Global biosimilars product market worth $19.4 billion by 2014

According to a new market research report, 'Global biosimilars Market (2009 - 2014)' published by MarketsandMarkets, the global biosimilars market is expected to be worth $19.4 billion by 2014, recording a compound annual growth rate of 89.1% from 2009 to 2014. The increasing demand from patients, insurers, and government agencies to reduce the costs of blockbuster biopharmaceuticals has created numerous opportunities in the global biosimilars market.

Currently, the biosimilars market is highly fragmented and its huge opportunities are attracting new players. Favorable regulatory developments in the biosimilars sector are expected to increase the market share and profit margins while reducing medical expenditure, the report notes.

Asia's early commercialization and high absorption rate of the biosimilars products made it the dominant market in 2008 with 34.1% share of the global sector market. The American market (including North America and Latin America) is expected to account for nearly 35.3% of the total revenues in 2014. The European market is also gaining momentum after the approval of its first biosimilars Omnitrope in 2006.

Recombinant non-glycosylated proteins form the largest segment in biosimilars market, with an estimated $11.5 billion by 2014. This market has a high CAGR of 87.9% from 2009 to 2014 mainly because most of the branded blockbuster biopharmaceutical drugs such as interferon, human growth hormone (Somatropin), insulin and G-CSF, belong to this class and have wide range of applications, the report says.