According to a new report published by Allied Market Research, titled,"ASEAN and China Biosimilars Market by Molecule Type, and Application: Opportunity Analysis and Industry Forecast, 2018 - 2025,"the ASEAN and China biosimilars market was valued at $687.6 million in 2017 and is expected to reach $5,506.2 million by 2025 with a CAGR of 29.7% during the forecast period. Biosimilars are replicas of biologic drugs that are approved by the concerned regulatory authorities for use in the treatment of several medical indications. According to the U.S. law, a biosimilar is approved based on its similarity to the FDA-approved biological product, also known as the reference product.
Biosimilars have gained immense traction over the years as they are anticipated to offer immense savings to healthcare systems along with increased access to the advanced treatments. The principles behind development of biosimilars are same and regulations for biosimilars play a vital role in maintaining the viability and balance between original and biosimilar products. However, stringency of these regulations is expected to create hurdles in the growth of the biosimilar industry. In addition, rise in prevalence of chronic diseases such as cancer and diabetes, has fueled the demand for pharmaceutical drugs, especially the high-priced patented drugs. In such cases, the cost of reference biologics exceeds the healthcare expenditure. This increased cost of drugs triggered the need for biosimilar products that provide similar efficacy and quality at low cost.
The ASEAN and China biosimilars market is segmented based on molecule type, application, and region. Based on molecule type, monoclonal antibodies segment has dominated the market from 2017 to 2025. Whereas, the human growth hormone molecule segment registered the highest CAGR during 2018-2025 in the ASEAN and China biosimilars market. Upsurge in unmet needs for cancers has propelled global pharmaceutical giants to invest in the development of monoclonal antibody biosimilars and increase their accessibility across the ASEAN countries and China.
Key Findings of the ASEAN and China Biosimilars Market:
- Indonesia generated the highest revenue in the ASEAN biosimilars market in 2017 and is expected to remain dominant throughout the forecast period.
- Based on molecule type, the erythropoietin segment accounted for the second highest share in the ASEAN and China biosimilars market in 2017 and is expected to maintain this trend throughout the forecast period.
- Based on application, the blood disorders segment is estimated to rank second in terms of revenue in both, the ASEAN, and the China biosimilars market throughout the analysis period.
- The diabetes segment generated the highest CAGR from 2018 to 2025 in the ASEAN and China biosimilars market.
Based on application, the oncology diseases segment generated the highest revenue in 2017 and is anticipated to maintain this trend throughout the forecast period. In addition, the chronic and autoimmune diseases segment is anticipated to grow at the fastest pace from 2018 to 2025 in the market. The demand for biosimilars in the treatment of oncological indications has witnessed considerable increase in recent years. This is attributed to the escalating cost of cancer care that imposes significant burden on the healthcare systems across the ASEAN countries and China.
The major companies profiled in the report include 3SBIO Inc., Qilu Pharmaceutical, Novartis International AG (Sandoz International GmBH), Pfizer Inc. (Hospira), STADA Arzneimittel, Beijing SL Pharmaceutical Co., Ltd., Fosun Pharmaceutical (Shanghai Fosun Pharmaceutical Co., Ltd.), Amgen Inc., AstraZeneca Plc, and Teva Pharmaceutical Industries Ltd.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.