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The biosimilars market is expected to reach a value of $3.6 billion by 2016, with a growth CAGR of 7.7%. In 2011, the biosimilars market is alleged to have hit a global value of $2.5 billion, a rise from 2010's market value of $1.7 billion. A recent study into the biosimilars market has shown that the market will continue to grow in the coming years.
Biosimilars are comparable versions of original biopharmaceuticals. Since biologics are highly complex molecules, it is not possible to make identical copies of them. Hence, these products are not technically biogenerics. The differences of the biosimilar products from the reference biologic drug can be attributed to various manufacturing details including differences in expression systems, cell cultures, and many other bioprocessing conditions in the process.
In terms of regional growth, the biosimilars market is expected to register the fastest growth by 2016 in the Asia-Pacific region, and the second largest value of all global regions. CAGR is expected to reach 10.3%, with a value climbing from $683 million in 2011 to biosimilars market value of $1.1 billion by 2016.
As it is scientifically impossible to make identical copies of biologic drugs, biologic drugs often enjoy an extended market exclusivity period. However, the need to deal with rising healthcare costs has made it necessary to develop regulatory guidelines to analyse and approve copies of biologic drugs. The European Medicines Agency (EMA) has been the pioneer and the leading regulatory agency to establish guidelines for the approval of biosimilars.
This report, titled 'Biosimilars: Global Markets,' provides an in-depth look at the demand for biosimilar drugs that have entered the market worldwide and forecasts the growth prospects for these products. Important product classes are considered separately while analysing the market trends and a bottoms-up approach is adopted for estimating the market size.
For more information on the biosimilars market, see the latest research: Biosimilars Market
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