Biosimilar is defined as a type of biological product that is approved by respective regulatory bodies because of its clinical similarity to already approved biological products. This is relatively cheaper than biologics. The abnormal growth of call is called cancer. Cancer is the second leading cause of death across the globe. Many biologic therapies are currently approved for the treatment of cancer, but due to high cost, it is not affordable in low-income countries. Growing demand for biosimilar and increase in demand for cost-effective treatment in low and medium-income countries drives the growth of the market during the forecast period. Certain anti-cancer drugs had lost patents along with many drugs are going to lose the patent in coming years; thus, cancer biosimilars are expected to gain popularity in the coming year. A growing number of cancer patients and entry of biosimilars into the market, rising number of mergers and acquisitions by key players to grab the market share further drives the growth of the global cancer biosimilar market. However, complicated manufacturing process and stringent regulatory hurdles for the approval of biosimilars are the factors restrains the growth of the market.
The global cancer biosimilar market is segmented on the basis of cancer type, product type, distribution channel, and geography. On the basis of cancer type, the global cancer biosimilar market is segmented into lung cancer, breast cancer, ovarian cancer, prostate cancer, lymphoma, and many more. An increase in the number of cancer patients and approval of biosimilars has boosted the growth of the market. Based on distribution channels, the global biosimilar market is further sub-segmented into online pharmacy, hospital pharmacy, and retail pharmacy. Hospital pharmacy is a major contributor in terms of revenue to the market due to the increase in the number of hospital visits and hospital stays; however, online pharmacy is witnessed to grow at a higher pace in the forecast period due to an increase in the number of internet users and ease of use.
At the regional level, the global cancer biosimilar market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of revenue, North America is expected to be the dominant global market over the forecast period. The first biosimilar approved by the U.S. FDA is in 2015, which is almost ten years later than Europe. However, since 2015, the U.S has approved many biosimilar, for instance, as of 2017, FDA approved five biosimilars, out of which two are approved for cancer. Furthermore, robust clinical pipeline and increasing research and drug development activities propel the growth of the market in North America. Europe is a major contributor to the global cancer biosimilar market. This is partly because of increased government initiatives for cost-effective treatment and an increase in demand for biosimilars. The Asia Pacific is the third promising revenue contributor, which is expected to grow at a rapid pace in the upcoming year. Countries such as Japan, India, and China are major contributors for this market and are identified as most lucrative for this market. Emerging and huge population base countries such as China and India offers tremendous market opportunities. Furthermore, low cost biosimilars perfectly suffice to the budgets of the people in this region
Some of the market players leading the global cancer biosimilar market are Biocon, Pfizer Inc., Allergan Plc., Samsung Bioepis Teva Pharmaceutical Industries, Sandoz, and many more.