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How Will the Growth Rate of the Oncology Biosimilars Market Shape Industry Trends by 2034?
The market size for oncology biosimilars has seen a remarkable increase in the past few years. It is projected to escalate from $6.9 billion in 2024 to $8.85 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 28.3%. The expansion during the historical period can be credited to the increasing occurrences of cancer, expiry of patents on biologic cancer medicines, governmental backing for biosimilars, augmented investment in the development and production of biosimilars, and the broadening geographical presence of biosimilars.
Over the coming years, the size of the oncology biosimilars market is anticipated to grow robustly to reach $16.48 billion in 2029, representing a compound annual growth rate (CAGR) of 16.8%. This projected growth over the forecast period can be attributed to factors such as the expansion of the oncology biosimilar portfolio, a focus on patient-centered care, measures to contain healthcare costs, targeted therapies, and a growing pipeline. Key emerging trends during the forecast period are expected to include biobetters, combinations of oncology biosimilars, supportive care biosimilars, and real-world evidence.
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the Oncology Biosimilars Market?
The production of new cancer-fighting biosimilars is being propelled by the patent expiry on biologics used for cancer treatment. A patent on a biologic can only be held for a defined period and it’s expiration affords the opportunity to create new biosimilars. Created from living organisms, biologics are targeted drugs that provoke the immune system into combating cancer cells. Though not exactly alike, biosimilars mirror biologics in terms of efficacy but are more affordable. The Center for Biosimilars projects that around 20 patents on oncology biologics will lapse by 2023, paving the way for the development of new cancer care biosimilars. This surge in patent expirations is predicted to escalate the demand for the creation of new oncology biosimilars, thereby fueling the growth of the oncology biosimilars market.
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Who Are the Key Market Players Influencing the Growth of the Oncology Biosimilars Industry?
Major companies operating in the oncology biosimilars market include Biocon Biologics 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, Amgen Inc., F. Hoffmann-La Roche, Sanofi SA, Mylan, Samsung Bioepis, Biogen International GmbH, Merck & Co. Inc., Coherus Biosciences, Eli Lilly and Company, Novartis AG, Viatris Inc., Accord Healthcare Ltd., Zydus Cadila Health Care Limited, Hetero Drugs Limited, Mundipharma International Limited, Mabion SA, Polpharma Biologics, Alvotech, Innovent Biologics, Gan & Lee Pharmaceuticals, Henlius Biotech
What Impact Are Industry Trends Having on the Oncology Biosimilars Market’s Future Prospects?
An uptick is being observed in the R&D investment by pharmaceutical companies for introducing new oncology biosimilar products. They are harnessing the growth opportunities offered by the flourishing biosimilar market by directing funds towards their R&D operations to facilitate the study and manufacturing of novel biosimilars. For instance, Biocon Biologics, an Indian biopharmaceutical firm, and Viatris Inc., an American biosimilar producer, debuted their third oncology biosimilar, Abevmy (bevacizumab), in Canada, in May 2022. Abevmy stands as a biosimilar to Avastin (bevacizumab) by Roche, a humanized monoclonal antibody that influences vascular endothelial growth factor (VEGF). Abevmy’s function of restraining VEGF aids in thwarting the construction of new blood vessels, crucial for tumor expansion.
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What Are the Main Segments of the Oncology Biosimilars Market, and How Are They Evolving?
The oncology biosimilars market covered in this report is segmented –
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
Subsegments:
1) By Monoclonal Antibody: Rituximab Biosimilars, Trastuzumab Biosimilars, Bevacizumab Biosimilars, Pembrolizumab Biosimilars
2) By Immunomodulators: Thalidomide Biosimilars, Lenalidomide Biosimilars, Pomalidomide Biosimilars
3) By Hematopoietic Agents: Epoetin Biosimilars, Darbepoetin Biosimilars
4) By Granulocyte Colony-Stimulating Factor (G-CSF): Filgrastim Biosimilars, Pegfilgrastim Biosimilars
Which Regions Are Emerging as Leaders in the Oncology Biosimilars Market?
The countries covered in the oncology biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
What Defines the Scope of the Oncology Biosimilars Market?
Oncology biosimilars refer to biologically similar drugs or medications that are physiologically comparable to biological cancer treatments. Infection risk is increased by decreased white blood cell counts, which can be treated as a side effect of cancer therapy.
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