Albany - NY, Sept. 22, 2017 (GLOBE NEWSWIRE) -- Demand for Affordable Therapies for Cancer Aids Growth
Majorly fuelling the growth of oncology biosimilars market is the need to develop affordable therapies for the treatment of cancer. This is because cancer is presently the costliest health affair in terms of diagnosis as well as treatment. Pharmaceutical companies across the world are focused on developing biosimilars and generic medicines to combat cancer at all stages and for early detection of all types of malignancies.
Cancer is considered the second-leading cause of death worldwide, says an analyst at TMR. Driven by the need to develop affordable treatment options for cancer, and various other factors, the global oncology biosimilars market is projected to expand at a phenomenal CAGR of 27.5% for the forecast period between 2017 and 2025. At this pace, the market that stood at US$2,100 mn in 2016 will become US$17,478.2 mn by the end of 2025.
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Oncology biosimilars are officially approved versions of oncology biologics that are cost-effective with similar efficacy and potency as original reference biologic. They differ from biologics in terms of manufacturing process and complexity, and can also be manufactured after the patent expiration of original reference biologic. This, along with a robust pipeline of biosimilars is expected to generate promising opportunities for the market in the next few years.
In Europe and Asia, Non-Hodgkin and neutropenia are the major disorders where oncology biosimilars are used. Apart from this, various biosimilars are in the pipeline for the treatment of breast cancer and lung cancer.
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The G-CSF drug class segment led the market in 2016 in terms of revenue, and is anticipated to remain dominant over the forecast period. The growth of this segment is attributed to strong pipeline portfolio of key players in the biosimilars market. Hospital pharmacy led amongst key distribution channels in 2016 vis-à-vis revenue and the trend is expected to continue until the end of the forecast period in 2025.
Asia Pacific is a significant market for oncology biosimilars. A robust pipeline of biosimilars of key players in India, and practices of strategic alliances for the development and commercialization of biosimilars is expected to fuel the growth of Asia Pacific oncology biosimilars market.
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Transparency Market Research (TMR) in one of its latest publications envisages the global oncology biosimilars market to feature a fairly consolidated vendor landscape. Prominent participants in the market are vying to enter into strategic collaborations to strengthen financial standing as well to expand global outreach. For instance, Dr. Reddy’s Laboratories entered into an agreement with TR-Pharm to be a win-win for both the companies. As per the agreement, TR-Pharm will commercialize Dr.Reddy’s three biosimilars in Turkey to translate into business growth for the former. On the other hand, Dr.Reddy’s Laboratories is benefitted with the goodwill of a regional player for business expansion in the Middle East and Africa region.
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Besides this, leading pharmaceutical companies are entering into strategic alliances with leading generic manufacturers to develop biosimilars. A case in point is Biocon. The company entered into a strategic collaboration with Mylan to develop a strong portfolio of biosimilars, including recombinant proteins and monoclonal antibodies.
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