The Europe Oncology Biosimilars Market poised to reach US$ 3.2 Bn by 2024 with a significant CAGR over seven years forecast period (2018-2024) owing to established approval procedures for biosimilars by EMA in Europe region.
London, UK -- (SBWIRE) -- 10/10/2018 -- Precision Business Insights (PBI) in its report titled "Europe Oncology Biosimilars Market: Market Size, Dynamics, Country Share, Trends, Competitor Analysis 2016-2017 and Forecast 2018-2024" assesses the market performance over seven years forecast period. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The Europe oncology biosimilars market was valued at US$ XX Mn in 2017 and projected to reach US$ 3.2 Bn by 2024 owing to relatively greater adoption of biosimilars in European countries such as Germany, France, UK, Italy and Spain. Moreover, lower cost of biosimilars in comparison with biologics and increase in prevalence of chronic diseases driving the market growth. Growing physician awareness, distribution agreements, acceptance and launch of biosimilars are anticipated to propel the Europe oncology biosimilars market over the forecast period. However, uncertainty and reluctance of physicians to adopt biosimilars and time consuming approval process may hinder the growth of Europe oncology biosimilars market over forecast years.
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Europe Oncology Biosimilars market segmented on the basis of drug class, cancer type, indication, distribution channel and country
Based on drug class Europe oncology biosimilars market segmented into monoclonal antibodies (mAb), granulocyte colony ctimulating factor (G-CSF), and hematopoietic agents. Hematopoietic agents accounted for larger revenue share in 2017 and projected to lose market revenue share over the forecast period owing to cost reduction, launch of Filgrastim and Epoetin biosimilars. However, monoclonal antibodies (mAb) segment projected to exhibit lucrative growth is mainly attributed to the launch of Trastuzumab and Rituximab biosimilars in the Europe market.
Italy leads the Europe Oncology Biosimilars market
Precision Business Insights recently published report that provide detailed account of Europe oncology biosimilars market in different countries such as Germany, France, UK, Italy, and Spain. According to country analysis, Italy accounted for larger revenue share through 2016-2017 and the same trend is projected to follow over 2018-2024 owing to significant biosimilars acceptance. Germany and UK countries projected to exhibit significant growth owing to launch of mAb biosimilars in the market.
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Gaining regulatory approvals, collaboration for distribution of biosimilars are the key strategies adopted by market players
Europe oncology biosimilars market further reveals that the key players increasingly adopting strategies such as gaining regulatory approvals and collaboration for distribution of biosimilars to improve the market presence and gaining significant geographic presence across the region. For instance, in 2018, Celltrion has officially launched Trastuzumab biosimilar, Herzuma, for the treatment of patients with early breast cancer, metastatic breast cancer, or metastatic gastric cancer whose tumors have either HER2 overexpression or HER2 gene amplification. Company has granted Mundipharma exclusive distribution rights to the biosimilar in the United Kingdom, Germany, Italy, Belgium, Luxembourg, and the Netherlands.
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Key player's profiles in the report are Sandoz International GmbH (Germany), Amgen Inc. (U.S.), Celltrion Healthcare Co., Ltd. (South Korea), Samsung Bioepis (South Korea), Pfizer Inc., (U.S) and Teva Pharmaceutical Industries Ltd. (Israel)
By Drug Class
- Monoclonal Antibodies (mAb)
- Granulocyte Colony Stimulating Factors (G-CSF)
- Hematopoietic Agents
By Cancer Type
- Blood Cancer
- Breast Cancer
- Malignant Lymphoma or Multiple Myeloma
- HER2 Positive Metastatic Breast Cancer (MBC)
- Non-Hodgkin's Lymphoma (NHL)
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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