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Huge Growth Expected In Global Biosimilars Market In Future
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.
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On the basis of indication, the biosimilars market is categorized into growth hormone deficiency, infectious diseases, chronic diseases, auto-immune diseases, blood-related disorders, rheumatology, oncology, and others (which include metabolic disorders). Out of these, the oncology category held the largest share of the market during the historical period and is further predicted to dominate the market during the forecast period. The primary reason for this is the surging incidence of cancer around the world. As per the World Health Organization (WHO), about one in every six deaths took place because of cancer in 2018.
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The surging prevalence of chronic diseases is among the major driving factors of the biosimilars market. The growing prevalence of cardiovascular diseases (CVD), neurological diseases, and cancer is resulting in the rising drug requirement and hospitalization rate. For example, according to the WHO, CVDs account for 31% of all deaths around the world; and cancer accounted for 9.6 million deaths globally. People suffering from chronic diseases need regular medications, including biosimilars, for managing their health conditions, which is further driving the growth of the market.
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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.
Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.
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