Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the oncology biosimilars market provides an in-depth
analysis of segments and sub-segments in the global as well as regional
oncology biosimilars market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional oncology
biosimilars market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecasts, and dollar values of the global
oncology biosimilars market. According to the report, the global oncology
biosimilars market is projected to grow at a CAGR of 30.25% over the forecast
period of 2020-2026.
A biosimilar is a known and proven biological drug that is highly similar to the originator in terms of safety, purity, and potency. Biosimilars have the same quality level but are more cost-effective. They do not have clinically meaningful differences from an existing product in terms of safety, purity, and potency. Biological drugs have a wide range of uses in oncology. Biological therapy can repair and stimulate the malfunction of the immune system and enhance the immune response. Oncology biosimilars are used as diagnostic, preventive, or therapeutic agents for the treatment of various types of cancer and symptoms related to therapy.
Additionally, the current concern over the spread of coronavirus has severely impacted the drug development and pharmaceutical industry. The healthcare industry is focusing on finding therapies and developing vaccines on coronavirus, while simultaneously modifying existing trials to the new environment. However, due to the sudden pandemic, there are still substantial public health challenges in oncology such as many clinical trials have been put on hold, rapidly changing policy responses, and limited access to clinical sites for research. Furthermore, the adoption of mobile technologies in clinical trials limiting the research due to concerns about excluding bad or missing data, user errors, and the lack of device validation.
The global rise in the number of geriatric patients population and increasing incidences of lung, breast, and colorectum cancers are the main key factors driving the global oncology biosimilar market. Increasing investment in biosimilars or biological drugs by the major key players is also propelling the market growth. As per data released by the National Cancer Institute, new cases of cancer are estimated to reach 18.0 million in the U.S. by 2020. cancers of the lung, female breast, and colorectum are the top three cancer types is responsible for one-third of the cancer incidences worldwide. However, regulatory requirements, patent issues, and varying physician and patient preferences may restrain the growth of the oncology biosimilars market growth. Furthermore, increasing focus on new drug development and the Expiration of patented biologics will offer new growth opportunities for the oncology biosimilars market over the forecast period.
Among the geographies, the North American region is expected to hold the largest share in the global oncology biosimilars market as countries such as the U.S., and Canada are the front-runners of the adoption of new technology. An increase in access to the medication in the U.S. owing to potential decreased cost in comparison with their reference drugs boost the market. Furthermore, the Asia Pacific region is anticipated to be the fastest-growing market for oncology biosimilars over the projection period, due to rising incidences of cancers along with the growing healthcare infrastructure.
The report on the global oncology biosimilars market covers segments such as application and end user. On the basis of application, the sub-markets include cancer treatment drugs, and supportive care drugs. On the basis of end user, the sub-markets include hospitals, and retail pharmacies.
The report provides profiles of the companies in the market such as Biocon Limited, Amgen Inc., Sandoz International GmbH, Biogen, Roche Holding AG, Biocad Biopharmaceutical Co, Dr. Reddy's Laboratories Limited, Pfizer Inc., Momenta Pharmaceuticals Inc., and Mylan Pharmaceuticals Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the oncology biosimilars market. Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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