North America Biosimilars Market to be growing at a CAGR of 38%, to reach $6.31 billion by 2021.

The North America Biosimilars Market was worth $1.26 billion in 2016 and estimated to be growing at a CAGR of 38%, to reach $6.31 billion by 2021. Biosimilars are emerging as one of the most important sector in the healthcare industry. With increasing healthcare costs, biosimilars are being looked upon as an affordable treatment option. Growing economies are observing comprehensive growth in biosimilars industry from demanding clinical needs of therapeutics. Rise in GDP and healthcare expenditures, and the demand for cost effective therapeutics solution has resulted in the growth of this market.

Biosimilars are made using living cells that treat disease, by recombinant DNA technology and controlled gene expression. Most biosimilars are derived from bacteria, viruses, plants and animals. Biosimilar drugs are used in prevention and cure of various diseases such as rheumatoid arthritis, cancer, chronic kidney failure, oncology, diabetes, heart attacks, autoimmune diseases, growth hormone deficiency, and infectious disease.

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Biosimilars offer a cheaper alternative for other biological and synthetic drugs. Increased co-operation between manufacturing companies, and the outsourcing of biosimilar products are acting as an impetus for biosimilars market. However, high manufacturing cost and complexity, and the availability of low priced generic drugs in the market are some of the major restraints of biosimilars market are facing. Numerous companies are fraught with approvals for their biosimilar drugs, due to unavailability of favorable regulatory compliance and heavy opposition from the reference product manufacturers. Moreover, the consumer preferences and the prescription patterns of physicians in the United States are more inclined towards reference products.

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Based on product types, biosimilars are classified into Protein, Insulin, Human Growth Hormones, Granulocyte Colony-stimulating Factor (G-CSF), Interferons, Recombinant Glycosylated Proteins, Erythropoietin, Monoclonal Antibodies, Follitropin, Recombinant Peptides, Glucagon, and Calcitonin. Their applications include chronic and autoimmune diseases, blood disorders, oncology disease along with growth hormone deficiency. Furthermore, on the basis of geography, the North America market is analysed under various regions namely, USA and Canada. Europe is the market leader, followed by Asia-Pacific. However, progressive technological advancements in healthcare and structured drug review process will drive the markets in North America region.

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Some of the major players in the biosimilars market are Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd. Dr. Reddy’s Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics and Cipla Ltd.

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