According to Precision Business Insights (PBI), the latest report, oncology biosimilars market size is valued at USD 3.5 billion in 2021, which is expected to grow at a CAGR of 30.0% from 2022-2028. A biosimilar is a biological product that is identical to and similar to a reference product that has already received regulatory approval. These are generally less expensive than things that are branded or approved. A number of biologics used in oncology have already had their patents expire, and others are in the process of doing so. The use of biosimilars is anticipated to rise as more products are anticipated to lose their patent protection.
Oncology Biosimilars Market Growth Factors:
Even after a late diagnosis, medical advances have allowed for a full recovery for cancer patients, despite the pricey process and limited therapy options. While other formulations are being approved by regulatory bodies like the Food and Drug Administration (FDA) for the treatment of cancer as well as to help manage the side effects of inflammatory or immune-mediated diseases, some targeted and immunotherapy drugs have been utilized in recent years to treat various types of cancer. This is projected to increase the adoption of biosimilars and fuel a rise in market revenue in the healthcare and oncology research sectors. The creation of biosimilar formulations is a time-consuming, costly process that calls for the collaboration of experts from various fields with knowledge of clinical and preclinical trials, standardization of quality control procedures and biopharmaceutical proportions, tech assistance, and significant financial investments. Even following changes to speed up the approval process, biosimilar drugs still need to go through clinical trials and monitoring programs to determine their efficacy and track any long-term side effects.
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The Oncology Biosimilars Market Segmentation:
1) By Drug Type: Monoclonal Antibody, Immunomodulators, G-CSF, Hematopoietic Agents, and Others
2) By Cancer Type: Lung Cancer, Colorectal Cancer, Cervical Cancer, Breast Cancer, and Others
3) Geography: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
The Oncology Biosimilars Market Regional Analysis:
Due to the presence of numerous developing companies in the area, the Asia-Pacific biosimilar market is anticipated to have a high revenue CAGR during the forecast period. Asia-growing Pacific’s senior population is linked to a significant strain on healthcare spending, and this market segment is demanding lower-cost options like biosimilars, which can boost income. A growing number of cancer patients in this region and a shortage of medical infrastructure, particularly for cancer patients, are giving private companies in this region the chance to become involved, invest with government assistance, and give patients more affordable drugs for their treatment. During the projected period, these variables are anticipated to fuel market revenue growth in the area.
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