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Oncology Biosimilars Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Oncology Biosimilars Market Size
According to The Business Research Company's, The oncology biosimilars market size has grown exponentially in recent years. It will grow from $6.9 billion in 2023 to $8.85 billion in 2024 at a compound annual growth rate (CAGR) of 28.3%. The growth in the historic period can be attributed to rising prevalence of cancer, patent expirations of biologic cancer drugs, government support for biosimilars, growing investments in biosimilar development and manufacturing, expanding geographical reach of biosimilars.
The oncology biosimilars market size is expected to see exponentially grown in the next few years. It will grow to $16.48 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to expanding oncology biosimilar portfolio, patient-centric care, healthcare cost containment, targeted therapies, expanding pipeline. Major trends in the forecast period include biobetters, oncology biosimilar combinations, supportive care biosimilars, real-world evidence.
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Market Drivers and Trends:
The expiration of the patent of biologics used for the treatment of cancer is driving the production of new oncology biosimilars. Biologics can be patented for a limited period and the expiration of patents for biologics allows the development of new biosimilars. Biologics are targeted drugs synthesized from living organisms that induce the immune system to attack cancer cells. Biosimilars are similar to biologics but are not identical and offer the same effectiveness as biologics at a reduced cost. According to the Center for Biosimilars, patents on nearly 20 oncology biologics will expire by 2023, leading to the development of new biosimilars in cancer care. The increased number of patent expiry is expected to boost the demand for the production of new oncology biosimilars, thus, driving the market growth for oncology biosimilars.
The pharmaceutical companies are increasingly investing in research and development to produce new oncology biosimilars. The companies are exploiting the growth potential of the rising biosimilar market by investing in their research and development (R&D) processes to support the research and production process of new biosimilars. For instance, in February 2021, Coherus and Junshi Biosciences announced a collaboration in which Coherus would in-license toripalimab, an anti-PD-1 antibody in the US and Canada. Coherus plan to build a leading immuno-oncology franchise using cash from its commercial biosimilar business.
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Major Key Players of the Market:
Biocon Biologics Limited; 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 Inc.; F. Hoffmann-La Roche; Baxter International Inc.; Sanofi SA; Mylan; Samsung Bioepis; Biogen International GmbH; Merck & Co. Inc.; Coherus Biosciences; Eli Lilly and Company; Novartis AG; Shanghai Henlius Biotech; Viatris Inc.; Catalent Inc.; Patheon; Accord Healthcare Ltd.; Zydus Cadila Health Care Limited; Hetero Drugs Limited; Mundipharma International Limited; Mabion SA; Polpharma Biologics; Alvotech; Innovent Biologics; Gan & Lee Pharmaceuticals; Henlius Biotech
Oncology Biosimilars Market 2024 Key Insights:
• The oncology biosimilars market size will grow to $16.48 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%.
• Patent Expirations Drive New Oncology Biosimilars
• Fostering Innovation Through Research And Development For Oncology Biosimilars
• North America was the largest region in the global oncology biosimilars market in 2023
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