Canada Biosimilar Contract Manufacturing Market to be Dominated by Recombinant Glycosylated Proteins Segment through 2028
The growing
demand for cost effective biosimilar drugs is expected to drive the growth of
Canada biosimilar contract manufacturing market in the forecast period,
2024-2028.
According to
TechSci Research report, “Canada Biosimilar Contract Manufacturing Market - By
Region, Competition, Forecast and Opportunities, 2028”, Canada biosimilar
contract manufacturing market is anticipated to grow at an impressive rate in
the forecast period, 2024-2028. This can be ascribed to the increasing
popularity of biosimilars in treating diseases, such as cancer, autoimmune
diseases, blood disorders, and others, and the low cost of biosimilars as
compared to biologics across the region. Similarly, improve the adoption of
biosimilars in the region and thus promote the market in developing countries
in the coming years are one of the major factors propelling the growth of Canada
biosimilar contract manufacturing market over the years. Additionally, the
growing need for affordable, highly effective medications and the increasing
number of biologics whose patents are about to expire will escalate the growth of
Canada biosimilar contract manufacturing market in the coming years. Additionally,
major pharmaceutical companies have been granted licenses and approvals for
developing biosimilar versions of adalimumab which will further be expected to support
the Canada biosimilar contract manufacturing market growth.
However, Canadian government has implemented policies to support
biosimilar development and adoption, there are still regulatory barriers that
can slow down the approval process, which may hamper the Canada biosimilar
contract manufacturing market growth during the forecast period. Similarly, the
biologic drug market is highly competitive, with pharmaceutical companies
investing heavily in research and development. This has led to complex
intellectual property issues, including patent disputes and challenges to biosimilar
manufacturing processes which may hamper the Canada biosimilar contract
manufacturing market growth during the forecast period. Also, while biosimilars
offer cost savings compared to biologic drugs, the pricing environment for
biosimilars is becoming increasingly competitive which can further restrict the
growth of Canada biosimilar contract manufacturing market.
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Canada biosimilar
contract manufacturing market can be segmented by product, technology, application,
and region.
Based on product, Canada biosimilar contract manufacturing market can be
divided into recombinant non-glycosylated proteins and recombinant glycosylated
proteins. The recombinant glycosylated proteins segment dominated Canada biosimilar
contract manufacturing market in 2022 and is expected to continue maintaining
its dominance throughout the forecast period. This can be ascribed to rising
incidence of diabetes and the availability of biosimilars at lower costs than
branded insulins and growing adoption of insulin biosimilars. Similarly, increase
in demand for monoclonal antibodies is the major factor influencing the growth
of Canada biosimilar contract manufacturing market during the forecast period.
Based on application,
Canada biosimilar contract manufacturing market can be segmented into oncology,
blood disorders, growth hormonal deficiency, chronic & autoimmune
disorders, rheumatoid arthritis, and others. The oncology segment is expected
to dominate Canada biosimilar contract manufacturing market during the forecast
period on account of increasing prevalence of cancer. The high cost of cancer
drugs and treatment is driving the demand for low-cost therapeutic drugs that
are highly effective.
Major companies operating in Canada biosimilar
contract manufacturing market are:
·
Catalent
Ontario Ltd
·
Alcami
Corp.
·
Almac
Group Inc.
·
Lonza
Canada Inc
·
Biocon
Ltd.
·
Avid
Bioservices Inc.
·
Wuxi
Biologics Cayman Inc.
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“Canada biosimilar
contract manufacturing is expected to dominate the market during the forecast
period on account due to well defined regulatory framework for biosimilars and
the presence of significant biopharmaceuticals contract development and strong
healthcare infrastructure within the region. Similarly, increase in product
introduction with high number of approvals of biosimilar drugs in recent years is
expected to drive the growth of the Canada biosimilar contract manufacturing
market during the forecast period. Also, the growing demand for less expensive
therapeutic products and the high prevalence of chronic diseases will further
propel the growth of Canada biosimilar contract manufacturing market during the
forecast period. Furthermore, increasing focus on contract developments is a
major factor influencing the growth of the Canada biosimilar contract manufacturing
market over the years. Besides, rapid urbanization, the growing geriatric
population, lifestyle changes, and increase in the incidence of
non-communicable diseases, such as cancer, diabetes, and auto-immune disorders is
expected to create a lucrative growth of the Canada biosimilar contract
manufacturing market during the forecast period” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Canada
Biosimilar Contract Manufacturing Market Segmented By Product (Recombinant
Non-glycosylated Proteins, Recombinant Glycosylated Proteins), By Technology
(Mammalian, Non-mammalian), By Application (Oncology, Blood Disorders, Growth
Hormonal Deficiency, Chronic & Autoimmune Disorders, Rheumatoid Arthritis, and
Others), By Region, Competition, Forecast and Opportunities, 2028”, has evaluated the future
growth potential of Canada biosimilar contract manufacturing market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Canada biosimilar contract manufacturing
market.
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