Biosimilars are biological substances, which are equivalent to biologics however not the same as patented biological molecules. Talking about oncology biosimilars, these work in a same way as oncology biological molecules work. Oncology biosimilars are approved to treat various kinds of cancers. These are cost-effective molecules having same strength and efficiency compared to those reference biologic molecules.
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There are several factors that are projected to drive the oncology biosimilars market over the forecast duration such as patent expiration of blockbuster drugs, growing R&D activities by the industry players for the innovation of biosimilars, and generic drugs, growing demand for affordable cancer treatments, increasing cases of certain types of cancers globally and increase in the funding from public as well as private sector. Furthermore, government initiatives to prevent cancer, cost-effective biosimilar products and strong biosimilar product pipeline are the factors boosting the oncology biosimilars market. On the other hand, substitute therapies, strict regulatory policies and increasing price of R&D activities can hinder the oncology biosimilars market growth.
Based on regional analysis, the market is categorized into major regions such as Europe, Asia pacific, North America, Latin America, Africa and Middle East. Oncology biosimilars market in North America is growing owing to acquisitions and collaborations between industry players and product approvals from FDA. Europe region is experiencing significant share due to the increasing occurrence of cancer cases in the region. Market in Asia Pacific region is anticipated to grow at considerable rate because of increase in medical tourism in countries of Asia Pacific and increase in the prevalence of different cancer types. Growing awareness amid physicians about oncology biosimilars and development in economic growth is fostering the market in Latin America.
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A few major key players operating in the Global Oncology Biosimilars Market are Reddy’s Laboratories Ltd. (India), Pfizer Inc. (U.S.), Celltrion Inc. (South Korea), GlaxoSmithKline plc (U.K.), Allergan Plc. (U.K.), Teva Pharmaceutical Industries Ltd. (Israel), Simcere Pharmaceutical Group (China), Amgen Inc. (U.S.), Fresenius Kabi AG (Fresenius SE & Co. KGaA) (Germany) and Biocon (India). Furthermore, collaborations and acquisitions are the effective strategies followed by key players of the market to retain their position in the market. For example, Fresenius Kabi obtained Merck KGaA’s biosimilars business along with oncology and autoimmune disease product pipeline in the September 2017.
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