Oncology Biosimilars Market
Oncology Biosimilars Market (Drug Class - G-CSF, Monoclonal Antibodies, and Hematopoietic Agents; Disease Indication - Breast Cancer, Non-small Cell Lung Cancer, Colorectal Cancer, Neutropenia, and Blood Cancer (Leukemia and Non-Hodgkin Lymphoma); and Distribution Channel - Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Press Release :
The need to differentiate active and inactive components in drugs has helped in popularising oncology biosimilars. Research analysts can differentiate drugs on the basis of their inactive components, even when the reference component or drugs remains the same. The importance of oncology biosimilars that can have different actions on cancers of various types has helped in reconciling the growth dynamics of the market. The tremendous relevance of biosimilar therapies for cancer has also helped researchers in emphasizing on the importance of oncology biosimilars.
The Food and Drugs Administration (FDA) in the US has been at the forefront of growth within the global oncology biosimilars market. Approval of several biosimilars by the FDA have been helpful for research entities and organizations. Post 2015, FDA has been actively approving oncology biosimilars, a trend that is expected to gather momentum in the times to follow. filgrastim-sndz (Zarxio) and Bevacizumab-awwb (Mvasi) are two important biosimilars that were lately approved by the FDA. It would be interesting to see the impact of increased pace of approvals on market maturity.
In this preview, several trends, opportunities, and segments pertaining the global oncology biosimilars market have been discussed. The presence of a seamless medical industry that focuses on developing treatment lines for cancer is an important consideration from the standpoint of market analysis. In addition to this, several University scholars have tasted success in developing possible treatment lines for cancer. TMR predicts that the global oncology biosimilars market would grow at a humongous CAGR of 27.5% over the period between 2017 and 2025. The voluminous growth rate can be attributed to investments made in cancer research and analysis. Furthermore, the total worth of the global oncology biosimilars market is set to touch US$17,478.2 mn by 2025-end.
Treatment of Breast Cancer Takes Center Stage Medicine
The global oncology biosimilars market consists of a complex of net of end-uses and applications. Based on disease indication, oncology biosimilars can be segmented into breast cancer, colorectal cancer, neutropenia, lung cancer, and blood cancer. Amongst these, the demand for oncology biosimilars in treating and understanding breast cancer has increased by a dramatic chase. Besides, rising incidence of leukaemia has played to the advantage of the market vendors.
Rising incidence of various types of cancers plays an integral role in driving sales across the global oncology biosimilars market. Clinical research related to oncology has gathered momentum in recent times, and this trend has reflected in the development of several distinct drugs. Research related to leukaemia has especially attracted increased attention from medical researchers. Considering the factors mentioned above, it is safe to predict that the global oncology biosimilars market would gain momentum in the years to follow. Advancements in drug development and analysis of active ingredients in drugs is also an important consideration from the perspective of market growth. Biologic drugs are gradually becoming an important component of the pharmaceutical industry. These drugs are poised to account for a major share of drugs mix produced by the industry.
Regional Dynamics of the Global Oncology Biosimilars Market
On the basis of regions, the global oncology biosimilars market can be segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Investments in cancer research, especially across the UK, are central to the idea of market growth in Europe. Recently, scholars from Cardiff University discovered a potential cure for bodily cancers. The North America oncology biosimilars market is set to expand as new research centers and laboratories emerge in the region.
Some of the leading vendors in the global oncology biosimilars market are Dr. Reddy’s Laboratories Ltd., Intas Pharmaceuticals Ltd., STADA Arzneimittel AG, Pfizer Inc., and Sandoz International GmbH.
Booming Cases of Cancer around the World to Accelerate the Growth Opportunities across the Oncology Biosimilars Market
The oncology biosimilars market is expected to witness a considerable growth-share owing to the rising number of cancer cases across the globe. The increasing number of cancer cases around the world will serve as a vital growth generator for the oncology biosimilars market.
- According to the World Health Organization (WHO), cancer is the second leading cause of death across the globe. The WHO data estimates the number of deaths at 9.6 mn in 2018 due to cancer. These statistics highlight the need for controlling the number of deaths due to cancer on priority. Thus, this factor will invite considerable growth opportunities for the oncology biosimilars market.
- Biosimilars are proven biological drugs extensively similar to the original drug on the basis of potency, safety, and purity. They are cost-effective but have the same quality as the original. Oncology biosimilars are utilized as therapeutic, diagnostic, or preventive agents for treating varied cancer types and symptoms. The functions of the oncology biosimilars make them the first choice for many individuals suffering from cancer eventually increasing the growth rate.
- Research and development activities form an important part of the growth trajectory of the oncology biosimilars market. The players invest in these activities for exploring varied formulations that assist in increasing the revenues. The players also indulge in strategic collaborations, which further help in influencing the growth prospects of the oncology biosimilars market to a substantial extent.
- The COVID-19 pandemic has affected the pharmaceutical industry considerably. The nationwide enforcement of lockdowns across various countries led to supply chain disruptions. Limited access to clinical sites due to extensive research activities related to COVID-19 is negatively affecting the growth of the oncology biosimilars market to a great extent.
- However, as the pharmaceutical industry was exempt from the lockdown restrictions, the oncology biosimilars market has manged to retain the growth of the oncology biosimilars market.
Global Oncology Biosimilars Market: Overview
The market for oncology biosimilars has just a few players and hence is consolidated in nature. Big shot players in the market are seen forging carefully-considered collaborations to expand their geographical footprints. A case in point is Dr. Reddy’s Laboratories, which entered into an agreement with TR-Pharm to strengthen its presence in the Middle East. According to the deal, TR-Pharm is required to commercialize Dr. Reddy’s three biosimilars in Turkey.
A noticeable trend in the market for oncology biosimilars is prominent pharmaceutical companies forming strategic alliances with well-known generic manufacturers to formulate biosimilars. One example in this direction is Biocon collaborting with Mylan to develop a strong portfolio of biosimilars, including monoclonal antibodies and recombinant proteins.
Depending upon the class of drugs, the global market for oncology biosimilars can be divided into monoclonal antibody, G-CSF, and hematopoietic agents. The segment of G-CSF among them currently pulls in maximum revenue. Patent expirations of reference biologics is also serving to drive growth in the market. In the near future too, the segment is expected to generate maximum revenue on the back of robust pipeline of oncology biosimilars.
Global Oncology Biosimilars Market: Trends and Opportunities
Cancer is said to be the second-leading cause of death worldwide. What makes it particularly dreadful is the fact that there are limited therapies for it and those are usually very expensive. However, emergence of biologics for their treatment has reduced the cost burden on patients sufficiently. Biosimilars are molecules that match the efficacy and potency of the original reference biologic and yet are cheaper. In addition, they are easy to manufacture. All the aforementioned coupled with the expiration of original reference biologic is upping the demand for oncology biosimilars.
Pharmaceutical companies across the world are focused on formulating biosimilars and generic medicines to deal with cancer at various stages. This is expected to benefit the market for oncology biosimilars in the near future.
However, the complicated infrastructure required for the development of biosimilars and the lengthy approval process is posing a challenge to the market.
The global oncology biosimilars market can be classified into blood cancer, breast cancer, non-small cell lung cancer, neutropenia, colorectal cancer, and others based on the disease indication. The segment of blood cancer can be further divided into non-Hodgkin’s lymphoma and leukemia. The segment of neutropenia accounts for a leading share in the market at present. One of the reasons behind it is the approvals won by many manufacturers in Europe to manufacture filgrastim and Peg-Filgrastim.
Global Oncology Biosimilars Market: Regional Outlook
North America, Asia Pacific, Europe, and the Rest of the World are some of the key regions in the global market for oncology biosimilars that have been studied in the report. Asia Pacific, among them, holds a considerable share in the market. This is mainly because the low cost biosimilars are perfectly suited to the budgets of the people in the region who do not have the means to spend on expensive drugs.
Biosimilars cost much less than the original reference biologics. Apart from that, easy availability of safe cancer medications in retail outlets along with focus of leading players on carefully-considered alliances in the region is also helping the market.
Companies Mentioned in the Report
Some of the prominent participants in the global market for oncology biosimilars are Celltrion Inc., Biocon, STADA Arzneimittel AG, Dr. Reddy’s Laboratories Ltd., Pfizer Inc., Intas Pharmaceuticals Ltd., Sandoz International GmbH, BIOCAD, and Teva Pharmaceutical Industries Ltd.