DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Biosimilars Market by Product, Manufacturing, Application - Global Forecast to 2021" report to their offering.
The biosimilars market is expected to reach USD 10.90 Billion by 2021 from USD 3.39 Billion in 2016, at a CAGR of 26.3%.
The global biosimilars market is segmented on the basis of product, manufacturing type, and application. Factors such as rising incidence of various diseases, increasing demand for biosimilar drugs due to their cost-effectiveness, growing pressure to curtail healthcare expenditure, rising geriatric population, strategic collaborations resulting in enhanced productivity and clinical trial activities for biosimilars, and increasing government support and initiatives to develop and promote biosimilars are expected to drive the growth of this market.
Emerging markets and new indications and patent expiry of biologic products has opened an array of opportunities for players in the biosimilars market. However, complexities in manufacturing and innovative strategies by biologic drug manufacturers are expected to restrain the growth of this market to a certain extent during the forecast period.
On the basis of product, the biosimilars market is segmented into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. The recombinant non-glycosylated proteins segment is expected to account for the largest share of the market in 2016. Factors such as new product launches, cost-effectiveness, growing incidence of diabetes, and presence of many biosimilar versions of insulin in the pipeline are driving this market.
On the basis of manufacturing type, the biosimilars market is segmented into in-house manufacturing and contract manufacturing organizations. In 2016, the in-house manufacturing segment is expected to account for the largest share of the market. This growth can be attributed to the increasing demand for biosimilar products owing to the rising incidence of various diseases.
On the basis of application, the biosimilars market is segmented into oncology, blood disorders, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and other applications. The oncology segment is expected to grow at the highest CAGR during the forecast period.
The key players in the biosimilars market include Pfizer Inc. (U.S.), Sandoz International GmbH (Germany), Teva Pharmaceuticals Industries Ltd. (Israel), Amgen Inc. (U.S.), Biocon Ltd. (India), Dr. Reddy's Laboratories Ltd. (India), F. Hoffmann-La Roche Ltd. (Switzerland), Celltrion Inc. (South Korea), and Samsung Bioepis (South Korea).
For more information about this report visit http://www.researchandmarkets.com/research/j2bmhc/biosimilars