biosimilar market.
The high manufacturing cost and complexity of production, along with the unclear regulatory policies in many countries are expected to be the major restraints for the global biosimilar market during the forecast period. However, due to the lower prices of biosimilars, the treatment for many diseases such as diabetes , rheumatoid arthritis and types of cancers, are anticipated to become affordable in developing countries and it provide opportunities for major players in the global biosimilar market to expand during the forecast period. Moreover, strategic partnerships between biosimilar manufacturers, manufacturing of multiple biosimilar products in same production facility and outsourcing of manufacturing to third parties are expected to help the major players to expand faster during the forecast period.
Key Topics Covered:
2. Executive Summary
3. Global Biosimilar Market Overview
4. Global Biosimilar Market Analysis, by Product 2017-2023
5. Global Biosimilar Market Analysis, by Application 2017-2023
6. Global Biosimilar Market Analysis, by Region 2017-2023
7. Company Profiles
- Allergan plc
- BioXpress Therapeutics SA
- Boehringer Ingelheim GmbH
- Celltrion Inc.
- Coherus BioSciences Inc
- Dr. Reddy's Laboratories Ltd.
- Genor BioPharma C
For more information about this report visit http://www.researchandmarkets.com/research/dhdwxw/biosimilar