Global Oncology Biosimilars Market | Global Oncology Biosimilars Industry | Oncology Biosimilars Market Research Report: Ken Research
According to the report analysis, ‘Oncology Biosimilars Market Global Report 2020-30’ states that the worldwide oncology biosimilars market was worth USD 2990.34 million in 2019. It is predicted to increase at a compound annual growth rate (CAGR) of 33.17% and reach USD 9404.54 million by 2023.
The pharmaceutical companies are progressively investing in research and development to introduce the new oncology biosimilars. The corporates are exploiting growth impending of increasing the biosimilar market by participating in their research and development (R&D) procedures to support the research and production process of fresh biosimilars. For instance, during the fiscal year 2017, Aurobindo Pharma spent USD 80 million to assist the research for the biosimilars involving oncology biosimilars. Also, during 2019, Biocon, India's greatest biotechnology company contributed to obtain some assets of Pfizer Healthcare to set up R&D facility to boost biosimilar improvement.
In addition, the foremost players in the market 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. While, the shortage of awareness on biosimilars among primary care physicians (PCPs) and specialist restricts the growth of the oncology biosimilars market. Biosimilars are produced from cell lines and offer the similar helpfulness as biologics. However, shortage of detailed mindfulness on the biosimilars amongst the prescribers decreases the prescriptions of biosimilars disturbing the biosimilar market.
For instance, as reported during 2018 by the Health Research Institute of PricewaterhouseCoopers, out of 442 clinicians surveyed 55% of clinicians were unaccustomed with biosimilars and 35% were reluctant to advise them owing to concerns included protection of the follow-on biologic. Thus, the shortage of awareness about biosimilars amongst the primary care physicians (PCPs) and specialists limits the growth of the oncology biosimilars market.
Whereas, the expiration of patent of biologics optimized for the treatment of cancer is propelling the production of fresh oncology biosimilars. Biologics can be unproved for a limited duration and the expiration of patents for biologics enables the improvement of new biosimilars. Biologics are embattled drugs synthesized from living organisms which encourages the immune system to outbreak cancer cells. Biosimilars are similar to biologics but are not matching and offers the same helpfulness as biologics at a decreased cost.
According to the Center for Biosimilars, patents on approximately 20 oncology biologics will decease by 2023, leading to the improvement of new biosimilars in cancer care. The augmented number of patent expiry is probable to boost the requirement for the production of fresh oncology biosimilars, thus, propelling the market growth for oncology biosimilars. Therefore, in the near years, it is anticipated that the market of oncology biosimilars will increase around the globe more effectively over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications
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