Research Study on Global Biosimilars Market

Biosimilars Industry is Expected to Grow on Account of Increasing Prevalence of Chronic Diseases

28 November 2018, The Global Biosimilars Market is expected to reach USD 13.1 billion by 2024 on account of increase in the prevalence of chronic diseases such as cancer, diabetics, cardiac disorders and autoimmune diseases. Rising demand for the cost-effective therapies is expected to drive the market in the forecast period. Biosimilars are about 30% cheaper than their counterpart biologics. Furthermore, the patent expiry of the blockbuster drugs is anticipated to provide a lucrative opportunity for the growth of biosimilars. For instance, a patent for Bevacizumab, sold under the trade name Avastin is expiring in 2019.

Moreover, increasing government initiatives, speedy drug approvals and reimbursement policies are expected to boost the market for the biosimilars in the study period. Also, market giants are adopting merger & acquisition strategies to increase their product portfolio. For instance, in 2015, Pfizer, Inc. acquired Hospira, a key player in biosimilars market.

In 2016, oncology was the largest segment, accounting for 32% market share. Increasing prevalence of cancer across the globe is the key factor driving the growth of the market over the forecast period. For instance, according to the American Cancer Society, an estimated 1.6 lakh people suffered from cancer in 2016. Also, increasing government initiatives to provide cost effective treatment to cure deadly diseases will boost the penetration of biosimilar in developing countries which in turn will increase the market for biosimilar over the forecast period. For instance, WHO launched a pilot program for prequalifying biosimilar drug, making some of the most expensive treatments for cancer more widely available in developing countries. Under this initiative, WHO has focused on two essential drug rituximab (principally used for the treatment of non-Hodgkin's lymphoma and chronic lymphocytic leukaemia), and trastuzumab (for the treatment of breast cancer).

In terms of region, Europe dominates the market for biosimilars followed by North America. The dominance of Europe is due speedy approval of the drug by European regulatory bodies. Furthermore, improving healthcare infrastructure and ageing population is expected to drive the market over the forecast period. However, Asia Pacific is projected to be the fastest growing region owing to the increasing disposable income of middle-class families, growing medical tourism and improving healthcare infrastructure. Furthermore, increasing investment in R&D activities by pharmaceutical giants is expected to boost the market in the projected period.

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