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Biosimilars Market Share,Size, Segmentation, Research and
Forecasts to 2024 | Hexa Research
“ The global biosimilars market is expected to reach USD 13.1 billion by 2024.”
14 December 2018
The global biosimilars market is expected to reach USD 13.1 billion by 2024 on account of increase in the
prevalence of chronic diseases such as cancer, diabetics, cardiac disorders and autoimmune diseases.
Rising demand for the cost-effective therapies is expected to drive the market in the forecast period.
Biosimilars are about 30% cheaper than their counterpart biologics. Furthermore, the patent expiry of the
blockbuster drugs is anticipated to provide a lucrative opportunity for the growth of biosimilars. For
instance, a patent for Bevacizumab, sold under the trade name Avastin is expiring in 2019.
Moreover, increasing government initiatives, speedy drug approvals and reimbursement policies are
expected to boost the market for the biosimilars in the study period. Also, market giants are adopting
merger & acquisition strategies to increase their product portfolio. For instance, in 2015, Pfizer, Inc.
acquired Hospira, a key player in biosimilars market.
In 2016, oncology was the largest segment, accounting for 32% market share. Increasing prevalence of
cancer across the globe is the key factor driving the growth of the market over the forecast period. For
instance, according to the American Cancer Society, an estimated 1.6 lakh people suffered from cancer in
2016. Also, increasing government initiatives to provide cost effective treatment to cure deadly diseases will
boost the penetration of biosimilar in developing countries which in turn will increase the market for
biosimilar over the forecast period. For instance, WHO launched a pilot program for prequalifying biosimilar
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