LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global monoclonal antibody (mAb) biosimilars market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Sapna Jha, a lead analyst from Technavio, specializing in research on cardiovascular and metabolic disorders sector, says, “The global mAb biosimilars market is expected to witness significant growth of over 57% during the forecast period due to new product launches, particularly in the EU and the US, and the entry of new players into this market. The increasing need for cost-effective treatment is one of the major factors driving this market’s growth. Biosimilars are available at a 10% to 30% discount as compared to biologic products, thus leading to their increased adoption.”
Request a sample report: http://www.technavio.com/request-a-sample?report=53062
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
The top four emerging trends driving the global mAb biosimilars market according to Technavio healthcare and life sciences research analysts are:
- Emergence of biosimilars
- Outsourcing of manufacturing activities
- Need for high investment in R&D
- Rising number of strategic collaborations
Emergence of biosimilars
The older population has increased due to the availability of advanced medical care. This has also increased the prevalence of chronic diseases, such as rheumatoid arthritis, psoriatic arthritis, cancers, and metabolic disorders, leading to high demand for quality care. Countries are under pressure to address this demand without increasing the healthcare expenditure. Due to the high cost of branded mAbs, the demand for biosimilar products has been increasing. The average monthly spending on branded biologics has increased from USD 5,000 million in 2003 to USD 10,000 million in 2013, with some individual mAbs costing over USD 30,000 per month. Biosimilar products are positioned as cost-effective treatments, which is helping the global mAb biosimilars market grow. In fact, increased sales of biosimilars are expected to pull down the sales of biologics during the forecast period.
Outsourcing of manufacturing activities
Manufacturing biosimilars needs specialized capabilities, meticulous planning, significant financial investment in equipment, highly skilled staff, technology, personnel, and materials. The complexity and costs involved in biosimilar development continue to rise till they achieve economies of scale, hampering the initial success of biosimilars manufacturing. Therefore, many vendors are increasingly opting for contract manufacturing organizations and contract research organizations with established expertise in the field of manufacturing biosimilars. These organizations are developing and validating analytical methods to help pharmaceutical companies remain competitive and financially viable in the market.
Also, manufacturing biosimilars in developing countries such as India and China has reduced the requisite investment by about 40%, making India and China a hub for outsourced biosimilar manufacturing. “Thus, outsourcing the manufacturing of biosimilar products to developing nations will help market vendors introduce novel products to the market, quickly and cost effectively. This new trend is expected to have a positive impact on the growth of the market during the forecast period,” says Sapna.
Need for high investment in R&D
Biosimilar development is an activity that demands significant resources in R&D, manufacturing expertise, clinical trial capabilities, and high financial investment. A company entering the global mAb biosimilars market requires large funds to invest in the R&D and manufacturing processes. Many vendors have identified biosimilar products as a significant long-term growth opportunity.
The pharmaceutical industry is a research-intensive industry backed by developments in technology. Similarly, the global mAb biosimilars market also requires development and manufacturing of new biosimilar products. So, the vendors in this market are allocating heavy R&D budgets to enable the introduction of a broad portfolio of biosimilar products. This will help increase the market penetration of the vendors in the global mAb biosimilars market to a great extent.
Rising number of strategic collaborations
Vendors in the market are forming strategic alliances to increase their market share. For instance, in 2011, Amgen and Watson Pharmaceuticals reached an agreement to develop and market biosimilar treatments for cancer. As part of this agreement, Amgen is expected to develop and manufacture biosimilars with Watson and provide marketing and financial support for the products launched.
Similarly, in August 2015, Sorrento Therapeutics signed an exclusive licensing agreement with Mabtech to develop and commercialize multiple pre-specified biosimilar antibodies. In December 2014, Torrent Pharma signed a license agreement with Reliance Life to market three biosimilars (Rituximab, Adalimumab, and Cetuximab) in India.
Browse Related Reports:
- Global Biosimilars Market 2016-2020
- Global Oncology Biosimilars Market 2016-2020
- Global Generic Drugs Market 2016-2020
Do you need a report on a market in a specific geographical cluster or country but can’t find what you’re looking for? Don’t worry, Technavio also takes client requests. Please contact enquiry@technavio.com with your requirements and our analysts will be happy to create a customized report just for you.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
