Pending safe passage through the US courts, the value of the biosimilars market segment will account for 2.6% of the biological market by 2016, according to a new report from URCH Publishing.
The report, titled Biosimilars: A Growing Market believes that the biosimilars market is destined to gain significant market share if legislation to permit their use is passed in the US by 2012.
The biosimilars market segment is poorly developed at the moment, but is widely expected to become a significant commercial segment over the next few years, capturing a healthy percentage share of the biologicals market.
The report also predicts the value of the biosimilars market segment to continue being dominated by European sales revenues in 2012, with these sales likely to account for about 0.6% of the fast-growing biologicals market.
By 2016 this share should have grown to 2.6%, with the US overtaking Europe as the leading source of revenues from such products.
After 2016, the report's authors see substantial increases in the sales of biosimilars reaching a 10% share of the total value of the biologicals market by 2020.
Author Dr Peter Norman, however, warned against over-confidence.
"Many forecasts relating to the development of the biosimilars market seem over optimistic, and appear to assume a rapid resolution of the legislative impasse in the US with respect to the approval of biosimilars," Norman said.
The expiration of patents on key products in the period from 2010 to 2020 should also provide major commercial opportunities for companies that successfully develop biosimilars of these products.