Oncology Biosimilars Market size was valued at USD 4,200.12 Million in 2022, expanding at a CAGR of 10.67% from 2023 to 2030.
Oncology biosimilars are biological medicines created to be strikingly comparable to and functionally equal to the oncology reference biologics, which are currently available in pharmaceuticals. These biosimilars are created to offer affordable cancer therapy choices. They go through thorough comparative tests to show that they are comparable in terms of safety, quality, and efficacy. Oncology biosimilars seek to improve patient access to essential cancer treatments while also perhaps lowering healthcare costs by providing therapeutic results that are equivalent to those of the unique oncology biologics. A comprehensive regulatory review is required for their approval to guarantee patient safety and maintain cancer treatment requirements.
Oncology Biosimilars Market- Market Dynamics:
- Increasing prevalence of cancer.
- The rising incidence of cancer is the primary factor driving the market for oncology biosimilars. The International Agency for Research on Cancer (IARC) predicts that by 2040, there would be 16.3 million cancer-related deaths globally and 27.5 million new cancer diagnoses. Normal cells go through a multi-stage process that normally goes from a pre-cancerous lesions to a tumor that is malignant when cancer begins. Aging persons often have less effective cellular repair systems in addition to the normal risk buildup. Smoking, consuming alcohol, adopting a poor diet, leading a life of inactivity, and air pollution all increase the chance of developing cancer.
Oncology Biosimilars Market- Key Insights:
- As per the analysis shared by our research analyst, the global Oncology Biosimilars market is estimated to grow annually at a CAGR of around 10.67% over the forecast period (2023-2030)
- The Oncology Biosimilars industry is projected to grow at a significant rate due to the growing prevalence of cancer
- Based on drug class segmentation, G-CSF was predicted to show maximum market share in the year 2022
- Based on type of cancer, breast cancer was the leading type in 2022
- Based on distribution channel segmentation, hospital retail was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Oncology Biosimilars Market- Segmentation Analysis:
- The Global Oncology Biosimilars Market is segmented on the basis of Drug Class, Type of Cancer, Distribution Channel, and Region.
- The market is divided into categories based on Drug Class: monoclonal antibodies, G-CSF, hematopoietic agents, and others. The higher market share of G-CSF is a result of the widespread use of G-CSF after chemotherapy to aid in the recovery of white blood cells following cancer treatment. Granulocyte colony-stimulating factors (G-CSF) are available in a variety of forms, including filgrastim, lenograstim, long-acting filgrastim, and pegfilgrastim.
- The market is divided into categories based on type of cancer: breast cancer, lung cancer, stomach cancer, prostate cancer, cervical cancer, blood cancer, brain cancer, and others. Due to the highest percentage of breast cancer cases globally among all malignancies, the breast cancer sector commands the market. The risk of breast cancer is increased by a number of variables, including age, obesity, alcoholism, cigarette use, postmenopausal hormone treatment, exposure to radiation history, and family history of the disease.
Oncology Biosimilars Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific region is a developing market, with Korea, China, and India, in particular, making strides with cancer biosimilars. Due to a large population, rising health consciousness, rising healthcare expenditure, and decreased manufacturing costs, they also reflect the market's future potential.
Oncology Biosimilars Market- Competitive Landscape:
Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Products makers compete on a variety of aspects, including product costs, performance, product making, Distribution Channel, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. For instance, May 2022, Abevmy (bevacizumab), the third cancer biosimilar produced by Biocon Biologics and Viatris, has made accessible in Canada.
September 2022, Celltrion USA received FDA permission for using its oncology biosimilar vegzelma (bevacizumab-add) to treat six different forms of cancer.
Key features of the study:
- This proposed research study on Oncology Biosimilars market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Oncology Biosimilars market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Oncology Biosimilars market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Oncology Biosimilars market
- Impact of COVID-19 on Oncology Biosimilars market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Oncology Biosimilars market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Oncology Biosimilars market, we have also included competitive landscape and key innovator analysis for the Oncology Biosimilars market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Oncology Biosimilars market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Oncology Biosimilars market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ONCOLOGY BIOSIMILARS MARKET KEY PLAYERS
- Teva Pharmaceuticals
- STADA Arzneimittel AG
- Shanghai Henlius Biotech
- Sandoz (Novartis)
- Samsung Bioepis
- Pfenex Inc.
- Innovent Biologics
- Dr. Reddy's Laboratories
- Celltrion Healthcare
- Accord Healthcare
GLOBAL ONCOLOGY BIOSIMILARS MARKET, BY DRUG CLASS
- Monoclonal Antibodies
- Hematopoietic Agents
GLOBAL ONCOLOGY BIOSIMILARS MARKET, BY TYPE OF CANCER
- Breast Cancer
- Lung Cancer
- Stomach Cancer
- Prostate Cancer
- Cervical Cancer
- Blood Cancer
- Brain Cancer
GLOBAL ONCOLOGY BIOSIMILARS MARKET, BY DISTRIBUTION CHANNEL
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
GLOBAL ONCOLOGY BIOSIMILARS MARKET, BY REGION
- North America
- The U.S.
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA