European Biosimilar Market Projected to Exceed US$ 9,173 Million by 2023

European Biosimilar Market Trends:

European Biosimilar Market Report

The growing awareness among the patients in Europe regarding the efficacy and safety of biosimilars as compared to patented drugs has created a positive outlook for the market growth. Apart from this, as patients have limited access to biologics owing to their relatively high cost, there has been a huge demand for the lower priced biosimilars. This has further helped in lowering the cost of treatment of chronic diseases such as diabetes, cancer, CVDs, autoimmune diseases, rheumatoid arthritis, kidney failure, growth hormone deficiency, infectious diseases, etc.

IMARC Group’s latest report, entitled “Biosimilar Market in Europe: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the biosimilar market in Europe reached a value of US$ 2,013 Million in 2017.

Moreover, the EMA and the European Commission are working towards improving the understanding of biosimilar use across the European Union (EU). In line with this, they have published information material on biosimilar medicines which offers healthcare professionals with comprehensive information about their regulations and usage. As a result of these factors, the market is projected to exceed a value of US$ 9,173 Million by 2023, exhibiting at a CAGR of 29% during 2017-2023.

European Biosimilar Market Summary:

  • Based on molecule, infliximab dominates the market, accounting for the highest sales. Other major molecules include insulin glargine, epoetin alfa, etanercept, filgrastim, somatropin, rituximab and follitropin alfa.
  • On the basis of manufacturing type, the market has been segmented into in-house and contract manufacturing. Currently, in-house manufacturing represents the largest segment, holding the majority of the overall market share.
  • Based on indication, autoimmune diseases are the biggest indication for biosimilars. Other major indications include oncology, autoimmune diseases, blood disorders, growth deficiency and diabetes.
  • Region-wise, Italy enjoys the leading position in the European biosimilar market. Cost containment measures in the country represent the major driver catalyzing the uptake of biosimilars in the country. Other major markets are Germany, the United Kingdom, France, and Spain.

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