Press Release

Oncology Biosimilar Market to Gain from Rising Innovation in Biosimilars

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.

Browse Complete Report Details at  https://www.fortunebusinessinsights.com/industry-reports/oncology-biosimilars-market-100578

Global Oncology Biosimilar Market which includes companies;

  • Pfizer
  • Merck & Co., Inc.
  • Biogen International
  • Samsung Bioepis
  • Sandoz International among others.
Oncology Biosimilar Market
Oncology Biosimilar Market

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.

Get Sample PDF Brochure https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/oncology-biosimilars-market-100578

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.

View Related Report at

Pet Food Market 2019: Company Profiles, Emerging Technologies, Trends, Industry Growth, Segments, Landscape and Demand by Forecast to 2026

Endoscopy Ultrasound Market 2019 Global Industry Growth Analysis, Segmentation, Size, Share, Trend, Future Demand and Leading Players Updates by Forecast to 2026

About Us:

Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

 

Tags

Dale Martinez

Dale possesses an engineering degree in Electronics from the Georgia Institute of Technology. She is the sole contributor at the Healthcare IT column. Before opting to write, Dale worked at major firms such as Microsoft, Amazon, GE, Raytheon, and so on. She possesses vast knowledge about a variety of fields like IT, IoT, Telecommunications, Health Dialysis, photovoltaic, and many others. Dale is also a ballet dancer.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close