Key to making personalized medicine a reality, companion diagnostics are playing a critical role in the accurate diagnosis of disease and are enabling the efficient use of targeted therapies. This highly complex sector continues to innovate, as exemplified by the development of liquid biopsy technology, which introduces a new, noninvasive, cost-effective way for clinicians to make treatment adjustments.
China is one of the world’s largest and fastest-growing drug markets. At a five-year compound annual growth rate (CAGR) of 14.0%, BCC Research predicts that the Chinese drug market will reach $424.3 billion by 2021. At this pace, China is likely to overtake the United States to become the world’s largest consumer of drugs by 2025.
The global erythropoietin biosimilars market has been expanding rapidly in the past decade. This acceleration has primarily been the result of patent expiries of major erythropoietin biologics in the European market coupled with a demand for cheaper erythropoietin agents in the Asia-Pacific, South American, Middle Eastern, and African markets. BCC Research projects that over the next five years, the global market for erythropoietin biosimilars will continue to enjoy healthy gains while the global market for erythropoietin biologics (i.e., patented products) will shrink substantially.