- Monoclonal Antibody
- Hematopoietic Agents
Oncology Biosimilars Market size was valued at USD 3.5 billion in 2022 and is poised to grow at a significant CAGR of 29.0% from 2023-2029. 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.
Fastest Growing Market
According to the American Journal of Managed Care, biosimilars are cheaper than their parent/branded counterparts, and this saves money while giving patients access to highly effective medicines. Biosimilars have more affordable R&D expenses than originator biologics, and Biosimilars are less expensive since R&D expenses are reduced. Biosimilars with lower prices tend to drive down the costs of reference biologics due to price rivalry among manufacturers. Biosimilar medications' considerable cost-to-benefit ratio is predicted to increase their demand in the coming years. However, biosimilar development is a time-consuming and expensive procedure requiring significant financial inputs, technical capabilities, clinical trial knowledge, scientific standards, and quality control systems. The oncology biosimilars market is limited by a lack of understanding among primary care physicians (PCPs) and specialists about biosimilars.
The Oncology Biosimilars Market is projected to expand at a CAGR of 29.0% during the forecast period
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North America is the fastest-growing region for Oncology Biosimilars Market