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.
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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The qualitative study of drivers and limitations of Oncology Biosimilars Market
Key players in the global Oncology Biosimilars Market Include 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. Robust pipeline and ongoing clinical trials in U.S. and Europe are driving the oncology biosimilars market.
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Credence Research has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications have been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.
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