Oncology Biosimilar Market expected to generate revenue of around USD 13,993.64 million by end of 2024, growing at a CAGR of around 26.8% between 2018 and 2024
NEW YORK, NEW YORK, UNITED STATES, February 26, 2020 /EINPresswire.com/ — Zion Market Research has published a new report titled “Oncology Biosimilar Market by Cancer Type (Breast Cancer, Colorectal Cancer, Blood Cancer, Neutropenia Cancer, Non-Small Cell Lung Cancer, and Others), By Drug Type (mAb, Immunomodulators, Hematopoietic Agents, G-CSF, and Others), By Distribution Channel (Retail Pharmacies, Hospital Pharmacy, and Online Pharmacy): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global oncology biosimilar market was valued approximately USD 2655.19 million in 2017 and is expected to generate revenue of around USD 13,993.64 million by end of 2024, growing at a CAGR of around 26.8% between 2018 and 2024.
Biosimilar is the identical copy of oncology biologics used for the treatment of cancer and officially approved for the treatment of cancer. These molecules are cost-effective, efficient, and have the same ability as biologics. These molecules are easy to manufacture as compared to biologics and can only be manufactured after patent expiry. Earlier there were various patented biologics available in the market but nowadays most of the patents have expired and few are on the verge of patent expiry. In the past few years, various biosimilars have been approved by FDA for the treatment of various types of cancer such as blood cancer, colorectal cancer, breast cancer, and others. In the near future, it is expected that a few more biosimilars will be introduced in the market thus supporting the growth of the market.
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Oncology biosimilar market is primarily driven by the increased prevalence of cancer, which has led to the increased demand for affordable therapies for the treatment of cancer. There are various pharmaceutical companies available in the market which are involved in the manufacturing of biosimilar. Patent expiry is also one of the major driving factors for the oncology biosimilar market. Patent expiry will provide an opportunity to the pharmaceutical companies to manufacture more biosimilars which will fuel the market growth in the near future. Increased demand for the healthcare facilities and rapid approval of biosimilars will support the growth of oncology biosimilar market in the near future.
Oncology biosimilar market is segmented on the basis of different types of cancer such as breast cancer, colorectal cancer, blood cancer, neutropenia cancer, non-small cell lung cancer, and others. On the basis of drug type, the market is segmented into mAb, immunomodulators, hematopoietic agents, G-CSF, and others. G-CSF is expected to grow at the fastest rate in the global market over the forecast period. On the basis of the distribution channel, the market is segmented into retail pharmacies, hospital pharmacy, and online pharmacy. Hospital pharmacy is expected to grow at the fastest rate over the forecast period.
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North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are key regional segments of global oncology biosimilar market. North America is anticipated to remain the leading region over the forecast period. Demand for oncology biologics was highest in North America especially in the U.S. Asia Pacific is expected to be the fastest growing region in the oncology biosimilar market during the forecast period. Moreover, the Middle East and Africa and Latin America are also expected to show considerable growth for this market in the years to come.
Some of the key players in oncology biosimilar market include 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, among others.
This report segments the global oncology biosimilar market as follows:
Global Oncology Biosimilar Market: Test Type Segment Analysis:
Non-Small Cell Lung Cancer
Global Oncology Biosimilar Market: Drug Type Segment Analysis:
Global Oncology Biosimilar Market: Distribution Channel Analysis:
Global Oncology Biosimilar Market: Regional Analysis:
The Middle East and Africa
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Source: EIN Presswire