Oncology biosimilars have various applications in cancer treatment, including non-Hodgkin’s lymphoma, chronic lymphocytic leukemia, Wegener's granulomatosis, and microscopic polyangiitis. These biosimilars offer comparable efficacy and safety to their reference biologic drugs while being more cost-effective. Oncology biosimilars are used to provide more accessible and affordable treatment options to cancer patients, improving patient access to essential therapies. Their features include high similarity to reference biologics, making them viable alternatives, and their use contributes to expanding treatment options and enhancing the overall quality of cancer care.
According to Data Bridge Market Research, the Global Oncology Biosimilars Market is accounted for USD 4.00 billion and is expected to reach USD 15.55 billion. The market is expected to grow with a CAGR of 18.5% in the forecast period of 2022 to 2029.
“Increasing prevalence of cancer boosts the market’s growth”
The increasing prevalence of cancer has a direct impact on the growth of the oncology biosimilars market. With a rising number of cancer patients, there is a greater demand for cost-effective and accessible treatment options. Oncology biosimilars, which are highly similar to their reference biologic drugs, offer more affordable alternatives while maintaining comparable safety and efficacy. As healthcare systems aim to improve patient access to essential cancer therapies, the adoption of oncology biosimilars is expected to rise, driving market growth and benefiting cancer patients worldwide.
What restraints the growth of the global oncology biosimilars market?
“High costs associated with drug development restraints the market’s growth”
The growth of the oncology biosimilars market is restrained by the high costs associated with drug development. Developing biosimilars requires substantial investments in research, clinical trials, and manufacturing processes to ensure similarity to reference biologic drugs. These expenses can be a significant barrier for companies seeking to enter the market. Additionally, complex regulatory requirements and intellectual property challenges further add to the development costs. As a result, the high financial burden hampers the pace of oncology biosimilars' market growth.
Segmentation: Global Oncology Biosimilars Market
The global oncology biosimilars market is segmented on the basis of indication, drug class, route of administration, end-users, and distribution channel.
- On the basis of indication, oncology biosimilars market is segmented into breast cancer, lung cancer, colorectal cancer, cervical cancer, blood cancer, and others.
- On the basis of drug class, oncology biosimilars market is segmented into monoclonal antibodies, granulocyte colony-stimulating factor, and others.
- On the basis of route of administration, oncology biosimilars market is segmented into intravenous, subcutaneous, and others.
- On the basis of end-users, oncology biosimilars market is segmented into hospitals, specialty clinics, homecare, and others.
- On the basis of distribution channel, oncology biosimilars market is segmented into hospital pharmacy, retail pharmacy, online pharmacy, and others.
Regional Insights: North America dominates the Global Oncology Biosimilars Market
North America dominates the oncology biosimilars market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the strong presence of major key players and increasing healthcare expenditure, which are expected to further drive its growth rate. Additionally, the rising prevalence of cancer in the region is projected to contribute significantly to the market's growth rate.
Asia-Pacific is expected to grow during the forecast period of 2022-2029 due to the substantial presence of numerous generic manufacturers. Moreover, the ongoing development of healthcare infrastructure and the increasing geriatric population will further drive the market's growth rate in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-oncology-biosimilars-market
Recent Development
- In December 2020, Amgen obtained approval from the United States Food and Drug Administration (USFDA) for its biosimilar, RIABNI (rituximab-arrx). This biosimilar is a therapeutic equivalent to rituximab and is indicated for the treatment of non-Hodgkin’s lymphoma, chronic lymphocytic leukemia, Wegener's granulomatosis, and microscopic polyangiitis (MPA) in adult patients.
The Prominent Key Players Operating in the Global Oncology Biosimilars Market Include:
- Pfizer Inc. (U.S.)
- GlaxoSmithKline plc (U.K.)
- Novartis AG (Switzerland)
- Mylan N.V. (U.S.)
- Teva Pharmaceutical Industries Ltd.(Israel)
- Sanofi (France)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Zydus Cadila (India)
- Lupin (India)
- Amneal Pharmaceuticals LLC. (U.S.)
- Cipla Inc. (U.S.)
- Aurobindo Pharma (India)
- Glenmark Pharmaceuticals Limited (India)
- Eli Lilly and Company (U.S.)
- Sun Pharmaceutical Industries Ltd. (India)
- Allergan (Ireland)
- Bristol-Myers Squibb Company (U.S.)
- Takeda Pharmaceutical Company Limited (Japan)
- BIOCAD (Russia)
- Apotex Inc. (Canada)
- Endo International plc (Ireland)
Above are the key players covered in the report, to know about more and exhaustive list of global oncology biosimilars market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Oncology Biosimilars Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
