Oncology Biosimilars Market Expected to Remain High in North America during 2024-2031 | Amgen Inc., Allergan, Plc, Samsung Bioepis Co., Ltd

Market Overview:

Oncology biosimilars are biotherapeutic products which are approved for use in the prevention and treatment of cancer. The market includes products such as monoclonal antibodies, hematopoietic growth factors, and others.

Market Dynamics:

The global oncology biosimilars market is witnessing significant growth owing to increasing demand for low-cost biologics for cancer treatment. Biosimilars provide cost-effective alternatives to reference biologic drugs which are expected to lose patent protections in the forecast period. This is expected to boost market growth during 2024-2031. Additionally, support from regulatory bodies in approval and commercialization of biosimilars is also fueling the market growth. For instance, in the U.S. the FDA has approved bevacizumab, trastuzumab, and rituximab biosimilars. However, biosimilarity is complex to prove which remains a challenge for the market.

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Main Drivers for Growth in the Oncology Biosimilars Market

Cost Savings through Biosimilars Driving Increased Uptake

One of the key drivers for growth in the oncology biosimilars market is the potential for significant cost savings that biosimilars offer over their reference biologics. Oncology is one of the most expensive therapeutic areas for biologics with many biologic drugs having prices in the range of hundreds of thousands annually for a single patient. With patents of major oncology biologics like Rituxan, Herceptin and Avastin expiring, biosimilars entering the market at a fraction of the cost of the reference product are expected to generate substantial savings for patients, insurers as well as healthcare systems. This cost advantage is a major incentive for stakeholders to increase uptake and utilization of oncology biosimilars.

Patent Expiries of Blockbuster Oncology Drugs Creating Market Opportunity

Another major driver is the patent expiry of several blockbuster biologic drugs used in oncology which is opening the door for biosimilar competition. Drugs like Rituxan, Herceptin, Avastin and MabThera that were once protected by patents are now facing biosimilar competition. These biologics have combined global sales of over $20 billion annually making them highly lucrative markets for biosimilar developers to target and capture market share. The loss of patent protection is expected to significantly lower prices through biosimilar competition and also increase access to life-saving therapies for more cancer patients globally. This large opportunity from patent cliffs is drawing several pharmaceutical companies to invest in expanding their oncology biosimilars portfolios.

Payers Increasing Reimbursement and Incentivizing Biosimilar Use

With looming budget pressures due to rising cancer treatment costs, payers are increasingly looking at mechanisms to incentivize the use of lower-cost biosimilars and generate savings. Some strategies being adopted include prioritizing biosimilar reimbursement over their reference products, imposing reference drug price cuts post biosimilar launch, and value-based reimbursement schemes where physicians/hospitals are rewarded for prescribing biosimilars. While substitution still remains challenging in oncology due to safety concerns, efforts by payers to boost the business case for biosimilars through reimbursement policies is expected to be a key driver in further increasing their adoption over the coming years.

Main Restrain for Growth in the Oncology Biosimilars Market

Challenges in Educating Stakeholders on Efficacy and Safety

One of the major challenges restraining increased uptake of oncology biosimilars is the need for extensive education of physicians and patients regarding the evidence of efficacy and safety of biosimilars. Since these products are used for life-threatening cancers, concerns about physician and patient confidence in switching from the reference product to a biosimilar remain significant barriers. Lack of clarity on interchangeability and substitution also affects willingness to prescribe biosimilars. Significant efforts are still needed to convince oncologists and allay apprehensions regarding using biosimilars in place of reference products that have established robust clinical history and safety profiles. Educating stakeholders remains a long-term endeavor which if not addressed properly can significantly limit growth potential especially in developed markets.

Main Opportunity for Growth in the Oncology Biosimilars Market

Emerging Markets Present Significant Growth Prospects

While developed markets will continue to be important for oncology biosimilars, emerging economies in regions like Asia,Latin America, Middle East and Africa present the greatest opportunities for lucrative growth in the future. Cancer incidence is steadily rising in the developing world driven by lifestyle changes,growing life expectancy and other risk factors. However, access and affordability of high-cost biologics continue to be major barriers for effective cancer treatment. With their significantly lower prices compared to originators, biosimilars can help expand access to life-saving therapies in these underserved emerging markets. Various developing country governments and regulatory bodies are also introducing supportive policies to encourage domestic biosimilar development and imports. This makes emerging markets an attractive arena for biosimilar companies to expand their sales volumes and market shares in the coming years.

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Table of Contents with Major Points:

Executive Summary

Introduction
Key Findings
Recommendations
Definitions and Assumptions

Market Overview

Definition of Oncology Biosimilars Market
Market Dynamics
Drivers
Restraints
Opportunities
Trends and Developments

Key Insights

Key Emerging Trends
Key Developments Mergers and Acquisition
New Product Launches and Collaboration
Partnership and Joint Venture
Latest Technological Advancements
Insights on Regulatory Scenario
Porters Five Forces Analysis

Qualitative Insights Impact of COVID-19 on Global Oncology Biosimilars Market

Supply Chain Challenges
Steps taken by Government/Companies to overcome this impact
Potential opportunities due to COVID-19 outbreak
Conclusion

Appendix

Data Sources
Abbreviations
Disclaimer
TOC Continued…!

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