Global Biosimilars Market projected to witness a CAGR of 40.14% and reach a total market value of US$19.151 billion in 2023
The report published by Knowledge Sourcing Intelligence titled “Global Biosimilar Market- Forecast From 2018 to 2023” studies the various factors affecting the demand for biosimilars worldwide. The report has been segmented by Type (Monoclonal Antibodies, Recombinant Proteins, Hormones and others), Disease (infectious Disease, Oncology and Immunology, Respiratory, Genetic Disorders and others).
In addition, the Global Biosimilars market has been estimated based on the geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions. The demand for biosimilars would primarily be driven by cost-effectiveness as compared to reference biologics, coupled with increasing investment by the companies towards the development of efficient biosimilars. Moreover, patent expiration of the many blockbuster biologic drugs will pose an interesting opportunity for existing and new market players around the world. However, structural complexity of the biosimilar drugs and multi-layered manufacturing might restrain the growth of the market during the given time frame.
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Monoclonal antibodies is projected to hold a significant market share in the global biosimilar market in 2018
It is estimated that monoclonal antibodies will hold a significant share in the global biosimilars market owing to the rising research and development of the therapeutic antibodies coupled with the advantages such as homogeneity, specificity, and large-scale production; and fewer side effects related to substitute drugs. Increasing demand for personalized medicine will also contribute to the growth of the segment during the given forecast period.
Europe region is estimated to hold the dominant share in the global biosimilars market throughout the forecast period
Geographically, Europe holds the largest market share due to the presence of well-known biopharmaceutical players such as Stada, Sandoz, AstraZeneca, Merck etc. Also well-defined regulatory framework for the approval of biosimilars and rising number of product approvals coupled with well-developed healthcare infrastructure have further provided a boost to the European biosimilar market. North America will also show robust growth during the forecast period owing to the increasing focus on the product development coupled with the rising efforts from the manufacturers to tap the growth opportunities in the region.
This report also includes a study of strategies and product portfolios of some of the leading companies in the global biosimilars market. It consists of company profiles of the leading companies such as Samsung Bioepis, Sandoz International GmbH (A Novartis Company) and Boehringer Ingelheim International GmbH among others.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centring on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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