Global Oncology Biosimilars Market Expected To Reach XX Million By 2025
Oncology Biosimilars Market Overview
According to a new report published by Reports Monitor titled, “Oncology Biosimilars Market by Drug, Disease, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the oncology biosimilars market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
A biosimilar is a biologic medicine that is authorized based on showcasing that is highly mimicking to an existing approved innovative biological product which is called as reference product. They are the similar versions of reference biologic that are manufactured by different companies and have been officially approved for cancer treatment. Biosimilar offer several benefits over conventional drug as they are cost effective, improved or same efficacy and potency as the original reference product.
Comparatively uncomplicated and smooth manufacturing process of biosimilars and the license to manufacture biosimilars after the expiration of original reference product stimulates the growth of the oncology biosimilars market. Highly expensive treatment of cancer against cheaper cost of biosimilars further drives the growth of the market. Moreover rising prevalence of cancer is expected to boost the growth of the market. However, stringent approval process that demands equal clinical and analytical studies to exhibit no clinically meaningful contrast amidst indicator product and biologics. This may constrain the growth of the oncology biosimilars market. Pharma companies across the world focusing on production of biosimilars which can deal with the cancer at various stages by offering similar potency and efficacy as indicator product at affordable cost provides a great opportunity for expansion of the market. Asia-Pacific market is driven by increased spread of cancer, speedy commercialization of biosimilars and increased activities such as merger, collaborations in the region.
The global oncology biosimilars market is segmented On the basis of drug, disease, distribution channel and geography. Based on drug type the market is separated into monoclonal antibodies, haematopoietic agents and G-CSF. Considering disease the market has been divided into breast cancer, colorectal cancer, neutropenia, blood cancer, non-small cell lung cancer and others. Based on to distribution channel the market is classified into hospital pharmacies, retail pharmacies and online pharmacies.
The prominent players operating in the market are Biocon, Hospira, Sandoz International GmbH, Mylan, Dr. Reddy’s Laboratories Ltd., Teva Pharmaceutical Industries Ltd, Celltrion Inc., STADA Arzneimittel AG and Intas Pharmaceuticals Ltd.
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