The global mAB biosimilars market was valued at around $391 million in 2015 and is expected to surpass $3,746 million by 2020, says Technavio.
Technavio has announced its latest market research report on mAB biosimilars to its cardiovascular and metabolic disorders portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global mAB biosimilars market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Biocon, Celltrion, Dr. Reddy’s Laboratories, and Hospira.
In terms of geographical analysis, Europe will be the largest region in the global market, reaching revenues of about $2,401 million by 2020. The UK, Germany, France, Italy, and Spain will emerge as the key revenue-generators.
“The companies are investing in multinational programs to gain access and develop biosimilar in emerging markets like Asia, Eastern Europe, and Latin America. The regulatory bodies in these nations are establishing regulatory pathways to optimize development timelines of these drugs. Authorities are sanctioning clinical trials to promote the research and development of these drugs in these markets,” says Barath Palada, a lead analyst at Technavio for research on cardiovascular and metabolic disorders.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rise in number of patent expiries
A biosimilar can be developed after the patent expiry of the original product and analysts at Technavio predict that various first-generation biopharmaceuticals have expired or will expire during the forecast period. This will lead to the growth of the market over the period of next four years. Vendors are already in the process of manufacturing biosimilar versions of these drugs to meet the requirement from healthcare organizations. For instance, Rituxan/MabThera, Remicade, Herceptin, Humira, Avastin, Synagis, Erbitux, and Lucentis are drugs that are expected to expire during the estimated period.
Need for cost-effective treatment
Biosimilar is available in the market at 10%-30% discount making these cost effective and rising the adoption of these drugs in the market. For instance, Inflectra was the first biosimilar product to receive marketing authorization in the US market, and it costs 20%-25% less than the original product. This drug is used for the treatment of inflammatory diseases. The cost benefits associated with biosimilars will help in the progress of the mAB biosimilars market.
Reimbursement benefits for biosimilars
The Medicare and Medicaid reimbursement plans provides reimbursement for biosimilars and covers drugs administered and prescribed in outpatient setting. These medical plans cover various highly prevalent diseases such as cancer, chronic and autoimmune diseases, and diabetes. Insurance coverage ensures better disease control by providing reimbursement and encouraging individuals to opt for treatment.
Favorable government regulations
The regulatory bodies in various countries, especially in European regions, are improving the regulations and norms making it easier to launch biosimilar in the market. The flexible government regulations and low intellectual property protection of biologic compounds in countries like China and India is allowing regional manufacturers to market generic versions of biologic compounds at a lower price. For instance, European Medical Association has issued a draft of revised guidelines on biosimilar to help accelerate product launches.
Other prominent vendors identified in this report are 3SBio, Accord Healthcare, AET Biotech, Allergan, Alvartis Pharma, Amega Biotech, Amgen, Apotex, Aspen, AstraZeneca, Aurobindo Pharma, Baxter, Bharat Serums, Bio Sidus, Biogen, Bionovis, Bioton, BioXpress Therapeutics, Boehringer Ingelheim, Boston Oncology, Cipla, Coherus Biosciences, Daiichi Sankyo, Emcure Pharmaceuticals, Gedeon Richter, GeneScience Pharmaceuticals, GSK, Hetero Drugs, iBio, Intas Pharmaceuticals, JCR Pharmaceuticals, LG Lifesciences, Lonza, Merck, Mitsubishi Tanabe Pharma, Momenta Pharmaceuticals, Mylan, Natco Pharma, Novartis, Pfenex, Pfizer, Ranbaxy Laboratories, Roche Holding, Samsung Biologics, Sanofi, and Synthon.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global mAB Biosimilars Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Immunotherapy Drugs Market 2016-2020
- Global Oncology Biosimilars Market 2016-2020
- Global Generic Drugs Market 2016-2020
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