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Biosimilars market set to nearly quadruple in next five years, report finds

July 06, 2018 / MedCity News

The US has some catching up to do with Europe when it comes to granting regulatory approval to biosimilars. Nevertheless, the global market is set to see a lot of growth over the next few years, according to a new report. The report, by ResearchAndMarkets, forecasts that the global market for biosimilars will grow from $5.95 billion this year to $23.63 billion by 2023, driven by increased demand for the drugs due to their cost-effectiveness, rising incidence of chronic disease and collaborations resulting in enhanced productivity and clinical trial activity. At the same time, issues like the complexity of manufacturing and “innovative strategies” by manufacturers of biologics may conspire to somewhat throttle growth, according to the report. Stringent regulatory requirements may also adversely affect investments.