Global Biosimilars Market projected to witness a CAGR of 40.14% and reach a total market value of US$19.151 billion in 2023
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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