Europe Biosimilar Market To Surpass USD 10 Billion Driven By Cancer Biosimilars
More Than 100 Biosimilars Are Under Clinical Trials Along With More Than 25 Commercially Available In Market Across The Europe Says Kuick Research
NEW DELHI, Oct. 6, 2021 /PRNewswire/ -- "Europe Biosimilars Market, Dosage, Price, Sales & Clinical Trials Insight 2026" Report highlights:
- Europe Biosimilars Market Opportunity: > USD 10 Billion
- Dosage & Pricing insight On Approved Biosimilars
- Biosimilars for Cancers Accounts for > 20% Market
- Biosimilars for Diabetes Accounts for > 5% Market
- Biosimilars Approval & Commercialization by Country
- Insight On Biosimilar Clinical Trials By Company, Indication & Phase: > 100 Biosimilars
- Insight On Commercially Available Biosimilars in Market: > 25 Biosimilars
- Biosimilar Market Trends by Country
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In last few years, there has been rapid progress in the field of science which has led to the emergence of recombinant DNA technology, genome fingerprinting and proteomics. This has led to identification of potential genes which are critical for the progression of disease, which has led to the development of more targeted drugs in the management of disease. In recent times, the entry of biological therapy in the market has shown to greatly revolutionize the treatment of several diseases including cancer, auto-immune diseases and others.
Despite their ability to significantly enhance the survival rates of patients, these drugs are associated with high costs due to their complex manufacturing. The higher costs of these drugs make the therapy inaccessible to majority of patients, thus limiting their market. However, the end of patent exclusivity rights of these drugs open new avenues for the development of biosimilar drugs in the market which share similarity to the branded drug but are priced 15%-30% lower than the originator. The development of biosimilar ensures the availability of therapy to all class of people.
The European Biosimilar market was the first to be established with the approval of Omnitrope in 2006. Since then, there has been influx of biosimilars in Europe for a wide range of therapeutic conditions including cancer, arthritis, blood disorders, auto-immune disorders and others. As of now, Europe has about 69 approved biosimilars, out of which 54 are currently available in the market. In recent times, biosimilars have shown increased penetration in the Europe market which is mainly anticipated to its lower price than the originator drug. In addition to this, the physicians in Europe are also becoming familiar with the use of biosimilars, thus driving the growth of market.
In forecast year, Europe will witness patent expirations of several blockbuster drugs including Yervoy, Opdivo, Cimzia, Keytruda and several others which will drive the competition among pharmaceutical companies for the development of cost-efficient biosimilars. Several pharmaceutical companies including Sanofi, Teve Pharmaceutical, Takeda Pharmaceutical, Sanofi, Pfizer and several others are the major biosimilar producing companies in Europe. In addition to this, the rising initiatives by government to aware people and the development of favorable reimbursement policies by companies will further boost the growth of biosimilar market in Europe.
Although there are several parameters driving the growth of market but various factors such as long time taken by bioprocessing of drugs, lack of education and the lack of interchangeability are the major challenges faced by biosimilars to enter the market. Despite this, it is expected that the Europe biosimilar market will see a tremendous growth rates during the forecast period. Several factors such as upcoming patent expiry of novel drugs, increase investment by government as well private companies, increasing awareness among patients, and the rise in prevalence of chronic disorders are going to propel the growth of market for next few years. As per region, UK is expected to dominate the market due to presence of new technology, state of art facilities for biosimilar production and presence of big pharmaceutical players. Other regions such as France, Germany, Denmark and others are also expected to grow at considerable CAGR rates due to presence of lucrative opportunities.
Contact:
Neeraj Chawla
Research Head
+91-981410366
neeraj@kuickresearch.com
https://www.kuickresearch.com
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