The latest market report published by Credence Research, Inc. “Oncology Biosimilars Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global oncology biosimilars market was valued at US$ 1,651.5 Mn in 2017 expanding at a CAGR of 28.3% from 2018 to 2026.
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The goal of the report is to explain the state of the Oncology Biosimilars market in the US, to present imports, exports, original and retrospective information about the volumes and dynamics of production and consumption, the features of the market for the period 2018-2026 and to develop a forecast for the market growth until 2026. In the same way, the report performs an elaborate survey of the main market participants, the price variations, the growth and demand drivers of the market and the factors, influencing its development. Last but not least, the report shows a general overview of the economy of US and EU in 2018-2026 and a projection for its growth in the medium term.
According to the U.S. Food and Drug Administration (FDA), biosimilar is a biological product that is highly similar to an existing, approved reference product and has no clinically meaningful differences. Biosimilars are approved according to the same standards of pharmaceutical quality, safety and efficacy that apply to all biological medicines. The number of biosimilar approvals soared in the United States as five of nine approved biosimilars across different disease conditions received U.S. FDA approval. Furthermore, U.S. witnessed the approvals of oncology biosimilars such as Amgen’s Mvasi (bevacizumab-awwb), a biosimilar to Genentech’s Avastin for the treatment of lung, colorectal, kidney, brain and cervical cancers; and Mylan’s Ogivri (trastuzumab-dkst), a biosimilar to Herceptin for treating breast cancer, gastric cancer, and gastrointestinal cancer. The USFDA is determined to increase biosimilar approvals, especially for cancer as cancer treatment imposes a high cost burden on patients. Although the prices of oncology biosimilars are less compared to biologics, the savings are not on the same scale as compared to generics and patented non-biological drugs. Savings of 20% – 30% compared to the reference biologic product have been observed in major markets such as Europe and North America, making biosimilars as a lucrative alternative.
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Geographically, the Oncology Biosimilars Market report includes dedicated sections centering on the regional market revenue and trends. The Oncology Biosimilars market has been divided on the premise of geographic regions into North America, Europe, Asia Pacific and (RoW). The RoW section consists Latin America and also the Near East & Africa. The Oncology Biosimilars market has been extensively analyzed on the idea of assorted regional factors like demographics, gross domestic product (GDP), the rate of inflation, acceptance, and others. Oncology Biosimilars Market estimates have still been provided for the historical years 2013 & 2014 along with the forecast for the duration from 2018 – 2026.
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Samsung Bioepis, Celltrion Inc., Biocon, Dr. Reddy’s Laboratories Ltd., Intas Pharmaceuticals Ltd., STADA Arzneimittel AG, Pfizer Inc., Sandoz Inc., Teva Pharmaceutical Industries Ltd., Apotex Inc., and BIOCAD.
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