Oncology Biosimilars Market to

23 May

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Oncology Biosimilars Market to Grow with a CAGR of 30.25% Over the Forecast Years

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  • January, 1970

A biosimilar is a biologic medical product, which is highly similar to already approved biological medicine. Biosimilar has the same efficiency as the initial biological drug. These biosimilars offers improved patient access, effective outcome and a potential cost saving to patients make it a majorly preferred and ideal treatment option. Biologics have been used increasingly in the treatment and supportive care of cancer. However, an increase in the number of clinical trials for the treatment of cancer offer growth opportunities for oncology biosimilars. Furthermore, increasing incidences of cancer in developed regions propel the market.

 

The current concerns over the spread of coronavirus are expected to have a modest impact on the growth of the oncology biosimilar market. The factors such as stringent government regulations on clinical trials, and restrictions on new drug approvals may delay the introduction of product in the market. Infinium Global Research’s recent report on the “Oncology Biosimilars Market (Application - Cancer Treatment Drugs, and Supportive Care Drugs; End-user - Hospitals, and Retail Pharmacies): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provides a comprehensive outline of the factors responsible for the growth of the market.

 

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Growing Prevalence of Cancer Around the World is Expected to Drive the Market Growth

Cancer is a lifestyle disorder that arises due to cell growth that is irregular and can result in a tumor being developed. Most of the successful therapies for cancer recently have been focused on biological drugs. The rising occurrence of many cancer types plays an important role in the growth of the global oncology biosimilars market. Further, the steady growth in the aging population and the higher rates of cancer incidence increase the demand for oncology biosimilars. It has been estimated that more than 60 percent of all cancers occur in the older population, resulting in a prevalence rate that is 10 to 11 times greater than in the younger population. Furthermore, the high cost of cancer drugs and treatment and increasing research on biosimilars in developing countries increase the preferences for oncology biosimilars for cancer treatment as a cost-effective solution.

 

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North America to be the Dominant Region in Oncology Biosimilars Market

Geographically, North America generated the largest revenue in the Oncology Biosimilars Market in 2019 and is expected to continue its dominance over the forecast years. The US is the major revenue contributing country in this region. Factors such as increase in cost-effective treatment for cancer and a rising focus on R&D activities for new drug development augmenting the demand of oncology biosimilars. Furthermore, Asia Pacific is expected to grow with highest CAGR over the forecast period. Factors such as increasing number of aging population and rising prevalence of cancer disease contributing to the growth of oncology biosimilar market in this region.

 

Companies Operating in Oncology Biosimilars Market to Focus on Partnership and Collaboration for Market Growth

The markets for oncology biosimilars are gradually fragmented and competitive due to the presence of national players. The major players in the market include Biocon Ltd, Amgen Inc, Biogen, Sandoz International GmbH, and Pfizer Inc. These players in the oncology biosimilars market are engaged in new drug development and bringing cost-effective therapy for the consumers. Some companies adopting the partnership route for developing biosimilars in developed markets and has tied up with SMEs are expected to gain a competitive edge in the market. Infinium Global Research’s recent report on the global Oncology Biosimilars Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments in the global market.