DALLAS — The global market for biosimilars is expected to be worth nearly $2 billion before the end of the decade, according to a new study.
MarketsandMarkets, a Dallas-based research company, looked at the global market for biosimilars - knock-off versions of biotech drugs - including monoclonal antibodies, erythropoietins, recombinant proteins and peptides, forecasting $1.954 billion in market value by 2018.
According to the report, the largest segment of the market consists of recombinant protein products like filgrastim and insulin, accounting for a 40% share and with an estimated value of $314.2 million, with 17.5% annual growth through 2018. Meanwhile, the fastest growing segment is monoclonal antibodies, which are forecasted to grow by 40% per year during the same period.
Europe has about 40% of the market, while Asia-Pacific commands 29% and is considered the fastest-growing. Meanwhile, the U.S. market has yet to take shape as the Food and Drug Administration continues working on regulations for biosimilars, as mandated by a provision in the Patient Protection and Affordable Care Act that created a regulatory approval pathway for them.
Sandoz, the generics arm of Swiss drug maker Novartis, accounts for half of the total biosimilar market, while other major players include Hospira, Teva, Dr. Reddy's Labs, Biocon, Mylan, Biopartners, Amgen, Intas Biopharmaceutical and Innovent Biologics.