The market is driven by the rising prevalence of chronic disease, growing investment in research and development by biopharmaceutical organizations, vast pipeline of biosimilars, surging geriatric population, and the cost-efficient nature of biosimilars as compared to approved drugs.
Based on technology, the biosimilars market is classified into monoclonal antibody (mAb), bioassays, nuclear magnetic resonance (NMR), recombinant deoxyribonucleic acid (rDNA), and electrophoresis. Biosimilars manufactured using the mAb technology held 56.0% share in the market in 2018. This technology is further anticipated to be the fastest growing due to its large-scale deployment in the development of therapeutics to treat various diseases, such as immunological, cancer, and infections.
The biosimilars market is expected to observe the fastest growth in North America, progressing at CAGR of 32.7% during the 2019–2024 period. This can be mainly attributed to the surging geriatric population, increasing prevalence of chronic diseases, and growth in R&D investments.
Companies in North America have more freedom to price their products as they want compared to other regions, and advanced technologies and trained scientific personnel are readily available in here, which make it ideal for pharmaceutical companies.
Strategic collaborations and product launches play a prominent role in the growth of the biosimilars market. For instance, Amgen Inc. and Entera Bio Ltd. collaborated in 2018 to launch an orally administered formulation of biologics. This collaboration shows that organizations are ready to invest in biologics, resulting in the growth of the market.
Furthermore, in January 2019, Samsung Bioepis Co. Ltd. partnered with 3SBio Group to expand the business of biosimilars in China. With the collaboration, Samsung Bioepis Co. Ltd. will seek to enlarge its biosimilars portfolio, while 3SBio Group will be supported by the sales of Avastin.
Some of the key players operating in the market, globally, are Samsung Bioepis Co. Ltd., AMEGA Biotech, Synthon Holding B.V., Coherus BioSciences Inc., Celltrion Inc., BIOCAD, Zydus Cadila, Teva Pharmaceutical Industries Limited, Pfizer Inc., Novartis AG, Dr. Reddy’s Laboratories Ltd., and Mylan N.V.