New York, NY -- (SBWIRE) -- 05/02/2019 -- Market Industry Reports (MIR) has published a new report titled "Biosimilars Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030."  According to the report, the global Biosimilars market was estimated  to be over US$ 4,500 Mn in 2018. It is anticipated to grow at a double digit CAGR from 2019 to 2030.

The growth of the biosimilars market can be attributed to factors such as the increasing demand for biosimilar drugs due to their cost-effectiveness and rising incidence of chronic diseases, which have led to wide-scale adoption of these products worldwide. To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers. For instance, PlantForm Corporationhas signed an agreement with the University of Guelph Canada to enhance research studies in the field of biosimilars and develop new ones.

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Rise in Demand of Biosimilars Due to Cost-effectiveness

Over the years, the rise in demand of biosimilars has played a vital role in contributing to the growth of the global biosimilars industry. The high demand for biosimilars is attributed to their greater effectiveness and lower cost than other alternatives. Several countries, including Europe, North America, India, and other developing countries, have emerged as essential contributors to global biosimilars industry. While generic drugs have a profit margin potential of 20%, the biosimilars products is anticipated to gain a potential profit margin of 30%. Moreover, cost of treatment by innovator drug is much higher than that by biosimilars, which has also contributed effectively to the growing demand of these products.

Rising Incidence of Chronic Diseases to Fuel Market Growth

Changes in societal behavior and aging population have been contributing to the stable increase in long-term health problems, and treating these problems incurs a lot of cost. Rising incidence of chronic diseases have been pivotal in contributing the growing adoption of biosimilars worldwide. According to World health organization (WHO), in the UK, chronic disorders are likely to claim 5 million lives in the next 10 years, owing to rising incidences of these long-term ailments. Growing preference for biosimilars to treat chronic ailments is expected to further propel the growth of the biosimilars market in the coming years.

Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Biosimilars Market by Product (Recombinant Glycosylated Proteins (Monoclonal Antibodies (Rituximab, Adalimumab, and Infliximab), Erythropoietin, and Follitropin), Recombinant Non-Glycosylated Proteins (Insulin, Granulocyte Colony Stimulating Factor, Recombinant Human Growth Hormone and Interferon (Interferon-Alpha and Interferon-Beta)), Recombinant Peptides (Glucagon and Calcitonin)), Type of Manufacturing (In-house Manufacturing, and Contract Manufacturing), Disease (Chronic Disease, Oncology, Autoimmune Disease, Blood disorders, Infectious Diseases, and Growth Hormone Deficiency) - Global Analysis & Forecast 2019-2030. in detail along with the table of contents:https://www.marketindustryreports.com/67/biosimilars-market

Manufacturing Complexity, Stringent Approval Procedure and High Developmental Costs to Restrain Market Growth
Although costs of treatment with biosimilars are cheaper than innovators biological drug, but several other factors, namely complexity of these products, marketing approval procedures, and high cost of development among others, are known to affect the growth of this industry inversely. For instance, high investment of capital in equipment, property, plants and other manufacturing costs as compared to conventional generic drugs coupled with complexity in manufacturing processes, are few factors limiting the growth of the global biosimilars market.

Biosimilars Market in Asia Pacific to Grow at Rapid Rate

Asia Pacific is estimated to witness the highest CAGR in the market during the forecast period. Patent expiry of biologic products, the launch of new biosimilars, rising incidence of chronic disorders, and the emergence of new market players are anticipated to present lucrative growth opportunities to the global biosimilars market in this region. Furthermore, supportive government healthcare regulations and norms are expected to present an attractive growth prospect for the market in the coming years.

Major Players in the Biosimilars Market

The prominent players in the global biosimilars market are Pfizer, Sandoz International, Teva Pharmaceuticals, Amgen, Biocon, Dr. Reddy's Laboratories, Celltrion, Samsung Biologics, Stada Arzneimittel AG and Mylan.

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