According to Precision Business Insights (PBI), the latest report, the oncology biosimilars market is expected to be worth USD 4.5 billion in 2022, growing at a 30.0% CAGR from 2022 to 2028.
According to Precision Business Insights (PBI), the latest report, the oncology biosimilars market is expected to be worth USD 4.5 billion in 2022, growing at a 30.0% CAGR from 2022 to 2028. The manufacture of new oncology biosimilars is driven by the patent expiration of biologics used to treat cancer. These cancer-targeting medications are made from living organisms that trigger the immune system to attack cancer cells. Biosimilars are similar to biologics but not identical to them, and they provide the same efficacy as biologics at a lower cost. According to the Center for Biosimilars, patents on roughly 20 oncology biologics will expire by 2023, an opening framework for the growth of the development of new biosimilars in cancer therapy. The growing frequency of patent expirations is likely to raise demand for new oncology biosimilars, propelling the market for oncology biosimilars forward.
Blood Cancer Segment to Dominate the Oncology Biosimilars Market:
The blood cancer segment is expected to account for a larger revenue share in the global oncology biosimilars market. Blood cancer is a life-threatening malignancy that affects the production or function of blood cells such as bone marrow and tissues, resulting in lymphatic system failure. The increase in the number of new treatments in the pipelines of major pharmaceutical companies will drive the market. More than one-fifth of the oncology biosimilars market is predicted to come from blood cancers. Increased awareness among healthcare professionals and patients about the prospect of early cancer diagnosis is driving market expansion. Increased government funding for research is expected to accelerate market growth throughout the projected period.
Europe Oncology Biosimilars Market:
The Europe market is expected to hold a significant market share in the global oncology biosimilars market over the forecast period. It is projected to grow at a CAGR of 32.0% in the coming years. The European market is likely to expand rapidly. This is because significant biosimilars are projected to be launched throughout the forecast period. Leading generic manufacturers in Europe, such as Sandoz (a branch of Novartis International AG) and Mylan N.V., have expressed interest in this subject. In 2017, the duo received FDA approval for their first biosimilar product. Also, in the same year, a resubmission for their Herceptin biosimilar was accepted by the European Medicines Agency (EMA). The oncology biosimilars market in the region is predicted to increase significantly over the forecast period due to an increasing number of biosimilars approvals.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global oncology biosimilars market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,
In February 2021, Coherus and Junshi Biosciences announced a collaboration where Coherus would in-license toripalimab, an anti-PD-1 antibody, in the US and Canada.
The oncology biosimilars market detailed segmentation:
Based on the cancer type:
Based on the geography:
Key players profiles in the Oncology Biosimilars market report are Biocoin, Celltrion inc., Dr. Reddy's Laboratories Ltd., Intas Pharmaceuticals Ltd., STADA Arzneimittel AG, Pfizer inc., Apotex inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, BIOCAD, Amgen, and Hospira.
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