Biosimilars: Key market research findings
- The America’s dominate the market geographically
- Retail pharmacies account for a majority of the market revenue
- Key vendors – Sandoz, Hospira, Teva Pharmaceuticals, STADA, Biocon, Celltrion, and Dr. Reddy’s
Technavio’s market research analysts predict the global market for biosimilars to showcase tremendous growth between 2016 and 2020. The fast-paced growth of the market is spurred by the growing need for cost-effective treatment across the globe. Biosimilars are available for 10%-30% lesser costs than their parent products, making them more popular in developing countries for treatments and cures for diseases such as rheumatoid arthritis, lupus, diabetes mellitus, and colorectal, breast, and lymphoma cancers. During 2015, the global biosimilars market was dominated by EMEA with a market share of almost 43%. The arrival of new products is expected to propel the growth of the biosimilar market in EMEA during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the biosimilar segments based on the end-user.
“Manufacturing biosimilars requires specialized capabilities, meticulous planning, highly skilled staff, and significant financial investment in equipment, technology, materials, and personnel. As a result, the complexities and costs involved in biosimilar development increase along with the dip of the profit margins. This hinders the overall success of manufacturing biosimilars. Many vendors are increasingly turning to contract manufacturing organization (CMOs) and contract research organization (CROs) that have already gained proficiency in the field of manufacturing biosimilars in an attempt to overcome this issue,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, retail pharmacies accounted for around 52% of the market’s revenue to become the dominant shareholder in the global biosimilars market. Individuals with anemia require EPO drugs as a maintenance therapy, which helps in the success of primary treatment and prevents relapse of the disease. These drugs can also be obtained from retail pharmacies for use in hospital settings.
The key vendors in the global biosimilars market include Sandoz, Hospira, Teva Pharmaceuticals, STADA, Biocon, Celltrion, and Dr. Reddy’s. The global market is categorized by the presence of well-established vendors such as Sandoz and Hospira. The key players are actively pursuing strategic initiatives with respect to growth and profitability to boost the market share. The competitive environment is expected to intensify with the rise in product extensions, technological innovations, and an upsurge in the number of consolidations.
A more detailed analysis is available in the Technavio report, Global Biosimilars Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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