Dublin, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The "Oncology Biosimilars Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global oncology biosimilars market is poised for remarkable growth, projected to increase from $3.27 billion in 2021 to $4.19 billion in 2022, marking an exceptional compound annual growth rate (CAGR) of 28.3%. This rapid expansion comes despite economic challenges triggered by the Russia-Ukraine war, which temporarily disrupts global economic recovery efforts following the COVID-19 pandemic.
Overview of the Oncology Biosimilars Market
The oncology biosimilars market encompasses sales of ogivri, herzuma, ontruzant, and trazimera. These values, termed "factory gate" values, represent the goods' worth sold by manufacturers or creators, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. Additionally, the market value includes related services offered by the creators of these goods.
Oncology biosimilars refer to biologically similar drugs or medications that closely resemble biologic cancer treatments, making them physiologically comparable. Reduced white blood cell counts, a side effect of cancer therapy, can elevate infection risk.
Regional Insights
In 2022, North America emerged as the largest region in the oncology biosimilars market, with the Middle East expected to experience the most significant growth in the forecast period. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Primary Drug Types
The primary drug types within the oncology biosimilars market include monoclonal antibodies, immunomodulators, hematopoietic agents, and granulocyte colony-stimulating factor (G-CSF). Immunomodulators, in particular, target pathways essential for treating multiple myeloma and various other cancers. The oncology biosimilars market addresses cancer types such as breast cancer, colorectal cancer, blood cancer, neutropenia cancer, and non-small cell lung cancer. Distribution channels encompass hospital pharmacies, retail pharmacies, and online pharmacies.
Patent Expiration and New Biosimilars
One key driver fueling the production of new oncology biosimilars is the expiration of patents for biologics used in cancer treatment. Biologics can be patented for a limited period, and their patent expiration opens the door for the development of new biosimilars.
Biologics, derived from living organisms, prompt the immune system to target cancer cells. Biosimilars, though similar to biologics, offer the same effectiveness at a reduced cost. Nearly 20 oncology biologic patents are set to expire by 2023, paving the way for new biosimilars in cancer care. This increase in patent expirations is expected to drive the demand for oncology biosimilars and stimulate market growth.
Awareness Challenges Among Healthcare Professionals
Despite the market's growth potential, the lack of awareness among primary care physicians (PCPs) and specialists about biosimilars limits market expansion. While biosimilars offer similar effectiveness to biologics, a lack of detailed awareness among prescribers results in fewer biosimilar prescriptions, impacting the biosimilar market.
For instance, a survey by the Health Research Institute of PricewaterhouseCoopers found that 55% of clinicians were unfamiliar with biosimilars, with 35% expressing reluctance to prescribe them due to concerns, including the safety of follow-on biologics. This lack of awareness among PCPs and specialists hinders the growth of the oncology biosimilars market.
Investment in Research and Development
Pharmaceutical companies are increasingly investing in research and development to produce new oncology biosimilars. These companies recognize the growth potential of the rising biosimilar market and are allocating resources to support the research and production of new biosimilars.
For example, Coherus and Junshi Biosciences announced a collaboration in February 2021, in which Coherus would in-license toripalimab, an anti-PD-1 antibody in the US and Canada. This strategic move demonstrates Coherus' commitment to building a leading immuno-oncology franchise using resources from its commercial biosimilar business. Similarly, Biocon, India's largest biotechnology company, invested in acquiring assets of Pfizer Healthcare in 2019 to establish an R&D facility dedicated to boosting biosimilar development.
Countries Covered in the Market Report
The oncology biosimilars market report encompasses countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
About the Report
The Oncology Biosimilars Global Market Report 2023 offers comprehensive insights into the market, including global market size, regional shares, competition, segmentation, trends, and strategies. It equips industry professionals with valuable data and analysis to make informed decisions in a dynamic market environment.
Key Market Players
Key players driving the oncology biosimilars market include Bitcoin, Celltrion Inc., Dr. Reddy's Laboratories Ltd., Intas Pharmaceuticals Ltd., STADA Arzneimittel AG, Pfizer Inc., Apotex Inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, BIOCAD, Amgen, Hospira, F Hoffmann-La Roche, Baxter, Sanofi, Mylan, and F Hoffmann-La Roche.
Key Takeaways
- The global oncology biosimilars market is projected to reach $4.19 billion in 2022 with a CAGR of 28.3%.
- Expired biologic patents are driving the development of new oncology biosimilars.
- Lack of awareness among healthcare professionals hinders market growth.
- Investment in research and development is a key strategy for pharmaceutical companies in the biosimilar market.
A selection of companies mentioned in this report includes
- Biocoin
- Celltrion Inc.
- Dr. Reddy's Laboratories Ltd.
- Intas Pharmaceuticals Ltd.
- STADA Arzneimittel AG
- Pfizer Inc.
- Apotex Inc.
- Teva Pharmaceutical Industries Ltd.
- Sandoz International GmbH
- BIOCAD
- Amgen
- Hospira
- F Hoffmann-La Roche
- Baxter
- Sanofi
- Mylan
- F Hoffmann-La Roche
For more information about this report visit https://www.researchandmarkets.com/r/92an1i
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