Oncology Biosimilar Market To Report Impressive Growth, Revenue To Surge To US$ 13,993.64 Million By 2024
With the presence of a large pool of participants, the global oncology Biosimilar market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Teva Pharmaceutical Industries Ltd., Biocon, STADA Arzneimittel AG, Sandoz International GmbH, Intas Pharmaceuticals Ltd., Celltrion Inc., Pfizer Inc., Apotex Inc., Dr. Reddy’s Laboratories Ltd., and BIOCAD are some of the key vendors of oncology Biosimilar across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the oncology Biosimilar market study.
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Reportedly, in October 2018, Oncologic Drugs Advisory Committee division of the U.S. FDA recommended the approving of Rituximab Biosimilar CT-P10 for three of the anti-CD20 monoclonal antibodies for Non-Hodgkin B-cell lymphoma indications.
In another instance, in October 2018, Health Canada – the department of the government of Canada with responsibility for national public health – approved Trastuzumab formulation for subcutaneous administration. Reportedly, the drug Trastuzumab sold under Herceptin brand for treating HER2-positive cancer types can be administered in patients for nearly two to five minutes.
As estimated in this report, the global oncology Biosimilar market stood at US$ 2655.19 million in 2017. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this oncology Biosimilar market is expected to reach US$ 13,993.64 million by the end of the forecast period. The main drug types available in this oncology Biosimilar market are mAb, Immunomodulators, Hematopoietic Agents, G-CSF, and Others. Among them, the demand for G-CSF is relatively higher and the trend is anticipated to remain so over the next few years, notes the oncology Biosimilar market research report.
Growing Cancer Cases To Soar Oncology Biosimilar Market Earnings
“Oncology Biosimilar market is anticipated to gain traction over the years ahead, owing to growing incidences of cancer resulting in tremendous demand for cost-effective cancer therapies,” says the author of this study. Apart from this, rise in approval of biosimilars along with escalating need for improved healthcare amenities is anticipated to further drive oncology Biosimilar market trends. In addition, patent expiry is likely to provide lucrative growth avenues for oncology Biosimilar market in the near future.
Humungous Demand For Oncology Biosimilar To Aid Regional Dominance
Regionally, North America has been leading the worldwide oncology Biosimilar market and is anticipated to continue on the dominant position in the years to come, states the oncology Biosimilar market study. Massive demand for oncology biologics is the main factor behind the dominance of the North America oncology Biosimilar market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional oncology Biosimilar market. In addition, increase in the approval of biosimilars by the U.S. FDA along with growing frequency of cancer in the countries such as the U.S. will significantly contribute towards the growth of oncology Biosimilar market in North America.
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