Companies & Markets is a global aggregator of business information and the company’s website hold over 300,000 market research reports and company profiles, covering all the world’s industries and 50,000 of the world’s largest companies. The company has recently added a new market research report: Global Biosimilars Market to its gallery.
The global biosimilar market has been forecast to increase at a compound annual growth rate (CAGR) of 36.6% over 2009-2018, increasing from a valuation of US$2 billion in 2012, to hit a market value of US$19.4 billion by 2018.
This growth can be attributed to some of the top-selling biologics coming off-patent over the coming few years and biosimilar manufacturers are bound to make a beeline towards this lucrative opportunity.
Patent expiries of major biotechnology drugs constitute one of the key growth drivers for the biosimilars market. Several major biotech drugs such as Roche’s Herceptin and Rituxan, Sanofi’s Lantus, Amgen’s Neulasta are expected to lose patents, starting from the year 2012.
This would translate into tremendous opportunities for biosimilar manufacturers in the coming years. Biosimilar manufacturers would also receive a boost for continuing efforts to curtail healthcare costs worldwide, as they show potential to offer cost savings to insurance companies, government organisations, and patients alike.
Biosimilars are an exciting opportunity for companies seeking to enter or maintain a presence in the biopharmaceutical industry.
The biosimilars market is highly fragmented and dominated by major market players such as Biocon, Dr. Reddy’s Laboratories, Intas, LG LifeSciences, Ranbaxy, Reliance LifeSciences, Sandoz, Teva, and Wockhardt.
Sandoz and Teva are the major players in developed markets currently, although their position will be challenged in the near future by many other generics and Big Pharma companies. Merck & Co.’s potential $720 million deal with Hanwha Chemical shows the level of money companies are willing to invest in this fast-growing market.
Current leaders, in order to maintain market share, need to introduce new biosimilars over the next few years with a specific focus on the products in demand. Licensing deals are expected to expand the pipelines of established players, as well as new market entrants.
For more information on the biosimilars market, see the latest research: Biosimilars Market
Source: CandMResearch press release