World Biosimilars Market to 2024: Market is in Nascent Phase, but with High Growth Potential

/EIN News/ -- Dublin, July 23, 2019 (GLOBE NEWSWIRE) -- The "Biosimilars Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

Key Market Trends

Oncology Segment Holds the Major Share in Global Biosimilar Market

Applications segment of the market is segmented as Blood disorders, Growth hormonal deficiency, Chronic and autoimmune disorders, Oncology, Others. The oncology segment is dominating the global market for biosimilars in terms of revenue owing to the high prevalence of cancer including lung, liver, colorectal, stomach, breast, and blood cancer.

According to the National Cancer Institute (NCI) report, it was estimated that 1,735,350 new cases of cancer are diagnosed in the US in 2018, and 609,640 people will die from the disease. Amelita, Amgen's version of Humira is the first adalimumab biosimilar to be approved by the US FDA in September 2016. Two European versions, named Amgevita and Solymbic, were recommended in the European Union (EU) in January 2017.

North America to Dominate the Growth of Biosimilar Market

North America accounted for the largest share, accounting for approximately 30% of the global market, in 2017. The North American segment of the market studied is majorly driven by the presence of many large research laboratories, such as Sandoz, Amgen, Teva Pharmaceutical, and others. According to a recent report, more than 40 biosimilars are under development, including approximately 20 biosimilars ready to be released into the market, and a significant number of biosimilars are in the pipeline.

Owing to the immense economic developments and booming biotechnology companies in the region, Asia-Pacific is also expected to record robust growth over the forecast period. Furthermore, factors such as high demand for the low-cost therapeutics and treatments, high prevelance and incidence of various chronic diseases, increase in R&D expenditures by the market players in the emerging economies such as India, South Korea and China are also propelling the growth of biosimilars market in Asia-Pacific region.

Market Dynamics

In recent years, several blockbuster biologic drugs of major pharmaceuticals companies, such as Remicade, Rituxan, Herceptin, Enbrel, Lantus, and others expired. In the coming decade, there would be a rise in the patent expiration of several existing biological drugs, such as Erbitux, Avastin, Orencia, and others, which would provide an opportunity for many innovator companies as well as generic manufacturers to offer services, specially tailored toward biosimilars.

In addition, factors, such as cost effectiveness nature of biosimilars, rising acceptance and adoption by various stakeholders with the need of diversification in technology and business models, growing prevalence of chronic diseases are expected to drive the global biosimilar market.

At the same time, with factors, such as lack of definitive standards for approval and adequate profitability, given the greater risk with concerns regarding substitutability and interchangeability, many companies are discouraged from investing in this market, thus impeding the growth of the market studied.

Competitive Landscape

There is massive competition in the Biosimilar market. With the presence of many domestic and also international market players. Most of the market players are adopting various growth strategies such as acquisitions, partnerships, new product launches to survive in the market. For instance:

• In, 2018 Mylan NV launched Hulio, a biosimilar to AbbVie's Humira (adalimumab), across major markets in Europe.
• In October 2018, Sandoz, a Novartis division in biosimilars, recieved US Food and Drug Administration (FDA) approval for its biosimilar, HyrimozTM (adalimumab-adaz) for treatment of rheumatoid arthritis, juvenile idiopathic arthritis in patients four years of age and older.
• In Nov 2018, Teva recieved FDA Approval of HERZUMA (trastuzumab-pkrb), a Biosimilar to HERCEPTIN, for the Treatment of HER2-Overexpressing Breast Cancer for Certain Indications

Key Topics Covered

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Several Blockbuster Biopharmaceuticals Going Off-Patent over the Next Five to Ten Years
4.2.2 Market in the Nascent Phase but with High Growth Potential
4.2.3 Increasing Demand for Biosimilar Drugs due to Their Cost Effectiveness
4.3 Market Restraints
4.3.1 Concerns Regarding Substitutability and Interchangeability
4.3.2 Regulatory Uncertainty
4.3.3 Production Complexity
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Product Class
5.1.1 Monoclonal Antibodies
5.1.2 Recombinant Hormones
5.1.3 Immunomodulators
5.1.4 Anti-inflammatory Agents
5.1.5 Others
5.2 Applications
5.2.1 Blood disorders
5.2.2 Growth hormonal deficiency
5.2.3 Chronic and autoimmune disorders
5.2.4 Oncology
5.2.5 Others
5.3 Geography
5.3.1 North America
5.3.1.1 US
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 UK
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Pfizer Inc.
6.1.2 Eli Lilly and Company
6.1.3 Celltrion Healthcare
6.1.4 Mylan N.V.
6.1.5 Novartis AG
6.1.6 Samsung Bioepis Co. Ltd.
6.1.7 Stada Arzneimittel AG
6.1.8 Teva Pharmaceutical Industries Ltd.
6.1.9 Intas Pharmaceuticals Ltd.
6.1.10 LG Life Sciences

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/h3aw49

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                    Related Topics: Biosimilars and Biosuperiors