08 October 2019
Biosimilars were developed to give consumers more affordable options when it comes to purchasing medicine. In the simplest of terms, they’re a copy of an already existing biological medicine in the marketplace that has been thoroughly tested and deemed safe for use. As the need for more access to healthcare and affordable medicine continues to increase, so has the global biosimilar market size.
If you’re involved in the biosimilar market sector, having some in-depth information about trends, benefits, and challenges can enable you to plan for the future. That’s why the expert analysts from Visiongain has gathered some insight for you below.
The Biosimilar Landscape
According to the most current data, the EU is the most saturated and successful biosimilar market worldwide due to pioneering biosimilar approval legislation in 2006. This popularity is expected to continue in the EU and the global biosimilar market size will continue to expand in the years to come. The United States is another leader in the biosimilar marketplace, especially when it comes to developing regulatory guidelines and industry legislation.
Those poised in other emerging market’s around the globe have ample opportunity to experience growth in the biosimilar sector with the proper regulatory and approval practices in place. In fact, the global biosimilars and follow-on biologics market is expected to grow at a CAGR of 23.8% in coming years.
Advantages of Biosimilars
There are a host of advantages to biosimilars that make it such a popular industry. The first being the enhanced patient accessibility, providing more patients worldwide access to quality treatments. Another advantage of biosimilars is that the more of them there are on the market, the lower the cost for consumers.
Challenges of Biosimilars
Although there’s much room for growth in the biosimilar market size, there are challenges that can affect those manufacturing the drugs. One of the foremost challenges is patient and prescriber education. Other difficulties include the interchangeability of biosimilar treatments, high costs in treatments for rare diseases, and extrapolation and labeling issues.
Let Visiongain help you predict the major changes in biosimilar market size!
For those searching for insightful data and biosimilar market size forecasts, Visiongain offers comprehensive reports and analysis. Our industry experts have compiled the most up-to-date information, giving businesses the key information necessary for long-term success in the biologics sector.
To learn more about the market verticals and industries Visiongain covers, contact them online today or call +44 (0) 20 7549 9987.
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