Global Oncology Biosimilars Market to Reach US$ 30.3 Billion by 2032, Impelled by High Cost of Branded Therapies

September 23, 2019 | Healthcare

The latest report by IMARC Group, titled “Oncology Biosimilars Market Report by Drug Type (Monoclonal Antibody, Immunomodulators, G-CSF, Hematopoietic Agents, and Others), Cancer Type (Lung Cancer, Colorectal Cancer, Cervical Cancer, Breast Cancer, Kidney Cancer, Stomach Cancer, Brain Cancer, and Others), Distribution Channel (Hospital Pharmacies, Online Pharmacies, Retail Pharmacies, and Others), and Region 2024-2032”, finds that the global oncology biosimilars market reached a value of US$ 4.7 Billion in 2023. Oncology biosimilars are cost-effective counterparts of the already licensed reference biologics. They are similar in terms of quality, safety and efficiency to their branded counterparts, and are widely being used in cancer treatment. Biological therapies are large, highly complex molecules derived from living cells or organisms. The extensive research involved in the development of originator drugs, coupled with aggressive marketing and promotion by the manufacturer, leads to high costs. Since biosimilars only require such studies to ensure equivalence of efficacy and safety profiles, they incur lower manufacturing costs, which in turn help in reducing treatment expenses.

Global Oncology Biosimilars Market Trends:

According to the World Health Organization, cancer resulted in an estimated 9.6 million deaths in 2018, representing the second leading cause of death globally. The rising prevalence of cancer, along with the upcoming patent expiry of several blockbuster oncology drugs, has encouraged pharmaceutical manufacturers to develop biosimilars for use in oncology. Additionally, several regulatory authorities have also approved biosimilars to offer a safe and affordable alternative to originator biological therapies. These cost-effective biosimilars provide significant savings, better access to treatment, and the potential of improved outcomes. Moreover, several leading manufacturers are entering into partnerships to develop oncology drugs. For instance, Biocon, Asia’s premier biopharmaceutical company, has collaborated with Sandoz, a Novartis division and the global leader in biosimilars, to develop, manufacture and commercialize next-generation biosimilars for patients worldwide to help them gain access to a range of high-quality and affordable oncology biologics. According to the oncology biosimilars market report, the market value is projected to reach US$ 30.3 Billion by 2032, exhibiting a CAGR of 22.3% during 2024-2032.

Market Summary:

  • Based on the drug type, the market has been segmented into monoclonal antibodies, immunomodulators, granulocyte-colony stimulating factor (G-CSF), hematopoietic agents and others.
  • On the basis of the cancer type, the market has been segregated into the lung, colorectal, cervical, breast, kidney, stomach, brain and other forms of cancer.
  • The market has been categorized based on the distribution channel into hospital pharmacies, online pharmacies, retail pharmacies and others.
  • Region-wise, the market has been classified into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined 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., and F. Hoffmann-La Roche AG.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Drug Type, Cancer Type, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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., and F. Hoffmann-La Roche AG
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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Global Oncology Biosimilars Market to Reach US$ 30.3 Billion by 2032, Impelled by High Cost of Branded Therapies
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