The study for Biosimilar Market will provide market size, estimates and forecast based on the following years:
Historic data: 2015
Base Year Estimate: 2016
Forecast: 2017 to 2025
Biosimilars are the copied version of biologics that have undergone patent expiration. The major factors that are driving the growth of the market includes increasing demand for these drugs due to rising geriatric population, their cost-effectiveness, strategic collaborations ensuring enhanced throughput and clinical trial activities for these drugs, and increasing support from the government and initiatives to develop and promote these drugs.
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Europe has around 27 biosimilar drugs available, US has been slower to hold on this trend. Recently, the growth is accelerating due to patent expiration of popular biologics. Also, it is expected that the rising acceptance of these drugs by governments and physicians, and the growth of real-world evidence will help build patient confidence and trust with regards to the efficacy and safety of these products. This, in turn will drive growth in the market. Furthermore, as the price of these drugs is 30 to 50 per cent lower than the originals, there exist huge potential healthcare cost savings, which will also drive the market for these copied drugs. Currently, there are more of these drugs in progress across the Asia-Pacific than anywhere else, leading to numerous great opportunities. Producers of these drugs in Asian countries share various benefits over their competitors in US and EU markets.
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Over the next three to four years, it will be significantly easier to obtain sanction for these drugs development in the U.S. The faster drug makers can get these drugs through the governing agencies, and as the cost of developing these drugs decreases, the greater the chances will be for more firms to step in and create impact on the industry. With more players producing these drugs, there will be more options which mean a bigger number of people will be able to obtain the benefits, these drugs provide. Also, it is expected that the market won’t be able to withstand the large number of participants in the long term, hence it is expected that only the most successful businesses sustaining a presence. Companies like Teva and Coherus, Sandoz are anticipated to show a great deal of progress over the next decade as they bring more of these products to market. This is the market that will continue to be in focus in this billion-dollar business industry with the probability of changing the industry forever.
To be successful in the sector, companies must implement the quality and latest technology initiatives, such as design of experiments, quality by design, and process analytical technology. They also take a practical approach in risk mitigation by accumulating risk management plans and accepting production best practices that are outlined by regulatory agencies and industry associations.
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