The latest report by IMARC Group, titled “Oncology Biosimilars Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global oncology biosimilars market reached a value of US$ 3.8 Billion in 2022. 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$ 14.7 Billion by 2028, exhibiting a CAGR of 21.6% during 2023-2028.
- 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.
|Base Year of the Analysis
||Drug Type, Cancer Type, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||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
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