Oncology Biosimilars Market: Demand for Inexpensive Cancer Therapies to Drive Growth
Added: (Tue Jan 01 2019)
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The global oncology biosimilars market is predicted to benefit immensely with the rising demand for affordable therapies for cancer. This is because cancer is presently the costliest health affair in terms of both diagnosis and treatment. Pharmaceutical companies worldwide are hard-focused on developing biosimilars and generic medicines to combat cancer at all stages and also for the treatment of the disease.
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Oncology biosimilars are similar versions of oncology biologics that are manufactured by different companies and have been officially approved for cancer treatment. Biosimilars are cost-effective molecules with the same efficacy and potency as the original reference biologic. The relatively easy manufacturing of biosimilars and the license to manufacture biosimilars after the expiration of original reference biologic is acting in favor of the global oncology biosimilars market.
On the down side, complex infrastructure needed for the development of biosimilars and lengthy process for the approval of biosimilars is providing headwinds to the market’s growth.
A report by Transparency Market Research estimates the global oncology biosimilars market to expand at an outstanding 27.5% CAGR between 2017 and 2025, for the market to become worth US$17,478.2 mn by the end of 2025 considerably up from its evaluated worth ofUS$2,100 mn in 2016.
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The report studies the global oncology biosimilars market based on a few parameters. The segments into which the oncology biosimilars market is divided depending upon drug class are G-CSF, monoclonal antibody, and hematopoietic agents. In 2016, the G-CSF segment dominated the market in terms of revenue, and the segment is expected to lead until the end of 2025. The G-CSF drug class segment is leading mainly because of a robust pipeline of oncology biosimilars of key players in the market. Moreover, patent expirations of reference biologics is contributing to the growth of G-CSF drug class segment.
Based on disease indication the market has been segmented into breast cancer, blood cancer, colorectal cancer, non-small cell lung cancer, neutropenia, and others. Blood cancer segment has been further sub-segmented into leukemia and non-Hodgkin’s lymphoma. Of them, neutropenia led the market in 2016. Going forward too, neutropenia segment is anticipated to remain dominant over the forecast period. The strong growth of this segment is attributed to patent expiration of blockbuster oncology biologics and efforts from several governments to make affordable medicines accessible to patients. Also, the growth of neutropenia segment is driven by approvals received by numerous manufacturers in Europe to manufacture filgrastim and Peg-Filgrastim. The blood cancer segment is predicted to display a robust CAGR over the forecast period owing to a large number of pipeline of biosimilars, and the rising adoption of biosimilars among physicians and patients.
Geography-wise, North America, Europe, Asia Pacific, and Rest of the World are key segments that divide the global oncology biosimilars market. Asia Pacific held a significant share of the oncology biosimilars market in 2016. This is mainly because of low cost of biosimilars as compared to original reference biologics and availability of cost effective and safe cancer medications via retail stores in this region. In addition, focus of leading players in the region to enter to strategic alliances for expanding outreach is also benefitting the Asia Pacific oncology biosimilars market.
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Leading companies in the global oncology biosimilars market that are profiled in this report are Celltrion Inc., Biocon, Dr. Reddy’s Laboratories Ltd., STADA Arzneimittel AG, Intas Pharmaceuticals Ltd., Pfizer Inc., Sandoz International GmbH, Teva Pharmaceutical Industries Ltd., Apotex Inc., and BIOCAD.
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