A biosimilar is a biological product that closely mimics and is identical to a previously approved reference product. These are less expensive than branded or certified items. Several oncology biologics have already lost their patents, and others are about to expire. Biosimilars are predicted to gain popularity as more products lose their patents. Leading generic companies including Allergan Plc., Teva Pharmaceutical Industries Ltd., Mylan N.V., and Sandoz (a Novartis International AG division) are likely to benefit from these patent expirations and position themselves as market leaders in oncology biosimilars.
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Data Bridge Market Research analyses that the oncology biosimilars market was valued at USD 4.00 billion in 2021 and is expected to reach USD 15.55 billion by 2029, registering a CAGR of 18.5% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
A biosimilar is a generic counterpart of a well-known biologic medicine. Medications made from living substances such as cells, tissues, or proteins are known as biologic drugs. A biosimilar is a medication that is based on a biologic drug that has already been studied, produced, clinically tested for safety and effectiveness, and authorized by the US Food and Drug Administration (FDA). Since the biosimilar is based on the approved drug, the biologic medications are commonly referred to as reference drugs. The functions of biosimilar are same as the reference drugs and it is dependent to FDA approval.
Opportunities
Increase in the number of research and development activities
The rising number of research and development activities for new indications and patent expiry of biologics is estimated to create new opportunities for the oncology biosimilars market growth in coming years. The players are investing in these research activities in order to test different formulas and increase revenue. The competitors also engage in strategic alliances, which aid in significantly affecting the oncology biosimilars market's growth rate.
Moreover, rising investment for the development of advanced technologies and increase in the number of emerging markets will further provide beneficial opportunities for the oncology biosimilars market growth during the forecast period.
North America dominates the oncology biosimilars market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the presence of major key players and rising healthcare expenditure will further propel the market’s growth rate in this region. Additionally, surging prevalence of cancer will further propel the market’s growth rate in this region. Asia-Pacific is expected to grow during the forecast period of 2022-2029 due to large number of generic manufacturer in this region. Also, development of healthcare infrastructure and rising geriatric population will further propel the market’s growth rate in this region.
The major key players opertaing in the market are Pfizer Inc. (U.S.), GlaxoSmithKline plc (U.K.), Novartis AG (Switzerland), Mylan N.V. (U.S.), Teva Pharmaceutical Industries Ltd.(Israel), Sanofi (France), F. Hoffmann-La Roche Ltd. (Switzerland), Zydus Cadila (India), Lupin (India), Amneal Pharmaceuticals LLC. (U.S.), Cipla Inc. (U.S.), Aurobindo Pharma (India), Glenmark Pharmaceuticals Limited (India), Eli Lilly and Company (U.S.), Sun Pharmaceutical Industries Ltd. (India), Allergan (Ireland), Bristol-Myers Squibb Company (U.S.), Takeda Pharmaceutical Company Limited (Japan), BIOCAD (Russia), Apotex Inc. (Canada), Endo International plc (Ireland) among others.
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