Global Biosimilars Market to Aggregate $99.28 Billion by 2024 and Grow at a CAGR of 57.03% During the Forecast Period 2018-2024
Factors, such as growing incidence of cancer cases and lifestyle diseases globally, the cost-effectiveness of biosimilars over biologics, and strategic collaboration to develop new biosimilar drugs will increase the market growth during the forecast period.
Bangalore, India, May 22, 2018 (Newswire.com) - Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Biosimilars Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (April 2018).
According to Infoholic Research, the Biosimilars market is growing dynamically due to increasing incidence of cancer cases and lifestyle diseases universally, patent expiration of many block buster biologic drugs, and the cost-effectiveness of biosimilars over biologics. Difficult manufacturing process, high development cost, and limited obtainability of biosimilar products are some of the factors hampering the market growth.
The biosimilars market is growing steadily and the key vendors in the market are using collaboration, approval of new drugs, and partnerships as major strategies to increase their revenues. In December 2017, Pfizer Inc. received FDA approval for IXIFI, a chimeric human-murine mAb against tumour necrosis factor. The clinical trials for the development of biosimilar candidates have been gradually increasing and cancers, chronic diseases, autoimmune and blood diseases are the top therapeutic areas for the development of biosimilars.
Arpitha Shetty, Research Analyst (Research - Healthcare) at Infoholic Research
The biosimilars market, by application includes cancer, blood disorders, infectious diseases, chronic and immune diseases, and others. Cancer disease occupied the major market share in 2017 while the blood disorders, chronic & immune disease segments are expected to grow at a high CAGR in next few years. The incidence of cancer and other lifestyle diseases are increasing globally due to high adoption of western lifestyles and unhealthy diet habits.
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According to the estimation of American Cancer Society, around 1,688,780 new cancer cases are expected to be diagnosed and 600,920 are expected to die in 2017. Nearly 60% of new cancer cases are from Africa, Asia, Central and South American countries and nearly 70% of cancer deaths are also from these regions.
Indian Council for Medical Research estimated around 1.4 million new cancer cases in 2016 and the number is expected to rise to 1.7 million by 2020. According to the estimation of International Diabetes Federation, nearly 82 million people in the SEA region live with diabetes and the figure is expected to rise to 151 million in 2045. India alone accounted for 72 million cases of diabetes in 2017.
The “Global Biosimilars market” is expected to grow at a CAGR of 57.03% during the forecast period 2018–2024 to touch an aggregate of $99.28 billion by 2024.
The market is analyzed based on three segments – products, applications, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe occupied the largest market share in 2017 and Asia Pacific is set to be the second leading region with around 30.2% of the market share in 2017. Asia-Pacific is expected to grow at the fastest CAGR during the forecast period.
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The biosimilars market based on products includes recombinant glycosylated protein, recombinant non-glycosylated protein, therapeutic peptides and others. Recombinant glycosylated protein occupied the largest share in 2017, and is expected to grow at a high CAGR in the coming years due to the following reasons: increased patient access to treatment due to its lower cost compared to reference biological drugs, wide therapeutic applications and many block buster mAbs going off-patent in the next few years.
Further, the report also aims to cover the below-mentioned points
- An in-depth analysis of the key business opportunities in countries and verticals
- The complete details about the various types of biosimilars
- The details of trending biosimilars in the market
- The complete details about the analysis of top 11 players
- Industry outlook including current and future market trends, drivers, restraints, and emerging technologies
Infoholic Research LLP
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Source: Infoholic Research LLP