22% CAGR forecast for global biosimilar industry; Report
There is a market potential for biosimilars by 2019 when 50% of the biologics market is forecast to belong to off-patent drugs as there is tremendous interest by big pharma and generics companies in biosimilars industry, according to the new Global & USA Biosimilar Market Analysis to 2021 research report, available from ReportsnReports.com.
The USA, Europe and Japan are spending the most on biologics and therefore will become the largest biosimilar market hubs. Biosimilars generated revenues of $1.1 million in 2007 and gradually rose to $86.9 million in 2014. During this period, the market penetration of biosimilars in Europe and emerging markets was only about 8%. According to this new 2015 biosimilar market research, by 2019, 50% of the biologics market will belong to off-patent drugs, creating a high market potential for biosimilars. Globally, the biosimilars market is expected to expand at a compound annual growth rate of 22%.
Top-five biologicals generate annual sales of about $50 billion
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