According to a new market research report "Biosimilars Market by Product, Manufacturing & Application – Global Forecast to 2021" published by MarketsandMarkets, The global Biosimilars market is expected to reach USD 10.90 Billion by 2021 from USD 3.39 Billion in 2016, at a CAGR of 26.3% during the forecast period.

The report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the Biosimilars Market along with the estimates and forecasts of the revenue and market share analysis. The major factors driving the growth of this market are the increasing demand for biosimilar drugs due to their cost-effectiveness, growing pressure to curtail healthcare expenditure, rising geriatric population, strategic collaborations resulting in enhanced productivity and clinical trial activities for biosimilars, and increasing government support and initiatives to develop and promote biosimilar drugs.

This report segments the market on the basis of product, manufacturing type, application, and region. On the basis of product, the Biosimilars Market is segmented into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. In 2016, the recombinant non-glycosylated proteins segment is expected to account for the largest share of the market. New product launches, cost-effectiveness, growing incidence of diabetes, and presence of many biosimilar versions of insulin in the pipeline are the factors driving the growth of this segment.

Based on manufacturing type, the Biosimilars Market is segmented into in-house manufacturing and contract manufacturing organizations. In 2016, the contract manufacturing segment is expected to account for the largest share of the market.

Based on application, the Biosimilars Market is segmented into oncology, blood disorders, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and other applications. The oncology segment is expected to grow at the highest CAGR during the forecast period. The rising incidence of cancer, high cost of biologics, pressure to reduce healthcare expenditure, and low cost of biosimilars are factors contributing to the growth of this segment.

Based on region, the global Biosimilars Market is segmented into North America, Europe, Asia, and the rest of the world. Asia is expected to grow at the highest CAGR during the forecast period. This can be attributed to factors such as the low per capita consumption, rapid growth in economies, rise in technological innovation, trade links, and the rise in medical tourism.

The key players in the Biosimilars Market include Pfizer Inc. (U.S.), Sandoz International GmbH (Germany), Teva Pharmaceuticals Industries Ltd. (Israel), Amgen Inc. (U.S.), Biocon Ltd. (India), Dr. Reddy’s Laboratories (India), F. Hoffmann-La Roche Ltd. (Switzerland), Celltrion Inc. (South Korea), and Samsung Bioepis (South Korea).