Global Oncology Biosimilars Market Expands at Phenomenal 27.5% CAGR during 2017 – 2025
Albany, New York, Dec. 05, 2018 (GLOBE NEWSWIRE) — The TMR report finds that the global oncology biosimilars market would rise at a phenomenal 27.5% CAGR from 2017 and 2025. The report valued the market at US$2.1 mn in 2016. By 2025, it expects the market to pull in a value of US$17.47 mn.
Based on drug class, the report classifies the global oncology biosimilars market into monoclonal antibodies (mAb), G-CSF, and hematopoetic agents. Among them, the G-CSF segment rakes in maximum revenue at present. Going forward too, the segment is predicted to generate most of the revenue due to a strong pipeline. From a geographical standpoint, Asia Pacific accounts for a leading revenue in the global oncology biosimilars market. The region is mainly powered by India, which has a substantial number of approved biosimilars than any other market.
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Pricey Biologics Forces Buyers to Opt for Cheaper Biosimilars
One of the biggest reasons for a flourishing global oncology biosimilars market is the steep cost of the original biologics. This is because biologics are expensive to develop which pushes up their market price. This has led to a thrust on developing cheaper medicines for a more sustainable healthcare. Hence the surging popularity of biosimilars that bear strong resemblance to the approved biologic drugs and are also cheap.
Rising Instances of Cancer Drives Global Oncology Biosimilars Market
The increasing instances of various types of cancer such as lung cancer, breast cancer, stomach cancer, and cervical cancer is also having a positive impact on the global oncology biosimilars market. Elaborates our in-house lead analyst, “The oncology biosimilars market is benefitting mainly owing to the pressing need for inexpensive cancer therapies. Pharmaceutical companies worldwide are focused on coming up with generic medicines and biosimilars to cure cancer in different stages.”
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Complicated Manufacturing Process Creates Hurdles for Market Growth
Right now, the global oncology biosimilars market is seeing growing number of alliances for developing biosimilars. One hurdle facing it, on the downside, is the complicated manufacturing process. The involved approval procedure is also having a negative impact on the market. Despite it, the global oncology biosimilars market is set to rise in the near term, owing to expiration of patents of prominent pharmaceutical companies.
The global oncology biosimilars market is characterized by high degree of fragmentation and competition. This is because the market is choc-o-bloc with players of all sizes. To gain a solid foothold in the market, the nimble participants are always on the lookout for strategic partnerships and mergers and acquisitions. This helps to tap into synergies easily. Apart from that, they are also seen investing considerably into research and development of better products. They are actively exploring the potential of under tapped markets in emerging economies.
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A report on the global oncology biosimilars market prepared by Transparency Market Research lists the following as key players: Dr. Reddy’s Laboratories Ltd., Biocon, Celltrion Inc., STADA Arzneimittel AG, Pfizer Inc., and Intas Pharmaceuticals Ltd. These players have banked upon the aforementioned strategies to gain a prominent position in the market.
The review is based on the findings of a TMR report, titled, “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.”
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