The global oncology biosimilar market is poised for rapid growth as patents of expensive biologic drugs are on the verge of expiration. Key insights in this regard have been shared by Fortune Business Insights, titled “Oncology Biosimilars Market Size, Share And Global Trend By Drug Class (mAb, G-CSF, Hematopoietic Agents, Others), By Type of Cancer (Lung Cancer, Breast Cancer, Prostate Cancer, Stomach Cancer, Cervical Cancer, Blood Cancer, Brain Cancer, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), And Geography Forecast Till 2026”. The report puts together important factors influencing the market. A biosimilar is a biological product that is highly, but not entirely, similar to its reference biologic. For example, Amjevita became the first approved biosimilar for Humira that is used to treat rheumatoid arthritis and psoriasis.
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Global Oncology Biosimilar Market which includes companies;
- Merck & Co., Inc.
- Biogen International
- Samsung Bioepis
- Sandoz International among others.
Biosimilars Prove to be More Cost Effective
Even though biologic drugs are highly effective and have fewer side effects, they are expensive and put great financial burden on the patient. Biosimilars offer the ideal alternative as they are similar to their reference biologic in terms of chemical structure, but cost a lot less than their underlying biologic counterpart. They have also been shown to have high effectiveness in treating diseases. Their demand has been steadily rising in treating cancer patients, who were hitherto being treated by the expensive biologic drugs. High cost of drugs coupled with even higher consultation and hospital drains patients financially. This has been confirmed by the Agency for Healthcare Research and Quality who estimated that close $80 billion were spent by Americans for cancer treatments in 2015. The need for cost savings by cancer patients is expected to be a key factor in the growth of the global oncology biosimilar market.
Complexity in Manufacturing of Biosimilars Likely to Hinder Its Market Growth
The global oncology biosimilar market may suffer setbacks with regard to manufacturing of biosimilars. The main reason for this is the complex molecular structure of biosimilars. Pharmaceuticals engaged in manufacturing biosimilars need to invest more in R & D which will push up the costs of their products. They will also have to do multiple clinical tests to prove the efficacy of the drugs. Given their complex nature, obtaining regulatory approvals for biosimilars will be hard, particularly for those treating cancer. For example, prior to the Supreme Court’s ruling, biosimilar applicants had to wait for six months to get FDA approval. This might negatively impact the growth of the global oncology biosimilar market.
Strong Competition is Expected to Make the Market Dynamic
Competitors are taking decisive steps to stay ahead of the curve in the global oncology biosimilar market. This is being mainly done through diversifying product portfolios, introduction of innovative products, filing for patents, and increased investment in research. For example, Pfizer’s oncology biosimilar, Trazimera, received FDA approval in early 2019. The drug has been developed to treat multiple types of cancer. The potential held by this fast growing market is likely to increase the intensity of competition during the forecast period.
Among Regional Markets, North America and Europe to Have the Largest Share
Higher prevalence of cancer and establishment of regulatory frameworks will keep North America and Europe as dominant contributors in the global oncology biosimilar market in the forecast period. Asia-Pacific is also slated to emerge as a strong regional market, mainly owing to the growing populations and healthcare awareness in India and China. The Associated Chamber of Commerce reports that the global oncology biosimilar market will reach $240 billion and the Indian market would touch $35 billion by 2030.
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