The biosimilar market is booming with many leading companies including AbbVie and Roche launching new products to combat diseases like cancer and diabetes.
Here are four facts on biosimilars:
1. The market is likely to hit $30 billion in 2020.
2. Between 2014 and 2020, analysts expect the biosimilars market to increase at a 62.1 percent compound annual growth rate.
3. Europe will dominate the market over the next five year to seven years due to pricing mechanisms, physician awareness and regulations.
4. Some of the market's primary companies include Novartis, Lonza, Boehringer Ingelheim, Amgen, Sandoz, Pfizer, Mylan, Samsung Bioepis, Hospira and Eli Lilly.
