The much awaited biosimilars have finally entered the US pharmaceutical market with the FDA approval of Sandoz’s Zarxio, a G-CSF. The move is being hailed by biosimilar manufacturers and is expected to fuel numerous submissions in the coming days, making US a significant region for biosimilar activity. At the same time, as shrinking budgets are rooting for reduced healthcare expenditures and majority of blockbuster drugs are about to lose exclusivity, the biosimilar industry stands as the sole gainer.
A new research study conducted by RNCOS, “Global Biosimilar Market Outlook 2020”, reveals that the market, which was worth US$ 1.89 Billion in 2014, is expected to reach US$ 25.53 Billion by 2020, growing at an impressive CAGR of 54.4%. The report has been divided into numerous sections that deal with the various aspects of the market.
In the report, industry has been segmented based on the different classes of biosimilars available in the market, such as, mAbs, Insulin, Erythropoeitin (EPOs), Human Growth Hormone (HGH) and Interferons. The second segmentation divides the industry on the basis of major geographies which includes Europe, Asia-Pacific, and Others (including the US, Latin America and Middle-Eastern countries).
The market is subjected to various drivers as well as challenges, which have, and will continue to mould it. It is expected that the constricting healthcare budgets, approaching patent cliff and low cost of biosimilars will serve as the major drivers for the market. However, issues associated with manufacturing capabilities, litigation risks, high cost of development and substitutability may act as bottlenecks for the industry. The report talks about the various applications and technological trends that have emerged in the past few years.
This report also highlights key players and their current market share in the biosimilar domain. For every player, a brief business overview, geographic revenue break up, segment wise revenue break up, along with key financials, have been provided. A strength and weakness analysis of every player has also been presented to assist the investors in developing an understanding of the strategies of the players. At the end, a section has been dedicated to the future outlook. Overall, the research contains exhaustive information that will help clients in formulating market strategies and assessing opportunity areas in the biosimilars industry.