Description

The oncology biosimilars market size is expected to reach $8.6 billion in 2026 at a CAGR of 29.6%. Biosimilars are biological substances that are highly similar to biologics but not identical with patented biological molecules. Oncology biosimilars are similar to oncology biological molecules are approved for the treatment of different types of cancers. Oncology biosimilars are cost-effective molecules with similar potency and efficiency compared with reference biologic molecules. Increase in the prevalence of certain types of cancers around the world, rise in R&D activities for the innovation of biosimilars, growing funding from public and private sector, and patent expiration of blockbuster drugs are anticipated to fuel the oncology biosimilars market over the forecast period. Moreover, cost-effective biosimilar products, strong biosimilar product pipeline, and government initiations for the prevention of cancer are bolster the oncology biosimilars market. In addition, acquisitions and collaborations are the strategies adopted the market players to stay releven to the industry. For instance, in September 2017, Fresenius Kabi acquired Merck KGaA’s biosimilars business including oncology and autoimmune disease product pipeline. Furthermore, product approval and product launchings by key players also expected to boost the market. For instance, in September 2017, Amgen received FDA approval for its oncology biosimilar product Mvasi (bevacizumab-awwb) for treating the multiple types of cancers.

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