Global biosimilars market was valued at $2,552.0 million in 2014 and is expected to reach $26,551.3 million by 2020, supported by a CAGR of 49.1% during the forecast period 2015 to 2027.
The commercialization of filgrastim biosimilars in the United States have brought the revolutionary changes in development of biosimilars. Pharmaceutical companies interested in investing into biosimilars market are now focusing on the agreement and acquisitions, in order to expand their presence in biosimilars market. Recently, the Pfizer has acquired Hospira, a global leader in biosimilars. This acquisition has strengthen the biosimilar portfolio of Pfizer. Also, it increases the global reach of Hospira through commercial capabilities, scientific expertise of Pfizer. The key companies profiled in the report are Novartis (Sandoz), Synthon Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., LG Life Sciences, Celltrion, Biocon, Hospira, Merck Serono (Merck Group), Biogen idec, Inc., and Genentech (Roche Group).
Recent approval of Zarxio (filgrastim-sndz) as first biosimilar by U.S. FDA has opened new opportunities for biosimilar manufactures. Patents for number of blockbuster bio-pharmaceuticals have either expired or are on the verge of expiration, which is majorly driving the growth of biosimilars industry. Changes in regulatory guidelines and convenient biosimilar drug approval processes have a major impact on the commercial growth of global biosimilars market. However, the high investment associated with research and development, longer development processes and requirements of economies of scale for profitability largely limit the growth of biosimilars market. The integration of developmental plan with regulatory guidelines and the adoption of optimal commercial strategies would play crucial role in commercial growth of biosimilars market.
Key findings of Global Biosimilars Market:
- The biosimilar applications in blood disorders and oncology collectively evaluated at 61% in 2014
- Interferon is fastest growing biosimilar, expected to grow at a CAGR of 51.1% during the forecast period
- U.S. would find space in biosimilar market with single-digit revenue share of overall biosimilar market by 2020
Glycosylated proteins namely, erythropoietin and monoclonal antibodies are the leading biosimilar segments commercially available across the globe, together accounting for about one-third of the market revenue in 2014. This significant hold in the market is chiefly due to its large application in the treatment of chronic conditions such as blood related disorders, cancer, among others.
Key findings of the study:
The biosimilar applications in blood disorders and oncology collectively evaluated at 61% in 2014Interferon is fastest growing biosimilar, expected to grow at a CAGR of 51.1% during the forecast periodU.S. would find space in biosimilar market with single-digit revenue share of overall biosimilar market by 2020.
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