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.
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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.
Hexa Research has segmented the global
biosimilars market based on indication and region:
Segmentation by indication, 2014 - 2024 (USD Million)
• Blood Disorders
• Oncology
• Chronic & Autoimmune Diseases
• Others
• Blood Disorders
• Oncology
• Chronic & Autoimmune Diseases
• Others
Segmentation by region, 2014 - 2024 (USD Million)
• North America
• U.S.
• Europe
• Germany
• Asia Pacific
• China
• India
• Japan
• Rest of the world
• North America
• U.S.
• Europe
• Germany
• Asia Pacific
• China
• India
• Japan
• Rest of the world
Key players analyzed:
• Dr. Reddy’s Laboratories Ltd
• Mylan
• Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
• Pfizer Inc.
• Sandoz International GmbH
• Teva Pharmaceuticals Industries Ltd.
• Amgen Inc.
• STADA Arzneimittel AG
• Biocon
• F. Hoffmann-La Roche Ltd.
• Dr. Reddy’s Laboratories Ltd
• Mylan
• Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
• Pfizer Inc.
• Sandoz International GmbH
• Teva Pharmaceuticals Industries Ltd.
• Amgen Inc.
• STADA Arzneimittel AG
• Biocon
• F. Hoffmann-La Roche Ltd.
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