Increased development of biosimilars will drive the need for analytical instrument analyzers, report finds.
As biosimilars continue to grow in the US market, demand for analytical instruments are expected to emerge, according to a report by Frost & Sullivan’s Measurement & Instrumentation team.
The rapid double-digit growth in the biopharmaceutical analytical instrumentation market is driven by patent expiration, increasing regulatory approvals, government support, and hospitals and physicians who are prescribing biosimilars.
As a result, the need for analytical instruments for characterization requirements will grow. Manufacturers should expand their capabilities by adopting innovative analytical instrumentation technology and customer awareness, according to the analysis by Frost & Sullivan.
“Emerging economies such as India, Latin American, and South Korea are establishing large manufacturing hubs for biosimilars,” Janani Balasundar, Frost & Sullivan Measurement & Instrumentation Research Analyst, said in a press release. “This rapid expansion will drive the need and demand for analytical instrument analyzers.”
The recent analysis from Frost & Sullivan’s Test & Measurement Growth Partnership Subscription revealed that the market generated revenues of $1092 million in 2015, and is expected to grow at a compound annual growth rate of 7.2% until 2022.
Additionally, the report projects that the global biosimilars segment will reach $35 billion in 2025, with an average annual growth rate of 2.71%
In North America, biologic drugs and biosimilars will have a steady growth because of expanding applications in treating conditions such as diabetes and cancer, according to the report. The European market will be driven by blockbuster drug patent losses, and India will become a leading provider of biosimilars.
Technological advancements in analytical instruments will be driven by the need for intuitive software with data analytics and big data functionality to convert biopharmaceutical analysis data into meaningful information; demand for laboratory information management systems to manage, archive, and compare data processed from the beginning; need for the combination of sensitive instruments, smart software, and advanced methods to drive successful deployment of practices; and key competitive factors, such as powerful software, global presence, instrument accuracy, and high throughput systems that would push vendors to differentiate their products by cost, support, technology, performance, reliability, and customer relationship strategies.
“Agilent Technologies’ leading market share is a result of its robust initiatives to resolve the most common customer challenges,” Balasundar said in the release. “SCIEX’s increasing market share, on the other hand, is driven by its capability to provide customer with high-resolution systems, application-specific systems, user-friendly software, and biologic services.”