According to GBI Research, a leading business intelligence provider, the global biosimilars market value is expected to reach $20 billion by the end of 2015 and could hit $55 billion by 2020. The team said that the growth is primarily driven by a promising pipeline in active development and increased government efforts to reduce healthcare spending.
The company's latest CBR Pharma report elaborated that biologics currently accounted for between 17-20 percent of the pharmaceutical arena, with a value of nearly $200 billion, and these products may replace 70 percent of chemical drugs in the next two decades.
Mr Sumith Ladda, analyst for GBI Research, said, "There are currently 642 biosimilar trials being conducted, with 146 unique molecules. Biosimilars are most focused on oncology therapy, with a 36 percent share, while immunology treatment comprises 21 percent of the pipeline, meaning these two segments account for more than half of the total trials."
Though guidelines for biosimilars have been established in all major markets, few regulatory aspects need to be harmonized, added Mr Ladda. "The US Food and Drug Administration finalized guidelines for biosimilars in 2014 and approved its first biosimilar, Zarxio, on March 6, 2015. This marks the entry of biosimilars in the US, and has increased industry confidence in the country's biosimilars market."
