Biosimilars are identical to biologics and need to be manufactured prior to extraction and purification process. The manufacturing process being highly complex makes the production process highly expensive. Biosimilars market is now receiving a special attention in regards to drug prices and increase in patient volume. The market performance varies from region to region displaying a worldwide less than cumulative frequency growth. Pricing constraints, strict regulations for registration and regulatory approvals in the U.S. are responsible for slow pace of market whereas in the European counterparts, the drugs are easily available under set standards.
According to the latest report on biosimilars market published at Upmarketresearch, the market is highly driven by increasing prevalence of chronic ailments such as diabetes and cancer coupled with rise in demand for pharmaceutical & drugs to counter the diseases. Biosimilars being highly viable for treating chronic diseases and structurally complex than generic drugs enable a significance in terms of medical prospects.
From the manufacturer’s perspective, the biosimilars market witness substantial R&D to develop novel drugs and to keep its availability open at a reasonable price.
On the other hand, the development of biosimilars is of complex nature and takes a longer time period for its development. The financial requirement needed is high with varying complexities for every developmental stage. Regulatory approvals coupled with quality testing and manufacturing complexities have been preventing the companies from investing in biosimilars market, which in turn hinders the market growth.
The biosimilars market is fragmented on types that include erythropoietin, monoclonal antibodies, granulocyte-colony, peptide and human growth hormone. Application category is inclusive of growth hormone deficiencies, blood disorders and oncology diseases. Blood disorders and oncology disorders account for a significant market growth in the near future on account of change in lifestyle and increase in rate of diseases.
European Union accounts for a significant market share in the global market on account of rise in effective regulations imposed by government coupled with increasing R&D activities. On the other hand, North America market is likely to gain a moderate growth owing high competitive pricing, rise in restrictions and stringent laws for drug approval. APAC regions witness a relative growth in the global market share thanks to massive patient pool, improving medical infrastructure and flexible government policies for drug approval.
Prominent players in the biosimilars market are Teva Pharmaceutical, Sandoz, Amgen, Novartis, LG Life Sciences, Synthon Pharmaceuticals, Celltrion, Biocon Hospira, Biogen Idec, Genentech and Merck Serono.