Press release
Oncology Biosimilars Market Size Projected To Reach $16.48 Billion By 2034 With A Cagr Of 16.8%
Oncology Biosimilars Market
What Is the Projected Growth of the Oncology Biosimilars Market?
The oncology biosimilars market has grown significantly in recent years. It will expand from $6.9 billion in 2024 to $8.85 billion in 2025, at a CAGR of 28.3%. This growth is attributed to the increasing prevalence of cancer, the expiration of patents for biologic cancer drugs, government support for biosimilars, growing investments in biosimilar development and production, and the expanding geographical reach of biosimilars.
The oncology biosimilars market is projected to grow rapidly, reaching $16.48 billion in 2029 with a CAGR of 16.8%, driven by an expanding biosimilar portfolio, patient-focused approaches, efforts to reduce healthcare costs, and developments in targeted therapies. Key trends include biobetters, biosimilar combinations for oncology, supportive care biosimilars, and real-world data utilization.
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What Are the Different Oncology Biosimilars Market Segments?
The oncology biosimilars market covered in this report is segmented -
1) By Drug Type: Monoclonal Antibody, Immunomodulators, Hematopoietic Agents, Granulocyte Colony-Stimulating Factor (G-CSF)
2) By Cancer Type: Breast Cancer, Colorectal Cancer, Blood Cancer, Neutropenia Cancer, Non-Small Cell Lung Cancer, Other Cancer Types
3) By Distribution Type: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
Subsegments:
1) By Monoclonal Antibody: Rituximab Biosimilars, Trastuzumab Biosimilars, Bevacizumab Biosimilars, Pembrolizumab Biosimilars
2) By Immunomodulators: Thalidomide Biosimilars, Lenalidomide Biosimilars, Pomalidomide Biosimilars
3) By Hematopoietic Agents: Epoetin Biosimilars, Darbepoetin Biosimilars
4) By Granulocyte Colony-Stimulating Factor (G-CSF): Filgrastim Biosimilars, Pegfilgrastim Biosimilars
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What Are the Primary Drivers Shaping the Oncology Biosimilars Market?
The expiration of biologic patents in oncology is spurring the production of new oncology biosimilars. Biologics, which are targeted drugs derived from living organisms, offer similar efficacy to biosimilars, which are more cost-effective. The expiration of patents on several oncology biologics is expected to drive the development of new biosimilars in cancer care.
Which Companies Are Leading in the Oncology Biosimilars Market?
Major companies operating in the oncology biosimilars market include 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, Sanofi SA, Mylan, Samsung Bioepis, Biogen International GmbH, Merck & Co. Inc., Coherus Biosciences, Eli Lilly and Company, Novartis AG, Viatris Inc., 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
What Trends Are Expected to Dominate the Oncology Biosimilars Market in the Next 5 Years?
Pharmaceutical companies are ramping up investment in research and development to create new oncology biosimilars. They are capitalizing on the expanding biosimilars market by enhancing their R&D activities to support the creation and manufacturing of these new drugs. For example, in May 2022, Biocon Biologics, an India-based biopharmaceutical firm, and Viatris Inc., a US-based biosimilar manufacturer, introduced Abevmy (bevacizumab) in Canada. Abevmy is a biosimilar to Roche's Avastin (bevacizumab), a monoclonal antibody that targets VEGF to prevent the development of blood vessels necessary for tumor growth.
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What Are the Top Revenue-Generating Geographies in the Oncology Biosimilars Market?
The countries covered in the oncology biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Oncology Biosimilars Market?
2. What is the CAGR expected in the Oncology Biosimilars Market?
3. What Are the Key Innovations Transforming the Oncology Biosimilars Industry?
4. Which Region Is Leading the Oncology Biosimilars Market?
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