The Global Biosimilar Pipeline Market is expected to reach USD XX Bn by 2027, with a growing CAGR of 12.5% during the forecast period.
Biosimilar Pipeline Market Definition
Biosimilar are the copy of biological complex products that are produced in the body of living organisms such as yeast, bacteria, and other cells. First FDA approved biosimilar product named ‘Filgrastim-sndz’ by Sandoz used to treat neutropenia created buzz in the market. This launch has gained attention of many pharmaceuticals & biopharmaceuticals companies for research and development of biosimilars.
Biosimilar Pipeline Market Dynamics
Growing approvals of biosimilar is expected to propel the growth of biosimilar pipeline market. For instance, Sandoz, a branch of Novartis, has a prime biosimilar product portfolio and formulations in pipeline include products for endocrinology, immunology, and oncology sectors. Moreover, the number of biosimilars approved by FDA in 2020 are near to 29. The most recent approved biosimilar was Riabni i.e.(rituximab-arrx). Various companies such as Mylan, Zydus Cadila, Merck, Amgen, and Pfizer are now focusing on the development of biosimilars. This creates growth opportunities for key market players for the development of more innovative biosimilar.
Rising focus of pharmaceutical and biotechnological companies for the development of biosimilars, growing number of biosimilars pipeline products, and various advantages offered by biosimilars such as cost-saving benefits, are expected to leverage the growth of biosimilar pipeline market. Increase in patent expiration rate of biological drugs, rising third party payers, and growing investments in biologics are further expected to accelerate the market growth. However, high product development cost hinders the growth of the market.
Global Biosimilar Pipeline Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the Biosimilar Pipeline Market are:
Based on product, monoclonal antibodies segment is expected to hold the largest market share during forecast period owing to it’s wide range of application in various therapies
Based on product, the global market is segmented into human growth hormone, interferon, insulin, monoclonal antibodies, and peptides. Monoclonal antibodies segment is expected to witness the largest market share during the forecast period due to increase in use of monoclonal antibodies in different therapies such as covid-19 infection, immunosuppressant, and cancer. Moreover, rising prevalence of different cancer such as brain tumours, melanoma, breast cancer and other chronic diseases is predicted to propel the growth of biosimilar pipeline market.
Based on service, clinical trials is expected to hold the largest market share during the forecast due to high preference of bio-pharmaceutical companies for in-house trials
Based on service, the market is segmented into contract research and manufacturing and clinical trials. Clinical trials segment is expected to hold the largest share during the forecast period owing to increase in research activities and government spending R&D facilities. Moreover, rise in incidence of chronic diseases, increase in research activities and growing admission of volunteers for clinical trials process is expected to leverage the growth of Biosimilar pipeline market.
Based on application, oncology segment is expected to hold the largest market share during forecast period owing to increase in prevalence of cancer diseases
Based on application, the market is segmented into oncology disease, blood disease, growth hormone deficiencies, and auto immune disease. Oncology segment is expected to leverage the growth of biosimilar pipeline market during the forecast period owing to increase in number of cancer patients. According to IARC data analysis, the new estimates for global cancer burden has risen to ~19.5 million cases and reported death rate was ~11 million in 2020.
Based on geographical region, North America is expected to dominate the market due to presence of key players and presence of strong pipeline in the region
Based on region, North America is expected to grow during the forecast period owing to increasing number of biosimilar products in pipeline and increasing number of key manufacturing units in this region. Moreover, rising investments in R&D sector, growing government support in terms of funds & grants for research and growing investment by bio-pharmaceutical companies in product development further boost the growth of biosimilar pipeline market.
The report also provides in-depth analysis of biosimilar pipeline market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Biosimilar Pipeline Market Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health, and mental wellbeing of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. Covid-19 has positively impacted the growth of biosimilar pipeline market. During covid-19 outbreak, Hetero's biosimilar version of Tocilizumab (Tocira) received Emergency Use Authorization from DCGI to treat covid-19 infected patients across the globe. This created havoc in key biopharmaceutical companies for the development of other equivalent products. However, FDA has declined biosimilar product approvals in 2020, that led to increase in number of biosimilar products in pipeline.
The report also provides an in-depth analysis of key trends in Biosimilar pipeline market
|1||Rising number of biosimilar products and growing adoption of cost-effective medication||Positive|
|2||Growing research and development in biologic products||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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