The global biosimilars market is estimated to grow at a significant CAGR during the forecast period. The factors that drive the global biosimilars market include the increasing demand for biopharmaceuticals, rising geriatric population, and rapid R&D activities by the players in the field along with technological advancement. Moreover, according to the Pharmaceutical Research and Manufacturers of America (PhRMA) in 2016, the biopharmaceuticals manufacturers located in the US invested $90 billion for R&D activities.
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Moreover, the global biosimilars market is also gaining traction owing to the rise in R&D activities that promotes the utilization of alternative medications. With this move, the companies are targeting developing economies that are expected to attract a significant customer base.
R&D by key players to significantly drive the biosimilars market
Some of the prominent players operating in the global biosimilars industry include Eli Lilly and Co., Merck & Co. Inc., Mylan NV, Biocon Ltd., Novartis International AG, Allergan Plc., Amgen Inc., F. Hoffmann-La Roche Ltd., Teva Pharmaceuticals Ltd., and Pfizer Inc., among others. These are the key companies providing various biosimilars in the market. These key manufacturers are adopting various strategies such as new product launches and approvals, merger and acquisition, partnerships and collaborations, and many others in order to thrive in a competitive environment.
In November 2018, Sandoz International GmbH, a Novartis company announced the R&D activities for the development of the biosimilar portfolio for unmet access and sustainability needs, and it will not buy US biosimilar rituximab, that will aid the company in enhancing its R&D activities.
In September 2019, Sandoz International GmbH, a Novartis company announced that the company has entered into an agreement regarding the proposed natalizumab biosimilar, which is in phase III of the clinical development. Thus, this created more growth opportunities for the company to grow its business.
In June 2019, Eli Lily Co. announced the launch of the lower-priced authorized biosimilar version of its diabetes treatment Humalog (insulin lispro) in the US. The launch of new products aids the company to improve its product portfolio.
Current Market Trends Covered in the Global Biosimilar Market Report:
- Increased spending on the healthcare infrastructure by key companies and government is positively affecting the biosimilars market growth
- The oncology segment will account for a significant share in the market
- North America region will register a significant growth rate in biosimilars market globally
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Global Biosimilars Market Report- Segmentation
By Product
- Recombinant Non-Glycosylated Proteins
- Recombinant Glycosylated Proteins
- By Applications
- Oncology
- Chronic and Autoimmune Disease
- Blood Disorders
- Growth Hormone Deficiency
- Other Diseases
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
