(PRWEB UK) 2 December 2012
According to the new report Global Biosimilars Market - Products, Applications and Regulations, the global biosimilar market is expected to hit $2.7 billion in 2013. The market is further projected to reach $19.4 billion by 2018, exhibiting a CAGR of 36.6% to 2018. This growth can be attributed to some of the top-selling biologics coming off-patent over the coming few years and biosimilar manufacturers are bound to make a beeline towards this lucrative opportunity. The market for application areas of biosimilars analysed in this study includes blood disorders, chronic diseases, growth hormone deficiency, and oncology.
Several of the leading 25 manufacturers with the biosimilars market have become entrenched, and have the experience of marketing products for the last 5-10 years. On the other hand, several companies' position is expected to be challenged over the next ten years, since the rapid growth forecast for the biosimilars market has attracted several new companies to enter this lucrative arena. Current leaders, in order to maintain market share, need to introduce new biosimilars over the next few years with a specific focus on the products in demand. Licensing deals are expected to expand the pipelines of established players, as well as new market entrants.
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