The oncology biosimilars market is valued at USD 3.5 billion in 2021 and is poised to grow at a significant CAGR of 30.0% over 2022–2028. According to the World Health Organization (WHO), cancer is one of the second most important causes of death worldwide. According to WHO figures, 9.6 million people died from cancer in 2018. These figures emphasize the importance of reducing cancer-related fatalities. The growth of the oncology biosimilars market has been fueled by an increase in cancer cases such as lung cancer and breast cancer, a vulnerable aging population, and increasing research and development activities by multiple pharmaceutical companies. The Biosimilars are biological medications demonstrated to be highly similar to the original drug in terms of potency, safety, and purity. Oncology biosimilars are used to treat a variety of cancers and symptoms as therapeutic, diagnostic, or preventive agents. The oncology biosimilars are the first choice for many cancer patients, resulting in a faster growth rate. Pharmaceutical companies are capitalizing on the expanding biosimilar market’s growth potential by investing in their research and development (R&D) operations to support the development and production of new biosimilars. For example, Coherus and Junshi Biosciences announced a partnership in February 2021 in which Coherus would in-license toripalimab, an anti-PD-1 antibody, in the United States and Canada. Coherus intends to use cash from its commercial biosimilar company to develop a top immuno-oncology franchise. In addition, Biocon, India’s largest biotechnology business, invested in Pfizer Healthcare’s assets to establish an R&D facility to accelerate biosimilar development. Moreover, FDA has approved Oncology biosimilars in large numbers, a trend that is expected to continue in the future years. The FDA approved two significant biosimilars: filgrastim-sndz (Zarxio) and bevacizumab-awwb (Mvasi). The impact of the increasing approval rate on market maturity will be intriguing to watch. Approaching patent expirations of branded biologics and increased research and development (R&D) activity by biosimilar manufacturers are some of the critical growth-inducing factors for the market.
Recent Market Developments:
In December 2020, Amgen received United States Food and Drug Administration (USFDA) approval for RIABNI (rituximab-arrx). RIABNI (rituximab-arrx) is a biosimilar to rituximab used to treat adult patients suffering from non-Hodgkin’s lymphoma, chronic lymphocytic leukemia, Wegener’s granulomatosis, and microscopic polyangiitis (MPA).