Major manufacturers in the oncology biosimilars market are largely interested in conducting soft launches including contracts through tele-detailing processes to sustain operations during the pandemic.
ROCKVILLE, MD / ACCESSWIRE / August 17, 2020 / The oncology biosimilars market is projected to exhibit a massive 29.4% CAGR between the forecast duration from 2020 to 2025. The coronavirus crisis is expected to have a negative impact on the oncology biosimilars industry owing to a growing gap in supply and demand. Lockdowns have disrupted operations in supply chain hubs. In addition, demand for oral and subcutaneous drug formulations has gone up despite low patient volume influencing demand.
"Demand for low costs alternatives to conventional, branded cancer treatment formulations is the primary impetus behind the sales of oncology biosimilars. Growing numbers of geriatrics, coupled with sustained degradation of the environment in recent years has resulted in higher numbers of cancer cases, which is contributing to demand for oncology biosimilars," says the FACT.MR study.
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Oncology Biosimilars Market- Key Takeaways
- Breast cancer and leukemia treatment applications are highly lucrative for market players, driven by high number of cases, and extensive research investments.
- Hospital pharmacies will account for sales of most oncology biosimilar sales, owing to growing hospitalization of cancer patients and access to wider range of medication options.
- Europe is proving to be major market for oncology biosimilars, supported by leading cancer research programs.
Oncology Biosimilars Market- Driving Factors
- Faster approval of biosimilars by regulatory bodies such as the FDA boost market prospects.
- Investments into research for active ingredients in drugs contributed to essential market developments.
Oncology Biosimilars Market- Major Restraints
- Continued preference for biologics among patients and healthcare professionals will contribute to hamper sales for oncology biosimilars.
- Side effects from switching from an oncology biologic drug to a biosimilar alternative hinders market growth.
COVID-19 Impact on Oncology Biosimilars Market
The coronavirus pandemic has adversely affected the oncology biosimilars market, largely owing to supply chain disruptions in major production hubs such as the U.S., India, and China, during lockdown. Also, healthcare administrative professionals have postponed financial contracting discussions with market players, which will impact how product launches are carried out. Further, significant healthcare resources have been redirected towards handing the covid-19 crisis, which reduces supplies and access to oncology biosimilars.
Explore the global Oncology Biosimilars market with 75 figures, 29 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4800/oncology-biosimilars-market
Competitive Landscape
Sandoz International GmbH, Celltrion Inc., Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., and Biocon are some of the most prominent participants in the oncology biosimilar market.
Leading players in the oncology biosimilars market have been pushing for new product launches and leveraging faster approval times by regulators, to consolidate their market prospects.
For instance, Teva Pharmaceuticals and Celltrion Healthcare have announced the release of Herzuma, the fourth trastuzumab biosimilar to enter the oncology biosimilars market. Sandoz Canada Inc. has announced regulatory approval of Ziextenzo and Riximyo oncology biosimilars from Health Canada. Further, Pfizer has unveiled 3 monoclonal anti-body oncology biosimilars, Zirabev, Ruxience, and Trazimera for the US market.
About the Report
This study offers readers a comprehensive market forecast of the oncology biosimilars market. Global, regional and country-level analysis of the top industry trends impacting the oncology biosimilars market is covered in this FACT.MR study. The report offers insights on the oncology biosimilars market on the basis of drug class (G-CSF, monoclonal antibody, and hematopoietic agents), disease indication (breast cancer, non-small cell lung cancer, colorectal cancer, neutropenia, blood cancer, and others), and distribution channel (hospital pharmacy, retail pharmacy, and online pharmacy) across four regions (North America, Europe, Asia Pacific, and Rest of the World).
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SOURCE: Fact.MR