Global Biosimilar Market to Reach $6.22 Million by 2020, Says Report

A new report predicts the global biosimilars market will reach $6.22 billion by 2020, and examines the drivers and impediments to its growth.

 

Court Clears First US Biosimilar for Future MarketingAccording to a new market research report, the global biosimilars market will reach $6.22 billion by 2020, up from $2.29 billion in 2015, at a compound annual growth rate (CAGR) of 22.1 percent from 2015 to 2020.

The report was published in July by market research firm, MarketsandMarkets, and bears the hefty title, “Biosimilars Market, by Product [Recombinant Non-Glycosylated Proteins (Insulin, Filgrastim, Interferons, rHGH), Glycosylated (Monoclonal Antibodies, EPO), Peptides (Glucagon, Calcitonin)] & Application (Oncology, Blood Disorders) – Global Forecast to 2020”.

iStock_000025445708_XXXLargeGlobally, the growth of the biosimilars market is driven by factors such as increasing pressure to curtail healthcare spending, growing demand for biosimilar drugs due to their cost-effectiveness, rising incidences of various diseases, looming patent expiry of a greater number of drugs, positive ongoing clinical trial results, and rising demand for biosimilars in therapeutic applications such as rheumatoid arthritis and blood disorders.

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