Global biosimilars market could see high double digit growth by 2022.

A biosimilar is a biologic product that is similar to a regulatory body approved reference product, and has no clinically meaningful differences in terms of safety and effectiveness from that reference product. Only minor differences in clinically inactive components are allowable in biosimilar products.

According to Report Buyer, the global biosimilars market is expected to witness a steep growth owing to the patent expiry of blockbuster biologic drugs. The ability of biosimilars to reduce healthcare costs is another driving factor for this industry, the report says. Furthermore, the recent approval of three biosimilars in the US market is providing an impetus to more biopharmaceutical companies to enter this field.

As per RNCOS report “Global Biosimilar Market Outlook 2022”, the global biosimilars market is anticipated to witness a high double digit growth during 2016-2022.

The global biosimilars market has been segmented on the basis of type of product. The major types of biosimilars present in the market include monoclonal antibodies, erythropoietin, insulin, G-CSF, HGH, and interferon amongst othersm, it has been said in the report.

Furthermore, the global biosimilars market has also been segmented on the basis of their applications. According to the report, oncology is expected to account for the largest share in 2016 due to presence of large number of biosimilars for this indication. Based on geography, the report divides the market into Europe, Asia-Pacific, North America and Rest of the World. In 2016, Europe is expected to account for the largest share.

The full report can be found here.