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Oncology Biosimilar Market Size is projected to reach USD 15.62 billion by 2031, growing at a CAGR of 20.5%: Straits Research

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New York, United States, Nov. 23, 2022 (GLOBE NEWSWIRE) — A biosimilar is a generic version of a well-known biologic drug. Biologic drugs are medicines made from living things like cells, tissues, or proteins. A biosimilar drug is one that has been researched, developed, clinically tested for safety and efficacy, and approved by the U.S. Food and Drug Administration. It is based on a biologic drug that has already been studied, produced, and approved by FDA. Biologic drugs are frequently referred to as reference drugs because the biosimilar is based on the approved biologic drug. Biosimilars perform the same tasks as their reference counterparts and are subject to FDA approval. Oncology biosimilar target particular proteins to stop the growth of cancer cells, help the body make more blood cells to replace those lost during other cancer treatments, and improve the body’s immune system’s capacity to identify and eliminate cancer cells.

Increasing Cancer Rates Drive the Market

Cancer develops when normal cells go through a multi-stage process that progresses from a precancerous lesion to a malignant tumor. Aside from general risk accumulation, aging people have less efficient cellular repair mechanisms. Cancer risk is rising due to smoking, drinking alcohol, an unhealthy diet, a sedentary lifestyle, and air pollution. Some chronic infections can be cancer risk factors; low- and middle-income countries are particularly vulnerable. Helicobacter pylori, human papillomavirus (HPV), hepatitis B, hepatitis C, and Epstein-Barr virus were linked to 13% of cancer diagnoses worldwide in 2018. Due to an unhealthy lifestyle, cancer kills approximately 40% of people in developing countries and the middle class. Furthermore, in 2018, lung, liver, stomach, colorectal, and prostate cancers were the five cancer types that killed more men than any other cancer type worldwide.

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Development of Biologics gives Opportunity for Exponential Growth

The advancement of biologics drugs derived from living organisms is encouraging the utilization of biosimilars, a less expensive alternative for biologics with comparable efficacy. Pharmaceutical companies’ priorities are rapidly shifting toward developing competitive biosimilar drugs and novel biologics. The shift to biologics has resulted from a sharp decline in the rate of innovation in the field of small molecules, which has traditionally been the focus of pharmaceutical companies. Furthermore, increased research and development (R&D) activities have improved the success rates of clinical trials and new product launches. For example, the FDA approved Amneal Pharmaceuticals, Inc.’s Biologics License Application (BLA) for bevacizumab-maly, a biosimilar to the Roche/Genentech drug Avastin, in April 2022.

Report Scope

Report Metric Details
Market Size USD 15.62 Billion by 2031
CAGR 20.5% (2023-2031)
Historical Data 2020-2021
Base Year 2022
Forecast Period 2023-2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Types of Cancer, Drug Type, Distribution Channel
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Teva Pharmaceutical Industries Ltd., Biocon, STADA Arzneimittel AG, Sandoz International GmbH, Intas Pharmaceuticals Ltd., Celltrion Inc., Pfizer Inc., Apotex Inc., Dr. Reddy’s Laboratories Ltd., and BIOCAD
Key Market Opportunities Development of Biologics
Key Market Drivers Growing Prevalence of Cancer
Cost Effectiveness of Oncology Biosimilar Drugs

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Regional Analysis

North America is the most significant shareholder in the global oncology biosimilar market and is expected to grow at a CAGR of 19.7% during the forecast period. The substantial share is due to the rising cancer rate in the USA, which is brought on by changing lifestyles, rising obesity, rising alcohol consumption, and rising smoking rates. 2019 saw 1,752,735 new cases of cancer reported, and 599,589 people died from the disease. Of every 100,000 people, 439 cases of cancer were reported, out of which 146 people passed away. The FDA has demonstrated a commitment to helping the U.S. develop and maintain a healthy biosimilar market that fosters competition between original biologics and biosimilars on an even playing field. To protect patient safety and preserve the confidence of payers and providers, current U.S. regulatory requirements for developing and approving biosimilars and determining interchangeability are stringent and scientifically sound.

The market for oncology biosimilars in Europe is predicted to expand significantly. Some of the factors anticipated to support the market growth in the area include the rising prevalence of breast cancer in the U.K. and the registration of over 55,000 breast cancer cases each year in the U.K. and roughly 4,700 in Scotland. The oncology biosimilar market is expanding due to increased breast cancer cases brought on by unhealthy lifestyle choices like less physical activity, higher alcohol consumption, and obesity. Similar to how 350 men in the U.K. receive cancer diagnoses each year, which is fueling the market’s expansion.

During the forecast period of 2023–2031, the oncology biosimilar market in Asia Pacific is anticipated to grow the fastest. Due to unhealthy lifestyles and rising obesity, which has increased demand for the oncology biosimilar market, breast cancer is widely prevalent in Asian countries. In addition, the World Health Organization (WHO) Cancer Report states that in India, the most common cancers in men are lung, oral, lip, throat, and neck cancers. At the same time, women are more likely than men to develop cervix, breast, and ovarian cancers. Along with this, rising smoking rates in China’s elderly population contribute to an increase in the prevalence of cancers like kidney, intestine, and prostate cancer.

Due to its underdeveloped healthcare infrastructure, LAMEA is anticipated to grow steadily. The pace of cancer treatment in this region is being slowed by a lack of knowledge about healthy living. In the Middle East and Africa, expanding government healthcare initiatives and bettering healthcare infrastructure are helping the market expand. A University of Sharjah study found that the UAE has a five-fold higher risk of young adults developing cancer than the U.K., USA, China, India, and Canada.

Key Highlights

  • The global oncology biosimilar market size was valued at USD 7.31 billion in 2022. It is projected to reach USD 47.15 billion by 2031, growing at a CAGR of 23% during the forecast period (2023-2031).
  • Based on types of cancer, the global oncology biosimilar market is bifurcated into breast cancer, colorectal cancer, blood cancer, neutropenia cancer, and non-small cell lung cancer. The breast cancer is the highest contributor to the market and is expected to grow at a CAGR of 21.7% during the forecast.
  • Based on drug type, the global oncology biosimilar market is bifurcated into mAb, immunomodulators, hematopoietic agents, and G-CSF. The G-CSF segment is the highest contributor to the market and is expected to grow at a CAGR of 19.3% during the forecast period.
  • Based on distribution channel, the global oncology biosimilar market is bifurcated into retail pharmacies, hospital pharmacies, and online retailers. The hospital pharmacy segment is the highest contributor to the market and is expected to grow at a CAGR of 20.5% during the forecast period.
  • North America is the most significant shareholder in the global oncology biosimilar market and is expected to grow at a CAGR of 19.7% during the forecast period.

The global oncology biosimilar market’s major key players are

  • Teva Pharmaceutical Industries Ltd.
  • Biocon
  • STADA Arzneimittel AG
  • Sandoz International GmbH
  • Intas Pharmaceuticals Ltd.
  • Celltrion Inc
  • Pfizer Inc
  • Apotex Inc
  • Dr. Reddy’s Laboratories Ltd
  • BIOCAD

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/oncology-biosimilar-market/request-sample

Global Oncology Biosimilar Market: Segmentation

By Types of Cancer

  • Breast Cancer
  • Colorectal Cancer
  • Blood Cancer
  • Neutropenia Cancer
  • Non-Small Cell Lung Cancer

By Drug Type

  • mAb
  • Immunomodulators
  • Hematopoietic Agents
  • G-CSF

By Distribution Channel

  • Retail Pharmacies
  • Pharmacies
  • Online Retailers

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Oncology Biosimilar Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Drug Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. mAb
      1. Market Size & Forecast
    3. Immunomodulators
      1. Market Size & Forecast
  5. Types of Cancer Overview
    1. Introduction
      1. Market Size & Forecast
    2. Breast Cancer
      1. Market Size & Forecast
    3. Blood Cancer
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Drug Type
        2. By Types of Cancer
      3. Canada
        1. By Drug Type
        2. By Types of Cancer
      4. Mexico
        1. By Drug Type
        2. By Types of Cancer
      5. Latin America
        1. By Drug Type
        2. By Types of Cancer
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Drug Type
        2. By Types of Cancer
      3. France
        1. By Drug Type
        2. By Types of Cancer
      4. U.K.
        1. By Drug Type
        2. By Types of Cancer
      5. Italy
        1. By Drug Type
        2. By Types of Cancer
      6. Spain
        1. By Drug Type
        2. By Types of Cancer
      7. Rest of Europe
        1. By Drug Type
        2. By Types of Cancer
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Drug Type
        2. By Types of Cancer
      3. China
        1. By Drug Type
        2. By Types of Cancer
      4. Australia
        1. By Drug Type
        2. By Types of Cancer
      5. India
        1. By Drug Type
        2. By Types of Cancer
      6. South Korea
        1. By Drug Type
        2. By Types of Cancer
      7. Rest of Asia-Pacific
        1. By Drug Type
        2. By Types of Cancer
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Drug Type
        2. By Types of Cancer
      3. South Africa
        1. By Drug Type
        2. By Types of Cancer
      4. Kuwait
        1. By Drug Type
        2. By Types of Cancer
      5. Rest of Middle East & Africa
        1. By Drug Type
        2. By Types of Cancer
  7. Company Profile
    1. Teva Pharmaceutical Industries Ltd
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Biocon
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. STADA Arzneimittel AG
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/oncology-biosimilar-market/toc

Market News:

  • In May 2022, Biocon Biologics and Viatris has launched abevmy (bBevacizumab), which is their third oncology biosimilar now available in Canada.
  • In September 2022, Celltrion USA gets U.S. FDA approval for treating 6 types of cancer with its oncology biosimilar vegzelma (bevacizumab-adcd)

News Media

Biosimilar in Cancer Care: Challenges and Opportunities for Development of New Biosimilar Drug

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About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

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Artificial Intelligence

SQream’s No-Code Platform Panoply Earns 21 G2 Badges in Key Customer Satisfaction Categories for Spring 2024 Report

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These badges demonstrate Panoply’s Continuously Unparalleled Excellence in data warehousing and data extraction based on compiled user reviews
NEW YORK, April 16, 2024 /PRNewswire/ — SQream, the GPU accelerated data processing and analytics company, announced today the remarkable achievement that its no-code ELT and analytics platform Panoply, has received 21 prestigious G2 badges for Spring 2024. These accolades highlight Panoply’s continued commitment to excellence and innovation in the data warehouse and ELT (Extract, Load, Transform) space, and underscores Panoply’s dedication to their customers, particularly in the realm of ease of use, and marks the highest number of badges awarded to the company in one report to date.

G2, a prominent authority in business software and service evaluations, leverages the collective knowledge of its user community to aid individuals in making well-informed choices regarding software and services for their enterprises. The G2 Spring 2024 Report rankings underscore Panoply’s significance to small- and medium-sized businesses grappling with data extraction challenges and highlight the exceptional simplicity of Panoply’s no-code approach.
“We are truly honored to receive 21 G2 badges, which reflect Panoply’s year-on-year growth in customer satisfaction. Simplifying data management in the no-code ELT space is at the core of our commitment to our customer base, and we are thrilled to see that Panoply’s exceptional solutions driving data transformation consistently receive this trusted stamp of approval,” said Ami Gal, CEO and Co-Founder of SQream. “We look forward to advancing our strategy of delivering robust data management solutions across all business types—from SMBs leveraging Panoply for streamlined cloud-based warehousing to enterprises implementing GPU-accelerated analytics with SQream, both in the cloud and on-prem. Our commitment remains to empower every organization to maximize their data potential and drive business success.”
Panoply has consistently set the industry standard for delivering user-friendly solutions that empower organizations to harness the full potential of their data. In the Spring 2024 G2 reports, Panoply earned badges in a wide array of categories, both for their data warehouse capabilities and ETL tools, showcasing its exceptional performance and dedication to simplifying complex data processes, including:
Data Warehouse Category: 
Best Estimated ROIBest Estimated ROI – Mid-MarketBest Support – Small BusinessEasiest AdminEasiest Admin – Mid-MarketEasiest Admin – Small BusinessEasiest Setup – Mid-MarketEasiest to Do Business With – Small BusinessEasiest to UseEasiest to Use – Small BusinessFastest Implementation – Small BusinessHigh PerformerHigh Performer – Asia PacificHigh Performer – EMEAHigh Performer – Mid-MarketHigh Performer – Small BusinessETL Tools Category: 
Easiest AdminEasiest SetupHigh PerformerHigh Performer – Mid-MarketHigh Performer – Small BusinessPanoply’s no-code approach to data management provides greater visibility into business performance by aggregating data from multiple data sources to deliver deeper insights. With Panoply, organizations can automatically store raw data in analysis-ready tables, create core business logic to keep metrics consistent, and explore and visualize their data within the platform’s workbench. Deploying a consolidated storage solution like Panoply also centralizes access to data assets to provide a single source of truth.
If you want to learn more about how Panoply can help you gain fast data insights, visit https://panoply.io and schedule a demo.
About Panoply by SQream
Panoply’s managed data warehouse plus ELT and dashboards make it easy for users to sync, store, access, and visualize their data without complex code. Panoply is a product line of SQream, specializing in data processing and analytics acceleration, revolutionizing the way organizations approach big data analytics and AI/ML workloads with its unique GPU-patented SQL engine. SQream’s solutions are designed to meet the needs of enterprises grappling with massive or complex datasets, offering unparalleled performance, scalability, and cost-efficiency. Tailored for industries ranging from finance to telecommunications, SQream empowers businesses to unlock actionable insights from their data with unprecedented speed and efficiency.
SQream is trusted by leading enterprises including LG Electronics, Samsung Display, Sinch, Orange, AIS, and more. To learn more, visit sqream.com or follow us on Twitter @sqreamtech.
Media Contact:Raz KaplanSenior Marketing Manager at SQream+972 [email protected]
Logo – https://mma.prnewswire.com/media/2068670/4641094/SQream_Logo.jpg
 
 

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TeachAI Announces Foundational Policy Ideas for AI in Education, a New Resource for Education Leaders and Policymakers

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SEATTLE, April 16, 2024 /PRNewswire/ — Today, TeachAI, an initiative led by Code.org, ETS, the International Society of Technology in Education, Khan Academy, and the World Economic Forum, announced the launch of a groundbreaking resource for education leaders and policymakers around the world – Foundational Policy Ideas for AI in Education. The development of this resource was led by AASA, CCSSO, Code.org, CoSN, COSSBA, Education Commission of the States, ExcelinEd, ETS, InnovateEDU, NASBE, NSBA, NEA, SEAMEO, and SETDA. It is designed to help education leaders and policymakers navigate the evolving landscape of artificial intelligence (AI) in education.

The resource, which has been informed by over 70 organizations representing industry, government, non-profits, and educator associations, offers policy ideas, informational briefs, talking points, and a customizable presentation. These materials propose five key policy ideas essential for the safe, effective, and responsible use of AI in education.
Foster Leadership: Establish an AI in Education Task Force to oversee policy development and implementation.Promote AI Literacy: Integrate AI concepts and skills into existing curriculum and instruction.Provide Guidance: Equip schools with guidance on the safe and responsible use of AI.Build Capacity: Provide funding and programs to support professional development on AI.Support Innovation: Promote the research and development of safe and effective AI in education practices, curricula, and tools.”These tools serve as practical resources, aiding leaders in understanding AI’s implications for education,” says Michele Blatt, State Superintendent of Schools, West Virginia. “It is critical that we ensure appropriate supports and guardrails are in place for our teachers and students to effectively use generative artificial intelligence. We must remember that AI is an additional technology tool that can increase productivity and support innovation while recognizing the importance of the teacher in the process.”
As AI becomes increasingly embedded in society and the workforce, education systems across the globe recognize the opportunity and the challenge posed by these advancements. From enhancing student engagement and addressing learning loss to transforming and redefining the essential skills of the workforce, AI offers possibilities for improving educational and career outcomes. This potential hinges on the responsible and ethical use of AI, taught through a framework that addresses critical concerns such as bias, misinformation, and the preparation of students for a world transformed by AI.
Nicolás Cataldo Astorga, Minister of Education, Chile, notes: “As educational systems, we must act swiftly to address a world where artificial intelligence is rapidly emerging. For public policy, this entails collaborating with communities, particularly educators, to creatively, critically, and safely harness these tools for learning, equity, and inclusion.”
“Artificial Intelligence will soon augment nearly every sector of our workforce, and our education system must prepare our students for that future,” says Chris Reykdal, Washington State Superintendent of Public Instruction. “Our mission is to embrace AI in our classrooms to enhance student learning; centering student inquiry, student reflection, and critical thinking.”
TeachAI invites education leaders and policymakers to explore these foundational policy ideas as a step towards embracing the transformative potential of AI in education while also addressing its challenges with foresight and responsibility.
Catherine Truitt, State Superintendent of Public Instruction, North Carolina, says: “By equipping educators and students with the knowledge and skills of AI, we are ensuring they are better prepared for their future. This valuable resource can help create policies and practices to responsibly incorporate AI into education.”
Visit www.teachai.org/policy to see the Foundational Policy Ideas for AI in Education.
About TeachAI
TeachAI brings together education leaders and technology experts to assist governments and education authorities in teaching with and about AI. The initiative is led by Code.org, ETS, the International Society for Technology in Education, Khan Academy, and the World Economic Forum and advised by a diverse group of 100+ organizations, governments, and individuals. TeachAI’s goals include guiding policy, building community and capacity, and increasing awareness. To learn more about TeachAI, please visit www.teachai.org/about.
 

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SeeTrue’s AI Automated Threat Detection Solution Expands to Pafos Airport After Successful Implementation at Larnaka Airport

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Hermes Airports Boosts Security and Operational Efficiency with SeeTrue’s Solution
FRANKFURT, Germany, April 16, 2024 /PRNewswire/ — SeeTrue, the leading provider of AI Automated Threat Detection software solutions, announces today that it will now be implemented at Pafos Airport after a successful implementation at Larnaka Airport by Hermes Airports Group. This expansion marks a significant step in enhancing security measures at Pafos Airport and providing a smoother passenger journey with a fast and secure screening process.

Hermes, the operator of both Larnaka and Pafos International Airports, which set a record by serving 11.6 million passengers in 2023, aims to enhance the security screening process and overall passenger experience at each location. To this end, SeeTrue’s solution has been installed across all passenger terminal checkpoints at the airports.
This pioneering move has significantly enhanced the airport’s ability to expedite passenger flow through checkpoints, offering a superior experience characterized by smoother operations and consistent security standards. The implementation of SeeTrue AI technology has resulted in higher passenger throughput and streamlined the security screening process, leading to improved operational efficiency.
The SeeTrue AI solution is running an open architecture platform, making it compatible with multiple scanners across various models and OEMs. This adaptability is crucial for airports, such as Larnaka, which utilize security scanners from multiple vendors.
“We are excited about our partnership with Hermes Airports,” stated Assaf Frenkel, CEO and Co-Founder of SeeTrue. “This expansion is a testament to the effectiveness and reliability of our technology in enhancing airport security measures. We are committed to delivering top-tier solutions to ensure the safety and security of travelers and airport personnel.”
“Hermes Airports has an ongoing commitment to enhancing security and the passenger experience,” said Miltos Miltiadous, Chief Operating Officer at Hermes Airports. “With the SeeTrue AI technology, we have observed higher passenger throughputs and streamlined the security screening process.”
SeeTrue will be exhibiting at the Passenger Terminal Expo in Frankfurt on 16-18 April at Hall 5 Booth A170 to showcase its solutions.
About SeeTrue:
SeeTrue is a global leader in Security Screening Solutions, leveraging its state-of-the-art AI technology for secure, fast, and efficient threat detection. SeeTrue’s AI-based automatic threat detection software is implemented worldwide on top of X-ray and CT systems at airports, seaports, urban security checkpoints, customs, and shipment facilities, making security and travel as fast and secure as possible while improving operational efficiency.
SeeTrue operates in Tel Aviv, London, New York and Amsterdam. For more information, visit the company’s website at www.seetrue.ai
About Hermes Airports:
Hermes Airports Ltd. manages and operates Larnaka and Pafos International Airports, under a 25-year BOT (Build-Operate-Transfer) concession agreement with the Republic of Cyprus. The airports offer world-class, state of the art facilities, with an emphasis on excellent customer service. Hermes is committed to improving Cyprus’ connectivity and enhancing the overall passenger experience.
Contact Details:
Sharon SalzmanDirector of Marketing, [email protected]
Video – https://www.youtube.com/watch?v=nKE947hmJcg

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