The global biosimilars market is expected to reach nearly $4.0 billion by 2019
(PRWEB) March 11, 2015
Wellesley, Mass., March 11, 2015 – BCC Research (http://www.bccresearch.com) reveals, in its new report on biosimilars, the development of biotherapeutics through the use of advanced technology has facilitated the management of disease in entirely novel ways. However, access to these efficacious products due to their higher costs has not been uniformly available worldwide. The development of biosimilars allows for wider and easier access to these agents because of their lower cost, and as a result, greater affordability. Biosimilars are now seen as an affordable alternative to well-established therapeutic interventions.
The global biosimilars market is expected to grow at a compound annual growth rate (CAGR) of 15% from 2014 through 2019. Low-molecular-weight heparins (LMWHs) were the largest segment in terms of revenue in 2013. The second largest category was erythropoietins (EPOs) with $438.4 million in revenue for the same year. However, in 2014, EPOs are predicted to surpass LMWHs. The LMWH market is expected to decline at a CAGR of 11.1%, dipping to $237.4 million in 2019. The EPOs market is anticipated to reach about $1.2 billion by 2019, increasing at a CAGR of 18.5% from 2014 to 2019.
The percentage of biosimilars in comparison to the total biopharmaceuticals market is still low, since biosimilars have been introduced in only a few classes, namely human growth hormone (HGH), EPO and granulocyte colony-stimulating factor (G-CSF) in the European Union market. The highest growth is expected in insulin and monoclonal antibodies at a CAGR of 31.1%. New approvals and the cost effectiveness of biosimilar insulin and monoclonal antibodies are the driving forces for this growth. In terms of advancement, the G-CSF category will follow the insulin category with a CAGR of 20.2% from 2014 through 2019. The market for G-CSF is predicted to reach $1.1 billion in 2019. The HGH market is anticipated to rise at a CAGR of 11.9% during the forecast period.
Even though the market is in its infancy, opportunities are set to expand as patents expire on leading biologics. This is pointing the way for accelerated market growth. An increasingly aging population, growth in chronic illness and expanding need for healthcare worldwide will help drive the expansion of biosimilars over the next few years, especially due to their affordability.
The United States has approved biosimilars in the HGH and LMWH categories only. In addition, emerging markets have seen biosimilars in the insulin and monoclonal antibody categories. However, the market that is known as follow-on-biologics in the United States is seen as a lucrative market due to the upcoming patent expirations on a number of biologics by the year 2020.
“Favorable regulations are encouraging biosimilar and generic manufacturers to invest in the biosimilars sector. This has led to a rich pipeline of biosimilars. Many of these pipeline drugs are expected to be launched toward the end of the forecast period," says BCC Research analyst Shalini S. Dewan. “Moreover, the launch of biosimilars of several monoclonal antibody blockbusters is possible in 2016 and beyond. Considering all the above indications, the market demand for biosimilars can be expected to grow at a high rate during and after the forecast period of this report.”
Biosimilars: Global Markets studies the demand for biosimilar drugs that have entered the market worldwide including the latest trends and developments.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
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