Immunoassay Market 1 14

Biosimilars market growth at a CAGR of ~ 30.1% from 2021 to 2027

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New York: The Report on Biosimilars Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Biosimilars Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors. The global Biosimilars market gathered revenue around USD 14.9 Billion in 2020 and market is set to grow USD 52.4 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 30.1% during the prediction period 2021 to 2027.

Overview of Biosimilars Market Study

Biosimilars market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

Get your Customized Research Report@ https://www.novaoneadvisor.com/report/customization/5857

Growth Factors:

Market growth is largely driven by the rising incidence of chronic diseases and increasing demand of biosimilars for their cost-effectiveness. Regulatory approvals and other regulations favouring biosimilars adoption in different countries is also a major driving factor in the biosimilars market. However, the complexities in the development and manufacturing of biosimilars and resistance from reference biologic manufacturers is expected to restrain the growth of this market during the forecast period.

Global Biosimilars Market Dynamics
DRIVER: Increasing demand for biosimilar drugs due to their cost-effectiveness
According to American Journal of Managed Care, biosimilars are priced around 20–30% lower than their parent/branded counterparts. This results in both cost-savings and access to highly effective treatments for patients. Biosimilars have lower R&D costs as compared to innovator biologics. Lower R&D costs lower the cost for biosimilars. Lower-priced biosimilars also tend to have a downward effect on the prices of reference biologics through price competition among manufacturers. This significant cost-to-benefit ratio offered by biosimilar drugs is expected to increase their demand in the coming years.

RESTRAINTS: Complexities in manufacturing
The development of biosimilars is a highly complex and costly process that requires significant investments, technical capabilities, clinical trial expertise, scientific standards, and quality systems. Unlike the development of generic medicines, biosimilar manufacturers are required to invest in clinical trials and post-approval safety monitoring programs that are similar to that of the original innovator companies.

Another key challenge in manufacturing biosimilars is the ability to control variability during the manufacturing process, wherein the end products are similar to their biological products. Biosimilars manufactured should comply with set quality standards in terms of safety and efficacy. Regulatory bodies may require additional preclinical and/or clinical data to demonstrate that the manufacturing process does not impact the efficacy or safety of the product and that no variability exists between the biosimilar and the biologic drug.

OPPORTUNITY: Patent expiry of blockbuster biologics and research on new indications
Most early biologic drugs lost their patent protection in the first half of the 20th century, while many of the current best-selling drugs are set to lose their patent protection in the coming years. This is creating new opportunities for biosimilar drugs. By 2023, patents of nearly 20 oncology biologics will expire, which could lead to more biosimilars in the field of oncology.

Currently available biosimilars are used to treat a wide range of diseases and disorders, including cancer, rheumatoid arthritis, infectious disorders, psoriasis, anemia, kidney failure, type 1 and type 2 diabetes, post-menopausal osteoporosis, and growth hormone disorders. The key target therapeutic areas for which various biosimilars are in the pipeline include oncology, autoimmune disorders, diabetes, and hepatitis. Besides these, biosimilars can be developed for other chronic disorders, such as meningitis, breast cancer, adult T-cell leukemia, obesity, hypertension, and hepatitis E.

CHALLENGES: Excess Competition
Competition in the biosimilars market is not just among biosimilar manufacturers but also from originator biologic manufacturers. Upon the entry of new biosimilar products in the market, the originator biologic manufacturer may defend the competition using various means such as the launch of second-generation products, reformulations, dosing improvements, supporting devices, and competing on prices.

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COVID-19 Impact on Biosimilars Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Biosimilars market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Biosimilars market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Biosimilars market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Biosimilars market include:

Amgen Inc.; F. Hoffmann-La Roche Ltd.; Sandoz International GmbH; Dr. Reddy’s Laboratories Ltd.; Teva Pharmaceutical Industries Ltd.; Pfizer Inc.; Samsung Bioepis; Biocon; Mylan N.V.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

  • By Product
    • Recombinant Non-Glycosylated Proteins
      • Human Growth Hormones
      • Granulocyte Colony-Stimulating Factor (G-CSF)
      • Interferons
      • Insulin
    • Recombinant Glycosylated Proteins
      • Erythropoietin
      • Monoclonal Antibodies
      • Follitropin
  • By Application 
    • Oncology
    • Blood Disorders
    • Growth Hormonal Deficiency
    • Chronic and Autoimmune Disorders
    • Others
Europe was the largest regional market for biosimilars market in 2020.

Geographically, the biosimilars market is segmented Europe, the Asia Pacific, North America, Latin America and Middle East and Africa. In 2020, Europe accounted for the largest share of the biosimilars market, followed by Asia Pacific & North America. Growth in these markets is primarily driven by several factors, such as the impending patent expiry of biologic products and the launch of new biosimilars, the rising incidence of chronic disorders, the emergence of new players and early entry into the market.

Why Buy this Report?

The purpose of Nova one advisor’s Biosimilars market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/5857

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