Global biosimilars market forecast to hit $13.1 billion by 2024

The global biosimilars market is expected to reach a value $13.1 billion by 2024 on account of increase in the prevalence of chronic diseases such as cancer, diabetics, cardiac disorders and autoimmune diseases.

Rising demand for the cost-effective therapies is expected to drive the market in the forecast period, according to a new report from Hexa Research. Biosimilars are about 30% cheaper than their counterpart biologics. Furthermore, the patent expiry of the blockbuster drugs is anticipated to provide a lucrative opportunity for the growth of biosimilars. For instance, a patent for bevacizumab, sold under the trade name Avastin by Swiss pharma giant Roche (ROG: SIX), is expiring in 2019.

Moreover, increasing government initiatives, speedy drug approvals and reimbursement policies are expected to boost the market for the biosimilars in the study period. Also, market giants are adopting merger & acquisition strategies to increase their product portfolio. For instance, in 2015, Pfizer (NYSE: PFE) acquired Hospira, a key player in biosimilars market.