Pune, Jan. 21, 2021 (GLOBE NEWSWIRE) -- The US Biosimilars Market size is projected to reach USD 22,966 million by the end of 2027. The presence of several large scale companies that are engaged in the research and development of efficient biosimilars will have a huge impact on the growth of the overall market in the foreseeable future. According to a report published by Fortune Business Insights, the market was worth USD 737.2 million in 2019 and will exhibit a CAGR of 46.2% during the forecast period, 2020-2027.
A biosimilar is a biological product that is similar to the reference biologic or a particular set where there are no clinical differences. Contrary to generics, the costs associated with biosimilars are significantly lower; a primary reason why there several studies that are revolving around the product. The increasing R&D initiatives as well as investments to enable applications across diverse industry verticals will bode well for the growth of the overall market in the coming years.
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KEY INDUSTRY DEVELOPMENTS:
- April 2019– Samsung Bioepis received FDA approval for ETICOVO, a biosimilar of Etanercept for the treatment of rheumatoid arthritis.
- March 2019 – Pfizer received FDA approval for TRAZIMERA, a biosimilar of Trastuzumab for treating patients with breast cancer and gastroesophageal junction adenocarcinoma
These products are a copy of biological drugs but do not possess a few properties that biologics are gifted with. Despite the variations in products, most of the biosimilars are made with the help of the same base product or amino acid. The reference drug for biosimilars is the previously approved as well as used drug that has been in the market for a considerable period of time.
Despite the Negativities Surrounding the Covid-19 Pandemic, Companies in the US Biosimilars Market to Draw Positive Numbers
The recent coronavirus outbreak has created a sense of panic across the world. Owing to the increasing cases of coronavirus and the rapid spread of the disease, governments across the world have been compelled to impose strict lockdowns and advise social distancing practises.
Despite the negativities surrounding the Covid-19 pandemic, healthcare manufacturers are likely to witness new opportunities for growth. There are constant approvals for newer drugs and the increasing number of regulatory approvals even during the Covid-19 pandemic will bode well for the growth of the US biosimilar market in the coming years.
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Increasing Number of Product Launches will have a Massive Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product launches by major companies across the world has made the highest impact on market growth.
Accounting to the increasing R&D activities associated with biosimilars, there have been newer discoveries and branches for newer applications. In July 2019, Allergan and Amgen Inc. announced the launch of a new product biosimilar for use and commercialization in the US market. The company introduced ‘Kanjinti,’ a biosimilar of trastuzumab for use in the United States. Increasing number of product launches by such major companies will bode well for the growth of the overall US biosimilars market in the foreseeable future.
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List of companies profiled in the US Biosimilars Market report:
- Novartis AG (Basel, Switzerland)
- Mylan N.V. (Pennsylvania, U.S)
- Coherus BioSciences, Inc. (California, U.S.)
- AbbVie Inc. (Illinois, United States)
- Pfizer Inc. (New York, U.S.)
- F. Hoffmann-La Roche Ltd. (Basel, Switzerland)
- Eli Lilly and Company (Indiana, United States)
- Teva Pharmaceutical Industries Ltd. (Petah Tikva, Israel)
- Celltrion Inc. (Incheon, South Kore)
- Amgen Inc. (California, U.S)
- Other prominent players
US Biosimilars Market Segmentations:
By Drug Class
• Filgrastim & Pegfilgrastim
• Monoclonal Antibodies
By Disease Indication
• Autoimmune Diseases
By Distribution Channel
• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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