Comprehensive Oncology Biosimilars Market Analysis 2024: Size, Share, And Key Trends
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What is the Expected Growth Rate of the Oncology Biosimilars Market from 2024 to 2033?
The market size of oncology biosimilars has seen significant expansion in the past few years. It is predicted to increase from $6.9 billion in 2023 to $8.85 billion in 2024, witnessing a compound annual growth rate (CAGR) of 28.3%. The surge in the prior period can be ascribed to the increasing occurrence of cancer, the expiration of patents for biologic cancer medications, government backing for biosimilars, rising investments in the development and production of biosimilars, and the broader geographical reach of biosimilars.
The market size of oncology biosimilars is predicted to experience a massive increase in the coming years, reaching a value of $16.48 billion by 2028 at a compound annual growth rate (CAGR) of 16.8%. The anticipated growth during the forecast period can be attributed to factors such as an expanding oncology biosimilar portfolio, patient-centric care, healthcare cost containment, targeted therapies, and an expanding pipeline. Notable trends expected during the forecast period include biobetters, combinations of oncology biosimilars, supportive care biosimilars, and real-world evidence.
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What Key Factors Are Fueling the Growth of the oncology biosimilars Market?
The production of innovative oncology biosimilars is being propelled by the expiration of patents on biologics used in cancer treatment. Biologics, which are patented for a set duration, pave the way for the development of fresh biosimilars upon their patent expiration. Derived from living organisms, biologics are targeted medications that stimulate the immune system to combat cancer cells. Biosimilars, while similar to biologics, are not exactly the same, yet they deliver the same efficacy as biologics but at a lower cost. The Center for Biosimilars has stated that by 2023, the patents for around 20 oncology biologics are set to expire, triggering the creation of new biosimilars for cancer treatment. The rising volume of patent expirations is likely to amplify the demand for the production of new oncology biosimilars, consequently propelling the market growth for oncology biosimilars.
What Are the Major Segments of the Oncology Biosimilars Market?
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
What New Trends Are Transforming the Oncology Biosimilars Market?
Pharmaceutical firms are progressively investing more in research and development to create novel oncology biosimilars. They are leveraging the escalating biosimilar market’s growth potential by boosting R&D investments to aid the development and production of new biosimilars. For example, a collaboration was announced in February 2021 between Coherus and Junshi Biosciences, wherein Coherus would license the rights for toripalimab, an anti-PD-1 antibody in the US and Canada. The plan of Coherus is to establish a preeminent immuno-oncology franchise utilizing funds from its commercial biosimilar venture.
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Which Regions Are Driving Growth in the Oncology Biosimilars Market?
North America was the largest region in the global oncology biosimilars market in 2023. Middle East is expected to be the fastest-growing region in the oncology biosimilars market report forecast period. The regions covered in the oncology biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Oncology Biosimilars Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the oncology biosimilars market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Oncology Biosimilars Market Include
1. Oncology Biosimilars Market Executive Summary
2. Oncology Biosimilars Market Segments
3. Oncology Biosimilars Market Size And Template Market Growth Rate
4. Key Oncology Biosimilars Market Trends
5. Major Oncology Biosimilars Market Drivers
……
25. Key Mergers And Acquisitions In The Oncology Biosimilars Market
26. Top Oncology Biosimilars Companies
27. Oncology Biosimilars Market Opportunities And Strategies
28. Oncology Biosimilars Market, Conclusions And Recommendations
29. Appendix
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