Zion Market Research, the market research group announced the analysis report titled ‘Biosimilars Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
Global Biosimilars Market: Overview
Biosimilar is a biopharmaceutical product which is similar to the previous or the original existing product that is manufactured by a company. The biosimilar also has alternative names such as subsequent entry biologic or follow-on biologic. When the patent of the original product expires biosimilars can be manufactured which are approved officially. When the patent expires of an approved recombinant drug any other biotech company can generate and market these biologics, thus the name biosimilars.
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Global Biosimilars Market: Segmentation
The global biosimilars market is segmented into its product, manufacturing type and application. Based on the product, the market is segregated into recombinant non-glycosylated proteins, recombinant peptides, and recombinant glycosylated proteins. Further, the recombinant non-glycosylated proteins are sub-segmented into granulocyte colony-stimulating factor, interferons, insulin, and recombinant human growth hormones. The recombinant glycosylated proteins segment is sub-segmented into urofollitropin, erythropoietin, and monoclonal antibodies. the insulin and granulocyte colony-stimulating factor segment is sub-segmented into Calcitonin and glucagon. On the basis of the manufacturing type, the market is categorized into contract manufacturing organizations and in-house manufacturing. On the basis of application, the market is divided into blood disorders, growth hormone deficiency, oncology, chronic & autoimmune diseases, infectious diseases, and others.
Global Biosimilars Market: Growth Factors
The major factor that contributed to the biosimilars market growth is the emergence of the biologic products that are off-patent. These drugs are very cost-effective thus making its demand to increase substantially. In the coming years, this demand for the biosimilars is going to increase. The increasing rate of the diseases across the globe has also helped in contributing towards the market growth. The manufacturers of the biologic drug have started to take initiatives in making innovative strategies in order to develop the biosimilars market. Even though the market is in a phase where it is flourishing there are some restraining factors that are affecting the market growth. The factors such as lengthy clinical trials which are required from the regulatory bodies for approval and the production of biosimilars require complex infrastructure are affecting the market growth.
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Global Biosimilars Market: Regional Analysis
The biosimilars market is geographically segmented into North America, Europe, Asia-Pacific, and Rest of the World. The region that is leading the biosimilars market is Europe and it accounts for the largest share in the global market. The factors that have attributed to this growth are Omni trope, bino crits, and lenograstim. Additionally, the strict regulatory framework and the increasing pipeline products estimate to contribute towards the growth of the European biosimilars market. There are opportunities increasing in the regions such as Asia Pacific region. As per the study, the Asia-Pacific region will have a progressive growth rate in the coming years. The stringent protocols in the US are hampering the biosimilars market in the North American region.
Global Biosimilars Market: Competitive Players
The key market players in the biosimilars market include Pfizer Inc., Teva Pharmaceuticals Industries Ltd., Biocon Ltd., F. Hoffmann-La Roche Ltd., Samsung Bioepis, Sandoz International GmbH, Amgen Inc., Dr. Reddy’s Laboratories Ltd. and Celltrion, Inc.
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Global Biosimilars Market by Regional Segment Analysis: North America (U.S.); Europe(UK, France, Germany); Asia-Pacific(China, Japan, India); Latin America(Brazil); The Middle East and Africa
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