(PharmaNewsWire.Com, June 05, 2018 ) Europe Biosimilars Market was worth USD 1,775.5 million in 2016 and estimated to be growing at a CAGR of 23.50%, to reach USD 6,109.1 million by 2022. Biosimilars are rapidly growing as one of the most important sectors in the healthcare industry. With increasing healthcare costs, biosimilars are being looked upon as an affordable treatment option. Growing economies are 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.
Biosimilars are made using living cells that treat disease, by recombinant DNA technology and controlled gene expression. Most 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.
Biosimilars offer a cheaper alternative for other biological and synthetic drugs. Across the world, the biosimilars market is driven by aging population and increasing rates of diabetes and chronic disorders. Government support and initiatives play a crucial role. Emerging pharmaceutical markets and lenient government regulations provide some of the major openings this is market. Economic turmoil in Europe is another factor which adds to the demand for biosimilars market. However, high manufacturing cost and complexity, and the availability of low priced generic drugs in the market are some of the major restraints of biosimilars market are facing.
Based on product types, biosimilars are classified into Protein, Insulin, Human Growth Hormones, Granulocyte Colony-stimulating Factor (G-CSF), Interferons, Recombinant Glycosylated Proteins, Erythropoietin, Monoclonal Antibodies, Follitropin, Recombinant Peptides, Glucagon and Calcitonin. Their applications include chronic and autoimmune diseases, blood disorders, oncology disease along with growth hormone deficiency. Furthermore, on the basis of geography, the European Market is analysed under various regions namely, UK, Spain, Italy, Germany and France. Europe dominates the biosimilar market. In the coming years, several new classes of biosimilars are expected to be submitted for approval in Europe. Most existing drugs are expected to lose their EU patents by 2020, including leading treatments for breast cancer, diabetes and rheumatoid arthritis. Overall, the opportunities in biosimilar research are expected to escalate throughout Europe.
Some of the major players in the biosimilars market are Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd. Dr. Reddy’s Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics and Cipla Ltd.
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