Increasing approvals and government initiatives are encouraging biosimilar drugs production and are creating opportunities for growth in the fusion protein biosimilar market
Increasing approvals and government initiatives are encouraging biosimilar drugs production and are creating opportunities for growth in the fusion protein biosimilar market
The global fusion protein biosimilar market is exhibiting steady growth due to increasing investment in research and development initiatives. Besides this, increasing applications of fusion protein biosimilar for treatment of various diseases will result in significant growth of the market.
According to Globocan, more than 19,292,789 cases of cancer were reported in the year 2020. Around 9,958,133 deaths were recorded in the year 2020 due to cancers. Cancer is estimated to hold the highest share in the fusion protein biosimilars market on the back of rising incidence registered around the world.
After proven effective against chronic diseases such as cancer, chronic inflammatory diseases, and cardiovascular, the demand for fusion protein biosimilar is expected to surge in the forecasting period.
More than 11 fusion protein drugs have been approved by the Food and Drug Administration (FDA) and several new Fc fusion proteins are in the developing stage. This increasing approval of novel new biosimilar drugs has presented a lucrative growth opportunity for the fusion proteins drugs market.
“To strengthen their footprint in the global market, key manufactures have increased their focus on the developing of more effective biosimilars drugs. Besides this, new product launches and collaboration with other companies will assist them to expand their regional presence and existing product portfolio,” says the Fact.MR analyst.
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Key Takeaways
- In Europe, the U.K. dominates the fusion protein biosimilars market owing to the presence of a well-defined regulatory framework.
- Increasing approval of new biosimilar drugs is driving the growth in the U.S.
- Due to the increasing industrial biologic development and ongoing improvement in the regulatory environment, the demand for fusion protein biosimilar is expected to surge in developed economies.
- Owing to the increasing prevalence of chronic diseases and the rapidly expanding healthcare infrastructure, Asia Pacific has emerged as the fastest-growing fusion protein biosimilars market
Key Drivers
- Surging incidence of chronic diseases will propel the demand for fusion protein biosimilars globally.
- Favorable regulatory scenarios and expansion of the healthcare infrastructure are driving the biosimilars market.
- Growing number of approvals and product launches will fuel the growth of the market.
Key Restraints
- The side effects associated with prescribed drugs are hindering the demand for fusion protein biosimilars.
- Strict regulatory approvals is the factor restraining the growth of the fusion protein biosimilars market.
Competitive Landscape
Prominent players in the market include Pfizer Inc., Eli Lilly and Company, Sandoz International GmbH, F. Hoffmann-La Roche Ltd., AbbVie Inc., Dr. Reddy’s Laboratories Ltd., Samsung Bioepis, Teva Pharmaceutical Industries Ltd., Mylan N.V., Novartis AG, Fresenius Kabi AG, STADA Arzneimittel AG, Celltrion Healthcare Co.Ltd., Thermo Fisher Scientific Inc., Daiichi Sankyo Co Ltd., Aurobindo Pharma, Absolute Antibody, and Bioverativ Therapeutics Inc. Key players are acquiring and collaborating with other companies to gain maximum revenue share and expand their regional presence. For instance,
- SOTIO had acquired Cytune Pharma to allow the company the usage of Cytune’s SO-C101 in 2018.
- In January 2020, Coherus BioSciences, Inc. entered into a licensing agreement with Innovent Biologics, (Suzhou) Co., Ltd
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More Insights on the Fusion Protein Biosimilars Market
Fact.MR has published unbiased analysis of the fusion protein biosimilars market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (cytokines recombinant protein, immunoglobin (Ig) fusion protein, parathyroid hormone (PTPH) fusion protein), application (cancer, HIV-AIDS, respiratory disease, cardiovascular disorder, and ophthalmology)
end user (hospitals and Research institutes), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR