Market Overview:

Global Biosimilars Market values at USD 7.66 Billion in 2018 and it is expected to reach USD 25.18 Billions with a CAGR of 26.87% by the end of 2023. Biosimilar therapies are those outlined as extremely similar to biological drugs that have already been approved. They’re created by translating biological medicine made from living cells within the laboratory to production molecules. This can be completely different from generic treatments, that area unit exactly the same because the reference small-molecule medicine, as a result of it's not possible to form identical copies of biological medicine.

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Factors affecting market growth:

Rising prevalence of chromic diseases (+)
Financial burden and reimbursement service (+)
Increase in aging population (+)
Government support and Emerging pharmaceutical market (+)
High cost of reference products (-)
Low priced generic drugs (-)
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Market Segmentation

Global Biosimilars Market is segmented on the basis of

 

Type

Protein
Insulin
Human growth hormones
Granulocyte colony – Stimulating Factor
Technology

Mass Spectroscopy
Chromatography
Others
Application

Oncology
Blood Diseases
Growth Hormone
Others
Recombinant glcosylated proteins is the latest market accounting for the highest share and also expected to grow at a high CAGR. Chronic diseases are expected to grow the fastest between 2018 and 2023.

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Key players:

The major companies 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.