Oncology Biosimilars Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Oncology Biosimilars Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global oncology biosimilars market size reached US$ 3.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.7 Billion by 2028, exhibiting a growth rate (CAGR) of 21.6% during 2023-2028.

Cancer is a lifestyle disease that occurs due to the abnormal growth of cells and may result in the formation of a tumor. At present, most of the effective cancer treatments are based on biological drugs, also known as biologics, and include targeted therapies as well as immunotherapies. These drugs are produced using living organisms, including bacteria, yeast, and animal or plant cells, and require complex manufacturing processes and long development time. As a result, the cost of these drugs is relatively higher, which adds to the expense of cancer treatment. To lower the price of treatment, the interest in the development of biosimilars of branded oncology biologics has been increasing. These biosimilars are highly similar to the reference biologics in terms of effectiveness and safety and can help in significantly reducing the expenditure on cancer treatment due to their lower cost.

Over the years, the rising number of geriatric population and environmental degradation have increased the prevalence of cancer across the globe. These factors, along with the inflating cost of cancer care, have increased the burden on healthcare systems worldwide. Consequently, governing authorities in numerous countries are promoting the uptake of biosimilars as a cost-containment measure. For instance, the United States Food and Drug Administration (USFDA) has developed information materials for physicians and patients to educate them about biosimilars. Apart from this, the availability of affordable medication has also been associated with earlier and wider therapy use as well as improved patient access. Besides this, oncology biosimilars can also increase industry competition, owing to which they have the potential to drive down the prices of biological drugs further. Some of the other growth-inducing factors for the market include approaching patent expiries of branded biologics and increasing research and development (R&D) activities by biosimilar manufacturers.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global oncology biosimilars market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on drug type, cancer type and distribution channel.

Breakup by Drug Type:

Monoclonal Antibody
Immunomodulators
G-CSF
Hematopoietic Agents
Others

Breakup by Cancer Type:

Lung Cancer
Colorectal Cancer
Cervical Cancer
Breast Cancer
Kidney Cancer
Stomach Cancer
Brain Cancer
Others

Breakup by Distribution Channel:

Hospital Pharmacies
Online Pharmacies
Retail Pharmacies
Others

Breakup by Region:

Europe
Asia Pacific
North America
Middle East and Africa
Latin America
Competitive Landscape:
The report has also analyzed the competitive landscape of the market with some of the key players being Biocon 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 Biotechnology Company, Mylan N.V., F. Hoffmann-La Roche AG, etc.

Key Questions Answered in This Report:
How has the global oncology biosimilars market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global oncology biosimilars industry?
What are the key regional markets in the global oncology biosimilars industry?
What is the breakup of the market based on the drug type?
What is the breakup of the market based on the cancer type?
What is the breakup of the market based on the distribution channel?
What are the various stages in the value chain of the global oncology biosimilars industry?
What are the key driving factors and challenges in the global oncology biosimilars industry?
What is the structure of the global oncology biosimilars industry and who are the key players?
What is the degree of competition in the global oncology biosimilars industry?