The U.S. Biosimilars Market will gain momentum from the increasing government support to adopt biosimilars in the healthcare sectors. According to a report by Fortune Business Insights, titled, “Biosimilars: U.S. Market Analysis, Insights and Forecast, 2019-2026,” The U.S. Biosimilars Market is projected to reach US$ 17,696.0 Mn by 2026. The report provides valuable insights into the drivers influencing growth of the market. As per the report, The U.S. Biosimilars Market is anticipated to report an impressive CAGR of 54.7% during the forecast period. The report also states that the U.S. market was valued at US$ 436.1 Mn in 2018.
Increased Research and Development Initiatives to Drive the Market
Biosimilars are the copies of original products. Due to the high cost of pharmaceutical drugs, healthcare facilities are not accessible to people from every economical stratum. This is where biosimilars come to recuse. Being an identical copy, biosimilars help in treating chronic diseases like cancer and arthritis in an effective manner just as original medications do. The market is likely to grow during the forecast period because of an increasing demand from the masses. Also, a rise in research and development initiatives by prominent organizations have increased market opportunities. This has led to tough competition in the U.S. biosimilars market.
Some of the other players operating in the U.S. biosimilars market are
- Hoffmann-La Roche Ltd.,
- AbbVie Inc.,
- Merck & Co.,
- Celltrion Inc.,
- Coherus BioSciences, Inc.,
- Teva Pharmaceutical Industries Ltd.,
- Eli Lilly and Company
By Drug Class
- Filgrastim & Pegfilgrastim
- Monoclonal Antibodies
By Disease Indication
- Autoimmune Diseases
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Autoimmune Diseases Segment Projected to Dominate the Market in the U.S.
The U.S. biosimilars market is classified into three segments, namely, by distribution channel, by disease indication, and by drug class. By distribution channel, the market is grouped into online pharmacy, hospital pharmacy, and retail pharmacy. In terms of disease indication, the market is divided into cancer and autoimmune diseases such as arthritis, neutropenia, psoriasis, and others. In 2018, the autoimmune diseases held a market share of 92.0%. The segment is anticipated to remain in the leading position the U.S. biosimilars market during the forecast period. Factors like increasing adoption of biosimilars, rise in the prevalence of autoimmune diseases, and availability of limited drugs are likely to boost the segment. The Centers of Disease Control and Prevention declared that approximately 26% adults are estimated to have arthritis by 2040. This in turn, will increase the demand for biosimilars to treat arthritis. Moreover, treatment of cancer is expensive in the U.S. Combined with this, constant investments in research and development and rise in the adoption of sedentary lifestyle are projected to favor growth of the cancer segment throughout the forecast period in the U.S.
Secondary Data Sources That We Refer To
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases