Global Oncology Biosimilars Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
16 Nov, 2021
The oncology biosimilars market consists of sales of medicine and drug related products for cancer treatment. Biosimilars are pharmaceuticals which are manufactured using cell lines and are exclusive to the manufacturer. The manufacturing of these cell line processes is a complex and time-consuming process.
Global Oncology Biosimilars Market Size And Drivers:
The global oncology biosimilars market is expected to grow from $2.88 billion in 2020 to $3.10 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oncology biosimilars market is expected to reach $8.39 billion in 2025 at a CAGR of 28%. The expiration of patent of biologics used for the treatment of cancer is driving the production of new oncology biosimilars.
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Trends In The Global Oncology Biosimilars Market
The pharmaceutical companies are increasingly investing in research and development to produce new oncology biosimilars. The companies are exploiting growth potential of 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 the fiscal year 2017, Aurobindo Pharma spent $80 million to support the research for the biosimilars including oncology biosimilars. Also, in 2019, Biocon, India’s largest biotechnology company invested to acquire some assets of Pfizer Healthcare to set up R&D facility to boost biosimilar development.
Global Oncology Biosimilars Market Segments:
The global oncology biosimilars market is further segmented –
By Drug Type: Monoclonal Antibody, Immunomodulators, Hematopoietic Agents, Granulocyte Colony-Stimulating Factor (G-CSF)
By Cancer Type: Breast Cancer, Colorectal Cancer, Blood Cancer, Neutropenia Cancer, Non-Small Cell Lung Cancer, Others
By Distribution Type: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
By Geography: The global oncology biosimilar market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/oncology-biosimilars-market-global-reportOncology Biosimilars Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides oncology biosimilars market overviews, analyzes and forecasts market size and growth for the global oncology biosimilars market, oncology biosimilars market share, oncology biosimilars market players, oncology biosimilars market segments and geographies, oncology biosimilars market’s leading competitors’ revenues, profiles and market shares. The oncology biosimilars market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.