Oncology Biosimilars Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2025

Global Oncology Biosimilars Market Overview:

Cancer is attributed as the second leading cause of fatalities across the world. According to the World Health Organization, an estimated 9.6 million deaths occurred in 2018. Naturally, pharmaceutical companies have boosted cancer treatment drugs production to cater to such a large pool of patients. Since blockbuster biologic drugs are quite expensive, the stage is set for the entry of biosimilar and generic drugs. Based on these trends, the oncology biosimilars market is looking at a bright future ahead expanding at a stellar CAGR of 29.4% by 2025 end.

The ongoing COVID-19 pandemic, however, is anticipated to inhibit progress in the short-run. Supply shortages, owing to nationwide lockdowns across emerging economies, are anticipated to occur. Likewise, the shifted focus of healthcare providers to care for COVID-19 patients are poised to delay evaluation and uptake of biosimilar drugs. This is because healthcare providers would prefer to stick to the status quo therapy options and proceed with existing drugs. Moreover, delays in biosimilar clinical trials are further anticipated to limit growth prospects in the near-term. However, post-COVID-19, the global oncology biosimilars market shall experience a resurgence.

Global Oncology Biosimilars Market Analysis by Disease Indication:

The blood cancers segment is projected to expand the fastest, at a whopping 33.0% CAGR during the forecast period. This is mostly attributed to a rising number of novel drugs in the pipeline of key manufacturers. The blood cancers segment is anticipated to capture more than 1/5^th of the total oncology biosimilars market.

However, the neutropenia segment is poised to dominate the global oncological biosimilars market, capturing more than half of the total market share. Expiration of patented blockbuster biologics has paved way for increased usage of biosimilar products in the segment. In 2018, the FDA approved the use of filgrastim-aafi manufactured by Pfizer, for treating neutropenia among patients who have undergone blood cancer treatment. The neutropenia segment is anticipated to expand at a dexterous CAGR of 29.6%.

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Global Oncology Biosimilars Market Regional Insights:

The Asia-Pacific oncology biosimilars market is set to register aggrandizing growth, expanding at a CAGR of 30.7%, thus reaching a position of market dominance. The Asia-Pacific market is poised to capture more than one-third of the overall market. This impressive growth trajectory is attributed to active collaboration within market giants to expand profit pools. For instance, in 2016, Dr. Reddy’s Laboratories collaborated with TR-Pharm to commercialize the former’s three biosimilars in Turkey.

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North America presents equally lucrative growth opportunities. Burgeoning investment in research and development to develop pipeline portfolios is a key growth driver of the region. Biocon, a leading Indian pharmaceutical company, owns three pipeline biosimilars in the oncology segment. Apotex Inc. has five biosimilars in its pipeline. Together, the companies have introduced these drugs into the market. The North American oncology biosimilars market is set to expand at a CAGR of 32.0%, capturing over a quarter of the market.

Global Oncology Biosimilars Market Companies’ Strategies

The global oncology biosimilars market consists of the following market players: Celltrion, Inc., Dr. Reddy’s Laboratories Ltd., Biocon, Teva Pharmaceutical Industries Ltd., and Sandoz International GmBh. This makes it a highly consolidated market. Collectively, these market players account for more than 70% of the market share. In order to broad based their market footprints, these companies rely heavily on strengthening their product distribution networks through active collaborations.

Biocon, for instance, announced an exclusive global collaboration with Sandoz on next-generation biosimilars in 2018. Likewise, Dr. Reddy’s collaborated with TR Pharm to launch three biosimilars in Turkey in 2016. Other prominent market players in the global oncology biosimilars market include Pfizer, Inc., Celltrion, Inc., Sandoz International GmBh, STADA Arzneimittel AG and Apotex, Inc. to name a few.

COVID-19’s Impact on Oncology Biosimilars Market:

The ongoing COVID-19 pandemic has brought the world to a standstill. With business operations getting suspended, industries are facing supply chain disruptions and a subsequent demand-supply gap. With regard to oncology biosimilars, the market is anticipated to register a decline in the short-run. This is attributed to shifting priorities of healthcare providers towards addressing patients with acute COVID-19 infections. Delays in clinical trials are anticipated, owing to this, which will eventually delay product launches. Fortunately, providers are looking for options to compensate for the extra expenses they are incurring at the present moment. It will become more important than ever for biosimilars to deliver on their promise of bringing savings to the healthcare system.

Analyst’s Viewpoint:

The global oncology biosimilars market is set to embark on a positive growth path throughout the forecast period. Blockbuster generic drugs have now reached a cliffhanger, anticipated to soon phase out. This is providing immense opportunities for companies operating in this market to expand their product portfolios. Moreover, lucrative opportunities exist in the Asia-Pacific, owing to presence of important market players as well as increasing cancer cases attributed to sedentary lifestyles.

Global Oncology Biosimilars Market: Report Scope:

The recent study on oncology biosimilars published by Fact.MR incorporates a 5-year forecast period from 2020 to 2025 and explicates on vital dynamics such as the key drivers, opportunities and restraints for the market. The report analyses the market based on the following segments: drug class, disease indication and distribution channel. Each segment includes a detailed analysis in terms of market share, revenue and overall growth.

A section on regional analysis has been included based on the following four geographies: North America, Europe, Asia-Pacific and Rest of the World. Each region has been analyzed based on the aforementioned segments.