The market is driven by the rising prevalence of chronic disease, growing investment in research and development by biopharmaceutical organizations, vast pipeline of biosimilars, surging geriatric population, and the cost-efficient nature of biosimilars as compared to approved drugs.
Based on technology, the biosimilars market is classified into monoclonal antibody (mAb), bioassays, nuclear magnetic resonance (NMR), recombinant deoxyribonucleic acid (rDNA), and electrophoresis. Biosimilars manufactured using the mAb technology held 56.0% share in the market in 2018. This technology is further anticipated to be the fastest growing due to its large-scale deployment in the development of therapeutics to treat various diseases, such as immunological, cancer, and infections.
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On a global ground, in 2018, Europe dominated the biosimilars market with nearly 47.7% share. This is ascribed to the flexible regulatory parameters, surging aging population, and increasing R&D investments by biopharmaceutical organizations in the region.
According to the Population Reference Bureau report, titled Aging in the United States, the aging population is anticipated to double by 2060, resulting in the need for old age-related disease management. Furthermore, according to the Centers for Disease Control and Prevention (CDC), around 60.0% of the adults in the U.S. are suffering from one or more chronic diseases.
Some of the key players operating in the market, globally, are Samsung Bioepis Co. Ltd., AMEGA Biotech, Synthon Holding B.V., Coherus BioSciences Inc., Celltrion Inc., BIOCAD, Zydus Cadila, Teva Pharmaceutical Industries Limited, Pfizer Inc., Novartis AG, Dr. Reddy’s Laboratories Ltd., and Mylan N.V.