Active drugs of follow-on biologics or biosimilars are derived from a living organism through recombinant DNA. This process is also known as controlled gene expression method of living organisms to make biologic medical products. Increasing demand for these drugs is the strongest driver for the growth in the biosimilars market in terms of innovation and revenue. Increasing applications of biosimilars for the treatment of various health conditions is also a strong reason for the rise in technological advancements in the industry. Market research experts are hopeful for a strong growth for the biosimilars drugs industry. According to the experts, the market will keep up a healthy compound annual growth rate until 2018, which is triggered by innovation and growing demand.
Synopsis of Global Biosimilar Drugs Market
Therapeutically, biosimilars are identical copies of biologic drugs. According to the researchers, biosimilars will play a vital role in the global biopharmaceutical industry. The greatest reason for this is the rapidly rising rate of adoption for these drugs. Within next few years, biosimilars and insulin market are estimated to dominate the biopharmaceuticals industry. Basic segmentation in global biosimilars market is based on the types of products, their applications and services available in the market.
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The industry for biosimilar drugs is also segmented based on the demand patterns within different geographic regions of the world. Following are the details:
- Products: based on products, the industry is segmented into three categories, namely, recombinant non-glycosylated proteins, recombinant peptides and recombinant glycosylated proteins.
- Applications: Blood disorders, oncology, growth hormones deficiency, autoimmune diseases, chronic diseases, female infertility, myocardial infarction, hypoglycemia, chronic kidney failure, etc.
- Geography: North America, Asia Pacific, Europe and rest of the world
Drivers and Trends
Strongest factors for the growth of global biosimilars market include invention of new biosimilars like follitropin, filgrastim and monoclonal antibodies. The impressive streak of the market is also attributed to continual clinical research on various potential products and expiration of patents for different biologics. However, rising demand is remains the strongest driver for the industry. Increasing investments in emerging markets like Asia Pacific, Latin America and rest of the world are also proving effective for the global market on the whole. As per the market research reports, North America and Europe are dominating the global market in 2013. However, experts claim that the situation for the future will be far different.
Biosimilars market is expected to grow at a CAGR Of over 41% from 2013 to 2018. During the forecasting period, segments like monoclonal antibody, insulin and interferon are expected to dominate the industry worldwide. On the basis of geographic regions, Asia Pacific is expected to take over the current domination of North America and Europe with increasing investments, demand and inventive applications. Rising incidences of chronic diseases in the region is also a strong reason for the progress of this geographic region.