Major players in the biosimilars market are Pfizer, Amgen, Biocon, Celltrion, Dr. Reddy’s Laboratories, Boehringer Ingelheim, Elli Lilly and Company, Mylan N. V. , Sanofi, and STADA Arzneimittel.
New York, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biosimilars Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151533/?utm_source=GNW
The global biosimilars market is expected to grow from $7.49 billion in 2020 to $8.05 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $21.13 billion in 2025 at a CAGR of 27%.
The biosimilars market consists of sales of biosimilars and related services that are used to treat chronic diseases such as diabetes, arthritis, and cancer.Biosimilars are pharmaceuticals that are manufactured using cell lines and offer no clinical difference as compared to biologics.
Biosimilars are made once the patent of biologics is expired.
The biosimilars market covered in this report is segmented by product into recombinant non-glycosylated proteins, recombinant glycosylated proteins. It is also segmented by types into human growth hormone, erythropoietin, monoclonal antibodies, insulin, interferon, granulocyte-colony stimulating factor, others and by application into oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The lack of awareness about biosimilars among primary care physicians (PCPs) and specialists limits the growth of the biosimilars market.Biosimilars are manufactured from cell lines and offer the same effectiveness as biologics.
However, lack of familiarity with biosimilars reduces the likelihood of prescribing the drugs to patients which affects the demand for new biosimilars in the market.For instance, in 2018, according to the PwC’s Health Research Institute, out of 442 clinicians surveyed 55% of clinicians were unfamiliar with biosimilars and 35% were reluctant to prescribe them due to concerns included safety of the follow-on biologic.
Thus, the lack of awareness about biosimilars among primary care physicians (PCPs) and specialists restricts the growth of the biosimilars market.
In June 2018, Japan-based Fuji Pharma Co., Ltd. acquired a 4.2% stake of Alvotech for US$50 million. The acquisition involves Alvotech to develop, manufacture and supply biosimilars and Fuji Pharma will sell the biosimilars in Japan. Alvotech is an Iceland-based biopharmaceutical company.
The rising prevalence of chronic diseases such as arthritis, asthma, and cancer is expected to be a major driver of the biosimilars market.Long working hours, limited physical activity, unhealthy eating and drinking habits contribute to the prevalence of chronic diseases and biosimilars are increasingly used to treat these chronic diseases.
Biosimilars activate the immune system response against cancer cells thus helping the immune system to eliminate the cancer cells from the body.According to a United Nations article, by 2030 the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths.
The global burden of chronic disease is expected to reach about 60%. Therefore, the rise in the prevalence of chronic diseases is projected to propel the demand for biosimilars, thus driving the biosimilars market.
Production of new insulin biosimilars is trending in the biosimilars market.The key players operating in the biosimilars market are investing in creating a biosimilar of insulin.
This is also promoting competition among various biosimilar manufacturers. For instance, in 2019, Mylan, a U.S-based pharmaceutical company, in partnership with Biocon, an Indian based biopharmaceutical company launched biosimilar insulin glargine named Semglee. Also, in 2019, Oramed Pharmaceuticals, a Jerusalem based pharmaceutical company developed an oral insulin drug named ORMD-0801 to treat type 2 diabetes. Thus, companies in the biosimilars market are investing in the development of insulin biosimilar to gain profits.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151533/?utm_source=GNW
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