Global Biosimilars Market Analysis, Share, Growth Drivers and Future Scope

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Geographically, Europe accounted for the major share of the biosimilars market during the historical period and is expected to contribute the largest revenue share to the market during the forecast period as well.

NEW YORK - eTradeWire -- In 2018, the global biosimilars market attained a value of $6.0 billion and is projected to register a 29.6% CAGR during the forecast period (2019–2024). The market is registering growth due to the inexpensive nature of biosimilar drugs, increasing geriatric population, rising research & development (R&D) investment by biopharmaceutical companies and extensive pipeline of biosimilars, and rising prevalence of chronic diseases. Generic equivalents of biologics are referred to as biosimilars. They are highly similar and comparable version of an approved biologic medicine and undergo clinical trials for demonstrating efficacy and safety.

When technology is taken into consideration, the biosimilars market is divided into electrophoresis, monoclonal antibody (mAb), nuclear magnetic resonance, recombinant deoxyribonucleic acid, and bioassays. Out of these, the mAb technology dominated the market during the historical period 2014–2018 and is expected to account for the major share of the market during the forecast period as well. This is because of the increasing utilization of mAbs and technological advancements in the field. The division is further predicted to grow at the fastest pace during the forecast period.

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The surging prevalence of chronic diseases is among the major driving factors of the Biosimilars market (https://www.psmarketresearch.com/market-analysis/biosimilars-market). The growing prevalence of cardiovascular diseases (CVD), neurological diseases, and cancer is resulting in the rising drug requirement and hospitalization rate. For example, according to the WHO, CVDs account for 31% of all deaths around the world; and cancer accounted for 9.6 million deaths globally. People suffering from chronic diseases need regular medications, including biosimilars, for managing their health conditions, which is further driving the growth of the market.

Hence, the market is being driven by the rising R&D investments and growing prevalence of chronic diseases.

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Vijay Kumar
***@psmarketresearch.com


Source: P&S Intelligence
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