The report on the Oncology Biosimilars Market provides a bird’s eye view of the current proceedings and the impact on the COVID-19 pandemic. Further, the report ponders over the various factors that are likely to impact the overall dynamics of the Oncology Biosimilars Market once the COVID-19 pandemic subsides. The current trends, growth opportunities, restraining factors, and drivers are discussed in the report in detail.
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The demand for oncology biosimilar drugs has augmented in recent years. This is attributed to the rising prevalence of various types of cancers across the world. In addition, existing anti-cancer drugs in the pipeline are quite expensive, thus rendering them unaffordable to people in lower and middle income countries. As a consequence, the market for biosimilars has burgeoned.
However, the current COVID-19 pandemic is poised to stall growth trajectory of the market, owing to supply chain disruptions from leading biosimilar manufacturing hubs and shifting priorities of healthcare providers. These shifting priorities are delaying clinical trials for biosimilars, thus delaying their adoption. However, long-term prospects are highly optimistic, with the industry registering an aggrandizing CAGR of 29.4% by 2025-end.
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Key Takeaways of Oncology Biosimilars Market Study:
- By drug class, the granulocyte-colony stimulating factor (G-CSF) category shall dominate the oncology biosimilars market, capturing more than 3/5th of the total market share. Rising adoption of chemotherapy is the key growth driver of the segment. However, monoclonal antibodies are set to grow the fastest, expanding 4.0x, attributed to modification of manufacturing facilities to develop complex and effective drugs.
- By disease indication, the blood cancer and neutropenia segments are set to account for the majority of the market share, accounting for 22.3% and 54.7% respectively. Rising FDA approvals for biosimilar products manufactured by leading market players are attributed as key drivers behind the expansion. Examples of such drugs are filgrastim-sndz and filgrastim-aafi.
- By end-user, hospital pharmacies shall expand the fastest, at a whopping CAGR of 29.5%. The growing trend of physicians prescribing biosimilars instead of generic drugs is anticipated to heighten market prospects for the segment. More than half of the global oncology biosimilars market is set to be captured by the hospitals segment.
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- Asia-Pacific dominates the oncology biosimilars market. Financial leverage by virtue of collaborations between leading giants is a key growth driver. The region is anticipated to capture over one-third market share, expanding at a CAGR of 30.7% across the forecast period. Trailing behind is North America, with a projected market share of 28.4% and a CAGR of 32.0%. New pipeline drugs are attributed as key growth levers.
“The global oncology biosimilar drugs are finding increased application to treat cancer patients, burgeoned by the rapid phasing out of generic and blockbuster drugs. Key players are concentrating on expanding their product pipeline to provide room for manufacturing these drugs,” concludes a Fact.MR analyst.
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Global Oncology Biosimilars Market: Competition Structure:
The global oncology biosimilars market consists of the following market players: Celltrion, Inc., Dr. Reddy’s Laboratories Ltd., Biocon, Teva Pharmaceutical Industries Ltd., and Sandoz International GmBh. This makes it a highly consolidated market. Collectively, these market players account for more than 70% of the market share. In order to increase their market footprints, these companies rely heavily on strengthening their product distribution networks through active collaborations.
Biocon, for instance, announced an exclusive global collaboration with Sandoz on next-generation biosimilars in 2018. Likewise, Dr. Reddy’s collaborated with TR Pharm to launch three biosimilars in Turkey in 2016. Other prominent market players in the global oncology biosimilars market include Pfizer, Inc., Celltrion, Inc., Sandoz International GmBh, STADA Arzneimittel AG and Apotex, Inc. to name a few.
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