SAN FRANCISCO, June 27, 2016 /PRNewswire/ -- The biosimilars market is expected to reach USD 41.7 billion by 2024, according to a new report by Grand View Research, Inc. The global biosimilars market is anticipated to witness a marked growth during the period of 2016 to 2024. The most significant factor leading to the growth of this industry is the fact that major biological drugs are nearing the patent cliff. Further, the lower cost of these drugs as compared to the patented biologics, the increasing encumbrance to cut down healthcare costs across the medical systems in the world, and the favorable clinical outcomes demonstrated through clinical trials for the biosimilar drugs is expected to boost the industry.
For the purpose of this study, the major countries considered are the U.S., Canada, the UK, Germany, India, China, Brazil, and Russia. It was estimated that in 2015, Europe accounted for the largest market share of the global biosimilars market, followed by Asia Pacific.
The industry is segmented on the basis of type of products and applications. With regard to the product type, the recombinant non-glycosylated segment is projected to flourish rapidly during the study period. On the other hand, the recombinant glycosylated proteins segment is estimated to grow at a significant CAGR during the period 2015 to 2024 due to the increasing, wide spread incidence of cancer cases (24 million by 2035), which is identified as the crucial factor driving the growth of this sector.
Access full research report: http://www.grandviewresearch.com/industry-analysis/biosimilars-market
Key findings:
- North America is anticipated to be the fastest growing market during the forecast period. The biosimilars market has gained significant momentum in the U.S., presenting new opportunities for R&D and the manufacturing sector of biosimilars.
- The market for oncology is estimated to soar at a rapid pace in accordance with the increasing incidence of cancer cases in the world. Additionally, the demand for cost-effective cancer treatments is expected to further fuel the industry growth.
Market Segmentation:
- By Product (Revenue, USD Million, 2013 - 2024)
- Recombinant Non-Glycosylated Proteins
- Insulin
- Human Growth Hormones
- Granulocyte Colony-stimulating Factor (G-CSF)
- Interferons
- Recombinant Glycosylated Proteins
- Erythropoietin
- Monoclonal Antibodies
- Follitropin
- Recombinant Non-Glycosylated Proteins
- By Application (Revenue, USD Million, 2013 - 2024)
- Oncology
- Blood Disorders
- Growth Hormone Deficiency
- Chronic and Autoimmune Disorders
- Others
- By Region (Revenue, USD Million, 2013 - 2024)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia Pacific
- China
- India
- Rest of the World
- Brazil
- Russia
- North America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: www.grandviewresearch.com
Logo - http://photos.prnewswire.com/prnh/20160524/371361LOGO
SOURCE Grand View Research, Inc.
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article