According To New Research Study, Oncology Biosimilars Market Is Expected To Witness Substantial Growth Over The Forecast Period Of 2016 – 2024

The increasing need for cost-effective treatment methodologies will aid in the stable growth of this market during the forecast period. The high cost of branded biologic oncological drugs will force patients to shift toward biosimilars as they are highly cost-effective. Since biosimilars cost 10%-30% lesser than their parent counterparts, there is the presence of unmet medical needs for such products. This allows domestic manufacturers to market generic versions of the biologic compounds at a lower price, which in turn results in market growth.

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Cancer represents a massive burden on healthcare systems worldwide due to the high cost of treatment therapeutics. The patent expiry of several cancer therapeutics has allowed the entry of biosimilars, which are being incorporated into oncology treatment practices. Biosimilars are synthesized with the use of biologic components such as monoclonal antibodies, proteins, hormones, nucleic acids, colony stimulating factors, interleukins, and enzymes. The market offers huge growth opportunities for vendors because of the growing incidence of cancer. The clinical pipeline for cancer biosimilars is vast, featuring candidates in different stages of development. Around 30% of all the biosimilars that are awaiting the US FDA’s approval are monoclonal antibodies, including biosimilars of Avastin, MabThera, and Herceptin.

Major Players of Market

The Major players reported in the market include Biocon, Amgen, Celltrion, Hospira, Biogen, Mylan, Pfizer, Dr. Reddy’s Laboratories, Roche, GlaxoSmithKline (GSK), Merck, Sanofi and Sandoz.

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Factors like the arrival of new biosimilars to drive market growth during the forecast period. Unlike generic drugs, which have APIs that are identical to original drugs, biosimilars are similar to their originator biologic compounds. Biosimilars developed by different manufacturers differ from the original product as well as from each other. Since they are less expensive than biologics, patients will be able to afford and access biosimilars more easily than biologics. Rise in number of patent expiries, increase in prevalence of cancer, growing aging population, promising drug pipeline, need for cost-effective treatment, favorable government regulations are some of the key drivers promoting the growth of oncology biosimilars market.

The oncology biosimilars market can be segmented by end-user, by application, and by geography. In terms of application, the oncology biosimilars market is classified into cancer treatment drugs, and supportive care drugs. In the terms of end-user, the oncology biosimilars market is classified into hospitals and retail pharmacies. Retail pharmacies occupy the largest share of 52% in the oncology biosimilars market. Retail pharmacies provide a large customer base for biosimilar drugs. Individuals with cancer require biosimilar drugs for maintenance therapy, which helps to successfully treat and prevent relapse of the disease. These drugs can also be obtained from retail pharmacies for use in hospital settings.

Geographical Segmentations

Geographically, oncology biosimilars market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Middle East & Africa was the highest revenue contributing region in the global oncology biosimilars market. Similarly, Asia Pacific expected to witness higher growth in oncology biosimilars market due to increasing cancer prevalence in the countries like India and China. The market will typically witness a higher growth rate in countries such as the Germany, UK, Spain, Italy and France. The biosimilars market in the UK is developed and well-established, and is comparatively easy to enter, making the generic drugs market in the country stronger than in any other EU countries. The growth of this market in the region is attributed to well-defined regulatory guidelines and expiries of biologics that are anticipated to go off-patent during the forecast period.

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