The market for oncology biosimilars is anticipated to surge up at an astronomical pace, registering a CAGR of 11% during the forecast period from, and 2022 to 2032. The market had a value of US$ 4 billion as of 2021, and it is anticipated to grow by 5% year over year in 2022 to reach US$ 4.2 billion. The industry should reach US$ 12 billion by the end of the forecast period. The oncology biosimilars market refers to the market for biosimilar drugs that are used in the treatment of various types of cancer. Biosimilars are biological products that are highly similar to an existing reference biological product, with no clinically meaningful differences in safety and effectiveness.
The oncology biosimilars market has been growing rapidly in recent years, driven by the increasing demand for cost-effective cancer treatments, as well as the expiration of patents on several major cancer drugs. Biosimilars offer a more affordable alternative to expensive biologic drugs, which can be a significant advantage for patients and healthcare providers. Some of the major oncology biosimilars in the market include biosimilars of drugs such as Rituximab, Trastuzumab, Bevacizumab, and Cetuximab. These biosimilars have shown similar efficacy and safety profiles to their reference drugs, and are being increasingly used in the treatment of cancer
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Key Takeaways from the Market Study
- Demand for oncology biosimilars is expected to grow at an 11% CAGR between 2022 and 2032.
- By 2032, the oncology biosimilars market in the United States will reach US$ 5.6 Billion by 2020.
- China is expected to register a 7.7% CAGR with regard to the Oncology Biosimilars industry
- Japan is expected to document a CAGR worth 7.5% in the Oncology Biosimilars market
- The neutropenia segment is expected to grow at a rapid 7% CAGR over the assessment period.
Competitive Landscape
The worldwide market for oncology biosimilars is a highly consolidated market. The top five market participants jointly account for more than 70% of the market share. To expand their market footprints, these companies rely heavily on active collaborations to boost their product distribution networks.
- For instance, Biocon and Sandoz established an exclusive global agreement on next-generation biosimilars in 2018. Similar to this, Dr. Reddy’s and TR Pharm collaborated in 2016 to make three biosimilars available in Turkey. Other significant players in the global oncology biosimilars market include Pfizer, Inc., Celltrion, Inc., Sandoz International GmBH, STADA Arzneimittel AG, and Apotex, Inc.
- Atos has announced recently in April 2022 that it intends to forge a 5-year contractual agreement to deliver managed services for digital operations, applications and cybersecurity for Independent Health (IH). In order to reduce operating costs and create efficiencies across the business landscape, Atos’ operational solutions will make use of infrastructure and digital platforms.
Key Oncology Biosimilars Service Providers
- Celltrion Inc.
- Dr. Reddy’s Laboratories Ltd.
- Biocon
- Teva Pharmaceutical Industries Ltd.
- Sandoz International GmBh.
- Pfizer Inc.
- Celltrion Inc.
- Sandoz International GmBh
- STADA Arzneimittel AG
- Apotex Inc.
Regional Analysis For Oncology Biosimilars Market
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
The global oncology biosimilars market is expected to continue to grow in the coming years, driven by the increasing prevalence of cancer worldwide, as well as the increasing demand for cost-effective cancer treatments. However, there are also several challenges facing the market, such as the high development costs and regulatory barriers associated with biosimilar drugs, as well as the potential for legal challenges from innovator companies.
