Major players in the oncology biosimilars market are Biocoin, Celltrion Inc. , Dr. Reddy’s Laboratories Ltd. , Intas Pharmaceuticals Ltd. , STADA Arzneimittel AG, Pfizer Inc. , Apotex Inc. , Teva Pharmaceutical Industries Ltd.
New York, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oncology Biosimilars Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151534/?utm_source=GNW
, Sandoz International GmbH and BIOCAD.
The global oncology biosimilars market is expected to grow from $2.88 billion in 2020 to $3.1 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.39 billion in 2025 at a CAGR of 28%.
The oncology biosimilars market consists of sales of medicine and drug related products for cancer treatment.Biosimilars are pharmaceuticals which are manufactured using cell lines and are exclusive to the manufacturer.
The manufacturing of these cell line processes is a complex and time-consuming process.
The oncology biosimilars market covered in this report is segmented by drug type into monoclonal antibody, immunomodulators, hematopoietic agents, granulocyte colony-stimulating factor (G-CSF). It is also segmented by cancer type into breast cancer, colorectal cancer, blood cancer, neutropenia cancer, non-small cell lung cancer, others and by distribution type into hospital pharmacy, retail pharmacy and online pharmacy.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The lack of awareness on biosimilars among primary care physicians (PCPs) and specialist limits the growth of the oncology biosimilars market.Biosimilars are manufactured from cell lines and offer the same effectiveness as biologics.
However, lack of detailed awareness on the biosimilars amongst the prescribers reduces the prescriptions of biosimilars affecting the biosimilar market.For instance, as reported in 2018 by the Health Research Institute of PricewaterhouseCoopers, out of 442 clinicians surveyed 55% of clinicians were unfamiliar with biosimilars and 35% were reluctant to prescribe them due to concerns included safety of the follow-on biologic.
Thus, the lack of awareness about biosimilars among primary care physicians (PCPs) and specialists restricts the growth of the oncology biosimilars market.
The expiration of patent of biologics used for the treatment of cancer is driving the production of new oncology biosimilars.Biologics can be patented for a limited period and the expiration of patents for biologics allows the development of new biosimilars.
Biologics are targeted drugs synthesized from living organisms which induces the immune system to attack cancer cells.Biosimilars are similar to biologics but are not identical and offers the same effectiveness as biologics at a reduced cost.
According to the Center for Biosimilars, patents on nearly 20 oncology biologics will expire by 2023, leading to the development of new biosimilars in cancer care. The increased number of patent expiry is expected to boost the demand for the production of new oncology biosimilars, thus, driving the market growth for oncology biosimilars.
The pharmaceutical companies are increasingly investing in research and development to produce new oncology biosimilars.The companies are exploiting growth potential of rising biosimilar market by investing in their research and development (R&D) processes to support the research and production process of new biosimilars.
For instance, in the fiscal year 2017, Aurobindo Pharma spent $80 million to support the research for the biosimilars including oncology biosimilars. Also, in 2019, Biocon, India’s largest biotechnology company invested to acquire some assets of Pfizer Healthcare to set up R&D facility to boost biosimilar development.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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