LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global biosimilars market to grow at a CAGR of close to 35% during the forecast period, according to their latest market research report.
Patients and physician’s willingness to switch to biosimilars is one of the major trends being witnessed in the global biosimilars market 2018-2022. Majority of physicians are gradually prescribing biosimilar for the treatment of diseases. Though the number of the patients and physicians switching to the biosimilars is increasing, the rate is low as some legislation prevent the population from going entirety for biosimilars. However, a growing number of patients and physicians are likely to switch to biosimilars during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global biosimilars market is the price advantage of biosimilars over biologics:
Global biosimilars market: Price advantage of biosimilars over biologics
The adoption of biosimilars is increasing significantly, as it is priced 20%-25% less than the originator biologic. Indeed, the high cost of biologics increases the total healthcare costs and reduces patients access these products. A biosimilar is a copy of the biologic, and it has already been authorized for use. The advancements in genetic engineering and a decrease in the scale-up costs for the recombinant proteins have also made it feasible to manufacture the biosimilars at low costs. The cost of biosimilars could be further reduced if the cost associated with the approval of biosimilars can be reduced. This will likely boost the growth of the market.
According to a senior analyst at Technavio for research on cardiovascular and metabolic disorders, “The biologicals will face the patent expiry by the end of 2018. The loss of patent protection paves the way for the emergence of biosimilars in place of biologics in the next five years. Manufacturers like Novartis and Pfizer have already gone into the business of making biosimilars. This will boost the growth of the global biosimilars market during the forecast period.”
Global biosimilars market: Segmentation analysis
The global biosimilars market research report provides market segmentation by application (oncology and hematology, endocrinology, immunology, and nephrology) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The EMEA region held the largest share of the market in 2017, accounting for close to 44% share, followed by APAC and the Americas respectively. The growth in the EMEA region can be attributed to the regional incentive in the EU countries, which support the usage of biosimilars.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
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Vendor Landscape
- Vendors covered
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