North America Biosimilars Market Study Analysis:
Size of the North America Biosimilars Market size was valued at USD 2 million in 2018 and this figure estimated to cross USD 13 Million by the end of 2025, and it is growing at a CAGR of 31.19% during the forecast period 2019-2025. Biosimilars are formed by using living cells that treat disease, by recombinant DNA technology and controlled gene expression. Largest biosimilars are derived from bacteria, viruses, plants, and animals. Biosimilar drugs are used in prevention and cure of various diseases such as rheumatoid arthritis, cancer, chronic kidney failure, oncology, diabetes, heart attacks, autoimmune diseases, growth hormone deficiency, and infectious disease.
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Drivers and Restraints:
Biosimilars are beginning as one of the most important sectors in the healthcare industry. With growing healthcare costs, biosimilars are being looked upon as an affordable treatment option. Growing prosperity is observing comprehensive growth in biosimilars industry from demanding clinical needs of therapeutics. Rise in GDP and healthcare expenditures, and the demand for cost-effective therapeutics solution has resulted in the growth of this market in North America.
Major parts that are driving the market growth are next-gen business, high growth in chronic diseases, and less cost biosimilar drugs. Still, high initial investments in research hinder the growth of the protein expression market.
Biosimilars offer a poorer alternative for other biological and synthetic drugs. Extended co-operation between manufacturing companies and the outsourcing of biosimilar products are acting as a reason for the market demand. Still, high manufacturing cost and complexity, and the availability of low-priced generic drugs in the market are some of the major restraints the market is facing. Numerous companies are fraught with approvals for their biosimilar drugs, due to unavailability of favorable regulatory compliance and heavy opposition from the reference product manufacturers. Moreover, consumer preferences and the prescription patterns of physicians in the United States are more inclined towards reference products.
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Geographical Insights:
Based on geography, the North American market is analyzed in the regions of Canada and the United States. North America is expected to lead this market during the forecast period due to increasing efforts by manufacturers to take advantage of growth opportunities in the United States and Canada. The FDA in the USA approved the first biosimilar product, Zarxio (filgrastim-side), in March 2015. The United States biosimilar regulatory route was created in March 2009 and since then the region has gained significant momentum, presenting new opportunities and challenges.
Key Players Profiled in this North America Biosimilars Market report are: Wockhardt Ltd, Sandoz International GmbH, Hospira, Inc., Teva Pharmaceutical Industries Ltd., Biocon Limited, Dr. Reddy’s Laboratories, Zydus Cadila, Mylan Inc., Celltrion Inc., Roche Diagnostics and Cipla Ltd.
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