Major players in the oncology biosimilars market are Bitcoin, Celltrion Inc., Dr. Reddy’s Laboratories Ltd., Intas Pharmaceuticals Ltd., STADA Arzneimittel AG, Pfizer Inc., Apotex Inc., Teva Pharmaceutical Industries Ltd.

New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oncology Biosimilars Global Market Report 2023" - https://www.reportlinker.com/p06241832/?utm_source=GNW
, Sandoz International GmbH, BIOCAD, Amgen, Hospira, F Hoffmann-La Roche, Baxter, Sanofi, Mylan, and F Hoffmann-La Roche.

The global oncology biosimilars market is expected to grow from $3.27 billion in 2021 to $4.19 billion in 2022 at a compound annual growth rate (CAGR) of 28.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The oncology biosimilars market is expected to reach $11.35 billion in 2026 at a CAGR of 28.3%.

The oncology biosimilars market consists of sales of ogivri, herzuma, ontruzant, and trazimera.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Oncology biosimilars refer to biologically similar drugs or medications that are physiologically comparable to biologic cancer treatments. Infection risk is increased by decreased white blood cell counts, which can be treated as a side effect of cancer therapy.

North America was the largest region in the oncology biosimilars market in 2022.Middle East is expected to be the fargest growing region in the forecast period.

The regions covered in the oncology biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main drug types of oncology biosimilars are monoclonal antibodies, immunomodulators, hematopoietic agents, and granulocyte colony-stimulating factor (G-CSF).Immunomodulators are a class of drugs that primarily target pathways involved in the treatment of multiple myeloma and a few other cancers.

The types of cancer treated include breast cancer, colorectal cancer, blood cancer, neutropenia cancer, and non-small cell lung cancer, and the various distribution channel involved are hospital pharmacies, retail pharmacies, and online pharmacies.

The expiration of the patent of biologics used for the treatment of cancer is driving the production of new oncology biosimilars.Biologics can be patented for a limited period and the expiration of patents for biologics allows the development of new biosimilars.

Biologics are targeted drugs synthesized from living organisms that induce the immune system to attack cancer cells.Biosimilars are similar to biologics but are not identical and offer the same effectiveness as biologics at a reduced cost.

According to the Center for Biosimilars, patents on nearly 20 oncology biologics will expire by 2023, leading to the development of new biosimilars in cancer care. The increased number of patent expiry is expected to boost the demand for the production of new oncology biosimilars, thus, driving the market growth for oncology biosimilars.

The lack of awareness of biosimilars among primary care physicians (PCPs) and specialists limits the growth of the oncology biosimilars market.Biosimilars are manufactured from cell lines and offer the same effectiveness as biologics.

However, a lack of detailed awareness of the biosimilars amongst the prescribers reduces the prescriptions of biosimilars affecting the biosimilar market.For instance, as reported by the Health Research Institute of PricewaterhouseCoopers, out of 442 clinicians surveyed 55% of clinicians were unfamiliar with biosimilars and 35% were reluctant to prescribe them due to concerns including the safety of the follow-on biologic.

Thus, the lack of awareness about biosimilars among primary care physicians (PCPs) and specialists restricts the growth of the oncology biosimilars market.

The pharmaceutical companies are increasingly investing in research and development to produce new oncology biosimilars.The companies are exploiting the growth potential of the rising biosimilar market by investing in their research and development (R&D) processes to support the research and production process of new biosimilars.

For instance, in February 2021, Coherus and Junshi Biosciences announced a collaboration in which Coherus would in-license toripalimab, an anti-PD-1 antibody in the US and Canada.Coherus plan to build a leading immuno-oncology franchise using cash from its commercial biosimilar business.

Also, in 2019, Biocon, India’s largest biotechnology company invested to acquire some assets of Pfizer Healthcare to set up an R&D facility to boost biosimilar development.

The countries covered in the oncology biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The oncology biosimilars market research report is one of a series of new reports that provides oncology biosimilars market statistics, including oncology biosimilars industry global market size, regional shares, competitors with an oncology biosimilars market share, detailed oncology biosimilars market segments, market trends and opportunities, and any further data you may need to thrive in the oncology biosimilars industry. This oncology biosimilars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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