Global biosimilar market will grow to $2.44bn this year, says report

global biosimilar market (woodleywonderworks)

The world market for biosimilar drugs is set to grow by 20% from 2012 to 2013, reaching a value of $2.445 billion for the whole of 2013, according to a report from visiongain (read the press release).

In addition, the global biosimilars market will experience fast growth to 2023, thanks largely to the launch of biosimilars in the US and EU. According to the report, the submarkets that will experience the fastest growth will be the biosimilar monoclonal antibodies (mAbs) and insulins. By 2023, biosimilar mAbs and insulin products will account for 57% of the global biosimilars market – with many companies trying to launch mAb biosimilar products for rituximab, trastuzumab and infliximab.

However, mAbs and insulins won't be the only biosimilar submarkets expected to experience growth, as the launches of biosimilar erythropoietins and filgrastim in the US are also set to drive growth. The visiongain report highlights that emerging markets accounted for the majority of global revenues for biosimilars in 2012, but growth in the developed markets will be much faster than in the emerging markets during 2012-2023.

“The recent release of development guidelines by regulatory agencies in markets worldwide will increase the success rate of biosimilar development," said Richard Lang, a pharmaceutical market analyst for visiongain, in a press release. "However, commercialising biosimilars is as challenging as developing them. Companies will need to brand and market their biosimilars in a similar way to novel drugs, engaging key stakeholders such as doctors, healthcare payers and patients, to achieve high market penetration.”

Which mAb therapies have biosimilar developers hot on their heels? Read "Biosimilar developers due to cash in on these 5 therapeutic mAbs" to find out.

Read the press release >

If you want to know more about biosimilars (and particularly mAb biosimilars) you might be interested in attending the World Biosimilar Congress 2013.  Or if you're interested in antibodies, this event is also co-located with the European Antibody Congress 2013. Both these events are taking place in Geneva this November.

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