Market Trends of Global Biosimilars Industry
The Oncology Segment Holds the Major Share in the Global Biosimilars Industry
The oncology biosimilars market segment is expected to hold the major share, and the high incidence of cancers worldwide is the major factor driving the growth of the studied segment over the forecast period. According to the International Agency for Research on Cancer 2020, the estimated number of new leukemia cases in 2020 was 474,519 globally. According to the same source, the disease also had significantly high mortality, with a total global death toll of 311,594. Additionally, according to estimates from the International Agency for Research on Cancer (IARC), by 2040, the global burden of cancer is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. The increasing incidence of cancer cases is expected to drive the need for advanced cancer drugs for the effective treatment of patients.
Additionally, the increasing research and development activities by key players focused on oncology, along with rising approvals by different regulatory bodies, are expected to drive the studied oncology biosimilar industry 's growth. For instance, in December 2020, Amgen received United States Food and Drug Administration (USFDA) approval for its RIABNI (rituximab-arrx), a biosimilar to Rituxan (rituximab), for the treatment of adult patients with non-Hodgkin's lymphoma, chronic lymphocytic leukemia, granulomatosis with polyangiitis, and microscopic polyangiitis. Moreover, in May 2022, Biocon Biologics Ltd. and Viatris Inc. received approval from Health Canada across four oncology indications for Abevmy (Bevacizumab), a biosimilar to Roche's Avastin (Bevacizumab).
Thus, because of the factors mentioned above, the oncology segment is anticipated to witness significant growth over the forecast period.
North America Holds the Major Share and is Expected to Dominate the Biosimilars Market Over the Forecast Period
North America is anticipated to observe a significant CAGR over the forecast period in the biosimilars market share. The major factors driving the growth of the market studied in the region include the high incidence of chronic diseases, such as cancers, along with the increased investment in research and development activities by the top biosimilar companies. According to GLOBOCAN 2020, the number of new cancer cases diagnosed was 2,281,658 in the United States in 2020, with 612,390 deaths. Among all cancers, breast cancer had the highest incidence with 253,465 cases, followed by lung (227,875), prostate (209,512), and colon (101,809).
Moreover, North America is the hub for many key players in the market, such as Pfizer Inc., Mylan NV, Amgen Inc., and Coherus Biosciences Inc., among others. The increasing pipeline of products and new product launches increase the market growth in the region. For instance, in June 2020, Pfizer Inc. received United States approval for its pegfilgrastim biosimilar, Nyvepria, indicated for lowering infection incidence. Additionally, in February 2021, Coherus BioSciences, Inc. reported that the United States Food and Drug Administration ("FDA") has accepted for review the 351(k) Biologics License Application ("BLA") for CHS-1420, a Humira (adalimumab) biosimilar product candidate.
Thus, the market is expected to propel significantly over the forecast period in North America due to the high incidence of chronic diseases, such as cancer, and increasing R&D activities.
