The global oncology biosimilars market was worth $2,990.34 million in 2019.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider oncology biosimilars market, and compares it with other markets.
Major players in the market are 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 and BIOCAD.
The expiration of 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 which induces the immune system to attack cancer cells. Biosimilars are similar to biologics but are not identical and offers 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 on biosimilars among primary care physicians (PCPs) and specialist limits the growth of the oncology biosimilars market
Biosimilars are manufactured from cell lines and offer the same effectiveness as biologics. However, lack of detailed awareness on the biosimilars amongst the prescribers reduces the prescriptions of biosimilars affecting the biosimilar market. For instance, as reported in 2018 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 included 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 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.