Oncology Biosimilars Market Size, Status and Forecast 2020- Biocoin, Celltrion Inc., Dr. Reddy's Laboratories Ltd., Intas Pharmaceuticals Ltd., STADA Arzneimittel AG, Pfizer Inc
Harrisburg, NC -- (SBWIRE) -- 10/20/2020 -- The Oncology Biosimilars market consists of sale of Oncology Biosimilars and related services. Oncology Biosimilars is a thermoplastic polymer produced by chain-growth polymerization of the monomer propylene and is used in automotive fittings and industrial fibers. It is resilient and resistant to fatigue and highly resistant to most acids and alkalis.
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.
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The global oncology biosimilars market was worth $2990.34 million in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 33.17% and reach $9404.54 million by 2023.
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 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.
Top leading Manufactures Profiled in Oncology Biosimilars Market Report are:
Biocoin, Celltrion Inc., Dr. Reddy's Laboratories Ltd., Intas Pharmaceuticals Ltd., STADA Arzneimittel AG, Pfizer Inc., Apotex Inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH and BIOCAD
Oncology Biosimilars Market Scenario:
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 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, Indias largest biotechnology company invested to acquire some assets of Pfizer Healthcare to set up R&D facility to boost biosimilar development.
The key insights of the Oncology Biosimilars Market report:
The report provides key statistics on the market status of the Oncology Biosimilars market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
The Oncology Biosimilars market report presents the company profile, product specifications, capacity, production value, and 2014-2020 market shares for key vendors.
The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
The report estimates 2020-2026 market development trends of Oncology Biosimilars Market.
Analysis of upstream raw materials, downstream demand and current market dynamics is also carried out
The report makes some important proposals for a new project of Oncology Biosimilars Industry before evaluating its feasibility.
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In conclusion, Oncology Biosimilars market report presents the descriptive analysis of the parent market supported elite players, present, past and artistic movement information which is able to function a profitable guide for all the Oncology Biosimilars Industry business competitors. Our expert research analyst's team has been trained to provide in-depth market research report from every individual sector which will be helpful to understand the industry data in the most precise way.
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