Chicago, IL -- (SBWire) -- 02/22/2017 --According to the new market research report, "Biosimilars Market, by Product Types (Recombinant Non-Glycosylated Proteins, Recombinant Glycosylated Proteins, and Recombinant Peptides), Application (Oncology, Blood Disorders, Infectious Diseases, Autoimmune Diseases, and Others) - Global Revenue, Trends, Growth, Share, Size and Forecast to 2022", published by Scalar Market Research, the global biosimilars market is expected to grow from USD 3 billion in 2016 and reach USD 58.40 billion by 2022, growing at an estimated CAGR 52.77%, during the forecast period.
The global biosimilars market report offers in-depth analysis of the market size (revenue), market share, major market segments, different geographic regions, key players, premium trends and forecast to 2022. It also focuses on the key drivers and opportunities in this market.
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Key findings of the report:
The rising demand and awareness towards the applications of biosimilars are considered as one of the major driving factors for the biosimilars market, during the forecast period.
The majority of the top market players are investing in the biosimilars market, creating strong growth opportunities for the market in the near future.
The biosimilars are considered as one of the most promising options for the treatment of various chronic diseases. The rising instances of various diseases such as cancer and cardiovascular diseases are also expected to drive the demand in the biosimilars market.
Oncology is the fastest growing market in the application segment
Oncology was the largest application segment of the biosimilars market in 2015. According to the report, oncology is expected to remain the fastest growing application segment, due to the rise in the aging population, the increased prevalence of cancer, and the rising number of patients with the hospital-acquired diseases.
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North America: Anticipated to dominate the biosimilars market
The North America region is expected to dominate the global biosimilars market based on the total market share, due to the rising demand for the biosimilars products. The Europe region is also considered to be the potential market for biosimilars, due to the impressive growth in the research and development activities in the region.
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The key players highlighted in the biosimilars market report include:
1. Actavis
2. Amgen
3. Biocon Ltd.
4. Cipla Ltd.
5. Hospira, Inc.
6. Sandoz Pharma
7. Stada Arzneimittel AG
8. Wockhardt Ltd.
9. Others
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Biosimilars Market Worth USD 58.40 Billion by 2022
A large number of key companies such as Hospira, Inc., Teva Pharmaceutical, Amgen, and others are in constant efforts to develop biosimilars and are rigorously increasing their research & development expenses on clinical trials to introduce novel biosimilars, driving the market growth.