The Biosimilars are the
authoritatively permitted versions of the innovative biologic drugs, and can be
prepared when the original product’s patent deceases. Biosimilars are comparatively
inexpensive than their biologic counterparts and hence, consumers have come to
choose biosimilars over the biologics in the current years. Not only has this, the
biosimilars have an extraordinary capabilities to lower the costs enhancing the
patient admittance to life-saving medicines prescription drug costs continue to
increase. Moreover, in 2016 the Indian Council for Medical Research predicted
approximately 1.4 million new cancer circumstances and by 2020, this number is predicted
to increase to 1.7 million. According to the prediction of the International
Diabetes Federation, around 82 million people in the SEA economy live with diabetes
and the figure is estimated to increase to 151 million by 2045. Whereas, in
2017, the underdeveloped region India alone registered for 72 million cases of
diabetes.
The biologics have
transformed patient management in numerous disease cases, involving the
autoimmune diseases, solid tumors, hematologic malignancies, infectious
diseases and hormone deficiencies over the past two decades. According to the
expectation of American Cancer Society, nearly 1,688,780 new cancer cases are
estimated to be diagnosed and 600,920 are anticipated to die in 2017. According
to the report analysis, ‘Global Biosimilars
Market 2018-2024’
states that there are several key players which are presently functioning in
this sector more actively for leading the fastest market growth and registering
the high value of market share across the globe in the coming years while
decreasing the restraints, spreading the information related to the application
of biosimilars and effectively working with the growth strategies and policies
includes Pfizer Inc., Novartis AG, Celltrion Healthcare, Dr. Reddy's
Laboratories Limited, Teva Pharmaceuticals Industries, Biocon Ltd, STADA
Arzneimittel AG, Mylan N.V., Amgen Inc., Synthon Pharmaceuticals Samsung
Bioepis Co., Ltd and several other niche players.
The Global Biosimilars
Market is estimated to witness a CAGR of 57.03% during the forecast period
2018-2024. Nonetheless, the global market of biosimilars is segmented into
different sectors which majorly involves applications, regions and products.
Whereas, based on the product the market of biosimilars is sectored into recombinant
glycosylated protein, recombinant non-glycosylated protein, recombinant
peptides, and others. However, the Recombinant glycosylated protein, that
involves the monoclonal antibody and erythropoietin, engaged the foremost share
in 2017, and is predicted to increase at a high CAGR in the near years owing to
the some factors such as augmented patient admittance to treatment owing to its
lower cost associated to its corresponding biological drugs, extensive
therapeutic applications, and many block buster mAbs going off patent in next
few years.
Although, many of the top
selling biologic drugs are going off-patent in the next five years, flooring
the method for biosimilar players to attain a strong foothold in the market
with their advanced product offerings. The key market players are effective
attaining the other companies to develop their product portfolio and to toughen
their position in the market.
Nevertheless, the
significant increase in the incidences of cancer and chronic diseases, cost
efficiency of biosimilars over biologics, strategic collaborations, auspicious
pipeline of biosimilars with the termination of biologics patents, and an
augmented requirement for such drugs in the underdeveloped countries are the
primary factors fueling the biosimilar global market.therefore, in the coming
years it is predicted that the global market of biosimilars will increase more
positively over the recent few years.
For more information on the research
report, refer to below link:
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