The market
is driven by the rising prevalence of chronic disease, growing investment in
research and development by biopharmaceutical organizations, vast pipeline of
biosimilars, surging geriatric population, and the cost-efficient nature of
biosimilars as compared to approved drugs.
Based on
technology, the biosimilars market is classified into monoclonal
antibody (mAb), bioassays, nuclear magnetic resonance (NMR), recombinant
deoxyribonucleic acid (rDNA), and electrophoresis. Biosimilars manufactured
using the mAb technology held 56.0% share in the market in 2018. This
technology is further anticipated to be the fastest growing due to its
large-scale deployment in the development of therapeutics to treat various
diseases, such as immunological, cancer, and infections.
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The
biosimilars market is expected to observe the fastest growth in North America,
progressing at CAGR of 32.7% during the 2019–2024 period. This can be mainly
attributed to the surging geriatric population, increasing prevalence of
chronic diseases, and growth in R&D investments.
Companies in
North America have more freedom to price their products as they want compared
to other regions, and advanced technologies and trained scientific personnel
are readily available in here, which make it ideal for pharmaceutical
companies.
Furthermore,
in January 2019, Samsung Bioepis Co. Ltd. partnered with 3SBio Group to expand
the business of biosimilars in China. With the collaboration, Samsung Bioepis
Co. Ltd. will seek to enlarge its biosimilars portfolio, while 3SBio Group will
be supported by the sales of Avastin.
Some of the
key players operating in the market, globally, are Samsung Bioepis Co. Ltd.,
AMEGA Biotech, Synthon Holding B.V., Coherus BioSciences Inc., Celltrion Inc.,
BIOCAD, Zydus Cadila, Teva Pharmaceutical Industries Limited, Pfizer Inc.,
Novartis AG, Dr. Reddy’s Laboratories Ltd., and Mylan N.V.
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