Industry Background:
According to the World Health Organization (WHO), Cancer accounts for one in six deaths globally, claiming more lives than AIDS, tuberculosis, and malaria combined. This disease represents a big burden on the healthcare systems worldwide due to high-cost factor for treatment and therapeutics. The patent expiry of several cancer therapeutics has resulted in the entry of Biosimilars which are being incorporated in the treatment of oncology. Due to the high incidence of cancer, the market of Oncology Biosimilars is providing huge growth opportunity to the key vendors. According to the U.S. Food and Drug Administration (FDA), Biosimilars is a biological product that is highly similar to an existing, approved reference product and has no clinically meaningful differences. These are manufactured by different companies on being approved officially for cancer treatment. Oncologic Biosimilars are cost-effective molecules with the same efficacy and potency as original biologics.
This growth is primarily driven by Increased prevalence of cancer leading to demand for affordable therapies to treat cancer, Patent expiry of existing biologics and Increasing number of alliances for the development of Biosimilars..
Globally, a noticeable market trend is evident The number of FDA approved cancer therapies continues to rise, with 63 cancer drugs launching within the past five years
. The Pharmaceuticals sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Biocon (India), Celltrion (South Korea), Dr Reddy laboratories (India), F Hoffman-La Roche (Switzerland), Mylan (United States), Sandoz (Germany), Teva Pharmaceuticals Ltd.(Israel), STADA Arzneimittel AG (Germany), Pfizer Inc. (United States), BIOCAD (United States) and Sanofi (France) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On June 4, 2018, the Food and Drug Administration approved Fulphila (pegfilgrastim-jmdb, Mylan GmbH) as a biosimilar to Neulasta (pegfilgrastim, Amgen, Inc.) which is not a cancer treatment but a supportive care medicine for cancer treatment.
Monoclonal antibodies are expected to grow at the highest growth rate in 2026 due to recent FDA approval of Mvasi (bevacizumab-awwb) and Ogviri (trastuzumab-dkst) in the United States and India is at the forefront in the emerging market with more approved Biosimilars then any other market in September 2018.
Market Drivers
- Increased prevalence of cancer leading to demand for affordable therapies to treat cancer
- Patent expiry of existing biologics
- Increasing number of alliances for the development of Biosimilars.
Market Trend
- The number of FDA approved cancer therapies continues to rise, with 63 cancer drugs launching within the past five years
- Over one-third of trials are using biomarkers to stratify patients, pointing to even more personalized cancer treatments in the future.
Restraints
- Adoption of Biosimilars by many oncologists due to high cost.
Opportunities
Patent expiry will provide an opportunity to the pharmaceutical companies to manufacture more Biosimilars leading to fuel the market.
Challenges
Potential of Biosimilars to mitigate rising health care cost while improving highly effective therapies.
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Oncology Biosimilars Study Sheds Light on
The Oncology Biosimilars Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Oncology Biosimilars industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Oncology Biosimilars industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.