Europe Biosimilar Market Size Clinical Trials Forecast 2026
Biosimilars Offers USD 10 Billion Opportunity In Europe Says Kuick Research
NEW DELHI, Nov. 2, 2021 /PRNewswire/ -- Europe Biosimilars Market, Dosage, Price, Sales and Clinical Trials Insight 2026 Report highlights:
- Europe Biosimilars Market Opportunity: > USD 10 Billion
- Dosage and Pricing insight On Approved Biosimilars
- Biosimilars for Cancers Accounts for > 20% Market
- Biosimilars for Diabetes Accounts for > 5% Market
- Biosimilars Approval and Commercialization by Country
- Insight On Biosimilar Clinical Trials By Company, Indication and Phase: > 100 Biosimilars
- Insight On Commercially available Biosimilars in Market: > 25 Biosimilars
- Biosimilar Market Trends by Country
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In past few years, biosimilar drugs have gained immense popularity in Europe due to their impact on lives of many patients. Biosimilars or follow on biologics is a biotherapeutic product which is highly similar to reference biologic drug. When the patent of the biologic drug expires, manufacturers resort to the approval from regulatory authorities so as to initiate the production of biosimilars. The biosimilar developed should be similar to reference products in terms of quality, safety, and efficacy. As their development involves less clinical trials and research activities, they are priced 15%-30% lower than original drugs, thus increasing patient base.
As of now, European Union has approved around 70 biosimilars amid which 54 are available in the market. The biosimilar approved so far have been indicated for the management of rheumatoid arthritis, blood disorders, diabetes, osteoporosis, growth hormone deficiencies and cancer. Since their approval, the Europe Biosimilar market is continuously growing which is mainly attributed to their lower price along with favorable reimbursement policies. Several pharmaceutical companies in Europe including Teva Pharmaceutical, Celltrion, Pfizer, Merck and others have invested a large amount in driving the Europe biosimilar market.
Furthermore, the Europe biosimilar market will be driven by short marketing time as launching a biosimilar does not involve extensive marketing as security and efficacy of their branded drugs have already been established in the market. Apart from this, the Europe biosimilar market will also gain momentum with the increasing support from the government and the development of less stringent regulatory guidelines. It has been analyzed that Europe dominated the global biosimilar market in 2020 and is expected to do so during the forecast period. The Europe being the economically stable nation, presence of large pharmaceutical companies and increasing number of product approvals are contributing in growth of Europe biosimilar market.
Although there are several favorable factors which boost the growth of market, but a few factors including complicated manufacturing, immunogenicity, stringent regulatory guidelines are restraining the growth of Europe biosimilar market. Apart from this, the lack of education regarding the safety and efficacy of biosimilars among patients, physicians and pharmacists is one of the major challenges for the growth of biosimilars in European market. To overcome this, increasing initiatives have been done by European government to promote the use of biosimilar by developing favorable reimbursement policies or incentives for the patients.
The Europe biosimilar market was valued at around US$ XX Billion in 2020 and is expected to follow trajectory growth rates to reach around US$ XX Billion by 2026. The rising geriatric population in Europe which is at higher risk of developing chronic diseases will possess high medical need for the development of cost effective therapy, thus driving the growth of biosimilars in the region. In coming years, patents of several blockbuster drugs including Yervoy, Pembrolizumab, Cimzia and others will expire which will open opportunities for the development of biosimilars. Moreover, UK is expected to dominate the Europe biosimilar market owing to presence of large pharmaceutical sector, favorable government policies and increasing.
Contact:
Neeraj Chawla
Research Head
neeraj@kuickresearch.com
+91-9810410366
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