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Biosimilars Market Growth to be Fuelled by 2014-2024.
by Johnthomson@1 · May 29, 2019
Biosimilars Market Growth to be Fuelled by 2014-2024.
Overview:
Biosimilars are the officially approved versions of original biologic drugs, and can be manufactured when the original product’s patent expires. Biosimilars are relatively cheaper than their biologic counterparts and hence, users have come to prefer biosimilars over biologics in recent years. Biosimilars have great potential to lower costs improving patient access to life-saving medicines prescription drug costs continue to rise. Over the past two decades, biologics have revolutionized patient management in multiple disease cases Jean-Gabriel Pageau Womens Jersey , including autoimmune diseases, solid tumors, hematologic malignancies, infectious diseases and hormone deficiencies. According to the estimation of American Cancer Society, around 1 Craig Anderson Womens Jersey ,688,780 new cancer cases are expected to be diagnosed and 600,920 are expected to die in 2017. Indian Council for Medical Research estimated around 1.4 million new cancer cases in 2016 and this 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 by 2045. India alone accounted for 72 million cases of diabetes in 2017.
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Increasing incidences of cancer and chronic diseases, cost effectiveness of biosimilars over biologics Ryan Dzingel Womens Jersey , strategic collaborations, promising pipeline of biosimilars with the expiration of biologics patents, and an increased demand for such drugs in the emerging countries are the primary factors driving the biosimilar global market. A complex manufacturing process coupled with high cost of development, and limited obtainability of biosimilar products are responsible for hindering the growth this market to a large extent.
Market Analysis:
The 鈥淕lobal Biosimilars Market鈥?is estimated to witness a CAGR of 57.03% during the forecast period 2018鈥?024. The market is analyzed based on three segments 鈥?products, applications Nate Thompson Womens Jersey , and regions.
Regional Analysis:
The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe is set to be the leading region for the biosimilars market growth followed by Asia Pacific, North America and Rest of the World.
Product Analysis:
The global Biosimilars market by product is segmented into recombinant glycosylated protein Zack Smith Womens Jersey , recombinant non-glycosylated protein, recombinant peptides, and others. Recombinant glycosylated protein, that includes monoclonal antibody and erythropoietin, occupied the largest share in 2017 Tom Pyatt Womens Jersey , and is expected to grow at a high CAGR in the coming years due to the following factors: increased patient access to treatment due to its lower cost compared to its corresponding biological drugs, wide therapeutic applications, and many block buster mAbs going off patent in next few years.
Application Analysis:
The global biosimilars market by application is segmented into cancer, infectious disease, blood disorders Bobby Ryan Womens Jersey , chronic and immune diseases others.