CHICAGO, March 24, 2020 /PRNewswire/ -- According to the new market research report "Biosimilars Market by Product (Insulin, Interferon, Etanercept, Infliximab, Rituximab, Glucagon, Calcitonin), Manufacturing (In-house, Contract) & Indication (Oncology, Chronic Disease, Blood Disorder, Autoimmune Disease), Region - Global Forecast to 2025", published by MarketsandMarkets, the global Biosimilars Market size is projected to reach USD 35.7 billion by 2025 from USD 11.8 billion in 2020, growing at a CAGR of 24.7% from 2020 to 2025.
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Rising incidences of chronic diseases globally, coupled with the cost-effectiveness of biosimilars, are driving the growth of the global market. Moreover, the development of biosimilars for new indications and the patent expiry of biologic drugs are expected to offer significant growth opportunities to the biosimilar market players in the coming years.
Monoclonal antibody accounted for the largest share of the biosimilars market, by product, in 2019
Based on products, the biosimilars industry is segmented into insulin, monoclonal antibodies, recombinant human growth hormone (rhGH), granulocyte colony-stimulating factor, interferon, erythropoietin, etanercept, follitropin, glucagon, calcitonin, and teriparatide and enoxaparin sodium. The monoclonal antibody segment accounted for the largest market share in 2019. This can be attributed primarily to the rising incidences of cancer and the increasing number of product launches/approvals.
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By type of manufacturing, the in-house manufacturing segment accounted for the largest market share in 2019
Based on the type of manufacturing, the biosimilars market is segmented into in-house manufacturing and contract manufacturing. The in-house manufacturing segment accounted for the largest market share in 2019. The in-house manufacturing is preferred among most of the established players as it is highly cost-effective and eliminates the presence of external elements in a company's manufacturing and distribution processes.
By indication, the oncology segment accounted for the largest market share in 2019
Based on the indication, the biosimilars market is segmented into oncology, chronic diseases, autoimmune diseases, blood disorders, growth hormone deficiency, infectious diseases, and other indications. The oncology segment accounted for the largest market share in 2019. The increasing incidences of cancer are major factors responsible for the dominant share of this segment.
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Europe was the largest regional market for biosimilars market in 2019
By region, the biosimilars industry is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2019, Europe accounted for the largest market share, followed by Asia Pacific. This is attributed to factors such as the patent expiry of biologic products & the launch of new biosimilars, the rising incidence of chronic disorders, and the emergence of new market participants.
The prominent players operating in the global biosimilars market include Pfizer (US), Sandoz (Germany), Biocon (India), Biogen (US), Fresenius Kabi AG (Germany), Boehringer Ingelheim (Germany), Merck KgaA (Germany), Mylan (US), Eli Lilly (US), Teva Pharmaceutical (Israel), Dr. Reddy's Laboratories (India), Amgen (US), Celltrion (South Korea), Samsung Biologics (South Korea), Amega Biotech (Argentina), mAbxience (Switzerland), Probiomed (Mexico), Apotex (Canada), Chong Kun Dang (South Korea), JCR Pharmaceuticals (Japan), Gan & Lee Pharmaceuticals (China), Gedeon Richter (Hungary), Biocad (Russia), Coherus Bioscience (US), and Stada Arzneimittel AG (Germany).
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