The global oncology biosimilars market is predicted to benefit immensely with the rising demand for affordable therapies for cancer. This is because cancer is presently the costliest health affair in terms of both diagnosis and treatment. Pharmaceutical companies worldwide are hard-focused on developing biosimilar and generic medicines to combat cancer at all stages and also for the treatment of the disease. The global oncology biosimilars market is predicted to benefit immensely with the rising demand for affordable therapies for cancer. This is because cancer is presently the costliest health affair in terms of both diagnosis and treatment. Pharmaceutical companies worldwide are hard-focused on developing biosimilars and generic medicines to combat cancer at all stages and also for the treatment of the disease.
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The report studies the global oncology biosimilars market based on a few parameters. The segments into which the oncology biosimilars market is divided depending upon drug class are G-CSF, monoclonal antibody, and hematopoietic agents.
In 2016, the G-CSF segment dominated the market in terms of revenue, and the segment is expected to lead until the end of 2022. The G-CSF drug class segment is leading mainly because of a robust pipeline of oncology biosimilars of key players in the market.
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Moreover, patent expirations of reference biologics is contributing to the growth of G-CSF drug class segment. The global market is projected to grow at a CAGR of +25% according to new report
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The most significant factor leading to the growth of this industry is the fact that major biological drugs are nearing the patent cliff. Further, the lower cost of these drugs as compared to the patented biologics, the increasing encumbrance to cut down healthcare costs across the medical systems in the world, and the favorable clinical outcomes demonstrated through clinical trials for the biosimilar drugs is expected to boost the industry.
The Major players reported in the market include: Covreport_idien llc (Medtronic), Johnson & Johnson MEDICAL, Bolton Surgical, Platts & Nisbett, Frankenman International, Changzhou, Waston, Jiangsu Qianjing Medical, Changzhou Anker Medical, Changzhou Tongchuang Medical
On the basis of product, the biosimilars market is segmented into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. The recombinant non-glycosylated proteins segment is estimated to account for the largest share of the biosimilars market, in 2016.Factors such as new product launches, cost-effectiveness, growing incidence of diabetes, and presence of many biosimilar versions of insulin in the pipeline are driving growth in this market.
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On the basis of manufacturing type, the market is segmented into in-house manufacturing and contract manufacturing organizations. The contract manufacturing organizations segment is projected to witness the highest CAGR during the forecast period.
On the basis of application, the market is segmented into oncology, blood disorders, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and other applications. In 2016, the oncology segment is expected to account for the largest share of the market.
Geographically, the biosimilars market is dominated by Europe, followed by Asia, North America, and the Rest of the World (RoW). Growth in the European market is attributed to the growing pressure to curtail healthcare costs, patent expiry of biologics & the arrival of new biosimilars, and the rising incidence of chronic disorders.
Apart from comprehensive geographic and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles comprise the product portfolios, developments, and strategies adopted by the market players to maintain and increase their shares in the market.
The above-mentioned market research data, current market size, and forecast of the future trends will help key market players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, and levels of output in order to remain successful in the market.
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