What are Major Factors Driving Growth of Biosimilars Market?
In 2018, the global biosimilars market attained a value of $6.0 billion and is projected to register a 29.6% CAGR during the forecast period (2019–2024). The market is registering growth due to the inexpensive nature of biosimilar drugs, increasing geriatric population, rising research & development (R&D) investment by biopharmaceutical companies and extensive pipeline of biosimilars, and rising prevalence of chronic diseases. Generic equivalents of biologics are referred to as biosimilars. They are highly similar and comparable version of an approved biologic medicine and undergo clinical trials for demonstrating efficacy and safety.
Another major driving factor of the biosimilars market is the increasing R&D investment by biopharmaceutical companies and extensive pipeline of biosimilars. Pharmaceutical companies are considerably investing in their R&D processes, which is why several biopharmaceutical companies have biosimilars either in pipeline or are being marketed. For example, Teva Pharmaceuticals Industries Limited has two biosimilars in the pipeline, namely trastuzumab biosimilar, CT-P62 and rituximab injection, TRUXIMA. This indicates that companies are willingly investing in biologics, which is leading to the growth of the market.
Geographically, Europe accounted for the major share of the biosimilars market during the historical period and is expected to contribute the largest revenue share to the market during the forecast period as well. This is attributed to the rising prevalence of chronic diseases, presence of established players, and growing geriatric population. Furthermore, partnerships and collaborations among the players in the region is predicted to create opportunities for the players in the market. North America is projected to advance at the fastest pace during the forecast period because of the rising number of product approvals.
Hence, the market is being driven by the rising R&D investments and growing prevalence of chronic diseases.
Source: P&S Intelligence
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