Oncology Biosimilars Market – Global Industry Size, Share, Trends, Opportunity, & Forecast, Segmented By Drug Class (Monoclonal Antibodies, G-CSF, Hematopoietic Agents, Others), By Type of Cancer (Breast Cancer, Lung Cancer, Stomach Cancer, Prostate Cancer, Cervical Cancer, Blood Cancer, Brain Cancer, Others), By Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies), By
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationOncology Biosimilars Market – Global Industry Size, Share, Trends, Opportunity, & Forecast, Segmented By Drug Class (Monoclonal Antibodies, G-CSF, Hematopoietic Agents, Others), By Type of Cancer (Breast Cancer, Lung Cancer, Stomach Cancer, Prostate Cancer, Cervical Cancer, Blood Cancer, Brain Cancer, Others), By Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies), By
| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 3.27 Billion |
| CAGR (2024-2029) | 6.84% |
| Fastest Growing Segment | Lung Cancer |
| Largest Market | North America |
| Market Size (2029) | USD 4.73 Billion |
Market Overview
Global Oncology Biosimilars Market was valued at USD 3.27 Billion in 2023 and is anticipated to project steady growth in the forecast period with a CAGR of 6.84% through 2029. The Global Oncology Biosimilars Market is a dynamic and rapidly evolving sector within the pharmaceutical and biotechnology industry. It is characterized by the development, approval, and commercialization of biosimilar versions of biologic drugs used in the treatment of various cancers.
Key Market Drivers
Rising Prevalence of Cancer Worldwide
The escalating prevalence of cancer worldwide is a profound and multifaceted driver that significantly influences the dynamics of the Global Oncology Biosimilars Market Cancer, often referred to as the 'modern epidemic,' has seen an alarming increase in incidence rates across the globe. This surge is attributable to a multitude of factors, including lifestyle changes, aging populations, environmental factors, and genetic predispositions. The World Health Organization (WHO) estimates that cancer will become the leading cause of death worldwide in the coming years, making it imperative to find cost-effective treatment options. Cancer's prevalence extends beyond its direct impact on healthcare systems. It infiltrates economies, imposing a substantial financial burden on individuals, families, and societies. The costs associated with cancer treatment, including biologic therapies, have been a significant concern. In this context, biosimilars, with their potential for cost savings, emerge as a promising solution.
Access to cancer treatment is not uniform across regions and socioeconomic strata. Low- and middle-income countries often face challenges in providing their populations with access to the latest cancer therapies, including biologics. The rising prevalence of cancer underscores the pressing need for accessible treatment options, and biosimilars can bridge this accessibility gap by offering effective yet more affordable alternatives.
Cost-Efficiency and Accessibility
Cost-efficiency and accessibility are two interrelated drivers that exert a profound influence on the Global Oncology Biosimilars Market. The synergy between these factors not only transforms the landscape of cancer treatment but also shapes the dynamics of the biosimilars market. Cancer treatments, particularly biologic therapies, are notorious for their high costs. The economic implications of cancer treatment are a cause for concern for individuals, healthcare systems, and governments alike. As cancer prevalence rises globally, the financial burden on patients and healthcare systems escalates. This financial strain creates a compelling need for cost-effective alternatives, making biosimilars an attractive solution. Cancer can be financially devastating for patients and their families. Many cancer treatments, including biologics, are prohibitively expensive, leading to significant out-of-pocket expenses. Biosimilars, designed to offer therapeutic equivalence at a lower cost, provide relief to patients by making cancer treatment more affordable and accessible. This affordability factor enhances the quality of life for patients and ensures that they have access to vital treatments.
Cost-effective biosimilars widen the spectrum of treatment options found at to healthcare providers and patients. This diversity is especially critical in oncology, where treatment plans are often tailored to the individual patient's needs. Biosimilars offer a versatile toolkit for healthcare providers, enabling them to select treatments based on both clinical effectiveness and cost-efficiency. Healthcare systems worldwide are grappling with the challenge of balancing quality care with budget constraints. The introduction of biosimilars, which are typically more affordable than their reference biologics, can lead to substantial cost savings for healthcare systems. These savings can then be reinvested in improving cancer care infrastructure, research, and other essential healthcare services.
Regulatory Support and Approval
Regulatory support and approval represent a pivotal market driver in the Global Oncology Biosimilars Market. This driver plays a central role in shaping the landscape for biosimilars and influencing their widespread adoption across the healthcare industry. Regulatory bodies worldwide have established comprehensive and stringent evaluation processes for biosimilars. These processes are designed to ensure that biosimilars are equivalent to their reference biologics in terms of quality, safety, and efficacy. The rigor of these evaluations instills confidence in healthcare providers, patients, and other stakeholders regarding the reliability and effectiveness of biosimilars. One of the most striking advantages of regulatory support is the accelerated market entry it provides for biosimilars. Compared to the protracted timelines associated with the development and approval of novel biologics, biosimilars benefit from more streamlined pathways. This expedites their availability to patients in need, addressing unmet medical needs in
Regulatory backing enhances the trust and confidence of healthcare professionals in biosimilars. Physicians and clinicians are more inclined to prescribe biosimilars when they have assurance in the regulatory processes governing these products. This trust is instrumental in fostering the adoption of biosimilars as viable treatment options. Regulatory support ensures that biosimilars maintain cost-effectiveness while upholding quality and safety standards. This is of paramount importance given the financial constraints faced by healthcare systems worldwide. Biosimilars, as cost-effective alternatives to biologics, align with the goal of achieving high-value healthcare and cost containment.
Advancements in Biotechnology
The role of advancements in biotechnology as a market driver for the Global Oncology Biosimilars Market cannot be understated. These innovations are instrumental in shaping the landscape of biosimilars and their relevance in cancer treatment Advancements in biotechnology have enabled manufacturers to create biosimilars that closely resemble their reference biologics. Through improved techniques in cell line development,
Advancements in biotechnology have broadened the scope of therapeutic indications for biosimilars. Manufacturers can now explore new therapeutic areas and expand their biosimilar portfolios. In oncology, this translates to an increasing number of treatment options for various types of cancers, catering to a wider patient population. Biotechnological innovations have led to more efficient and scalable manufacturing processes for biosimilars. This translates to increased production capacity and cost-effectiveness. As a result, biosimilars become more accessible and affordable, addressing the economic burden associated with cancer treatment.
Key Market Challenges
Patent Litigation and Market Exclusivity
Originator biologic manufacturers often resort to patent litigation to extend their market exclusivity. These legal battles can delay the entry of biosimilars into the market. The complex nature of biologics patents can lead to protracted legal disputes.
Physician and Patient Acceptance
Physicians and patients may have limited familiarity with biosimilars compared to reference biologics. This lack of awareness can lead to hesitancy in adopting biosimilars in oncology practice.
Key Market Trends
Expanding Oncology Biosimilar Portfolio
The oncology biosimilars market is witnessing an expansion of biosimilar offerings targeting a wide range of cancer types. Initially focused on breast cancer and hematologic malignancies, biosimilar manufacturers are now developing products for lung, colorectal, and gastric cancers, among others. This trend diversifies treatment options for cancer patients.
Biosimilar Development for Immuno-Oncology Agents
Immuno-oncology has transformed cancer treatment paradigms. Biosimilar developers are now targeting immuno-oncology agents, including checkpoint inhibitors like pembrolizumab (Keytruda) and nivolumab (Opdivo). These biosimilars have the potential to offer cost-effective alternatives in a rapidly evolving therapeutic area. Immuno-oncology biologics are complex and costly. Biosimilars for these agents have the potential to generate substantial cost savings, making them an attractive proposition for both healthcare systems and patients. Biosimilar developers are focusing on the global market for oncology biosimilars. Expanding their reach beyond local or regional markets, manufacturers are seeking approvals in multiple countries to maximize their impact on cancer treatment worldwide.
Segmental Insights
Drug Class Insights
Based on Drug Class, Monoclonal Antibodies have emerged as the dominating segment in the global market for oncology biosimilars in 2023. Monoclonal antibodies are engineered to precisely target cancer cells or proteins implicated in cancer progression. This precise targeting minimizes adverse effects compared to conventional chemotherapy, making them attractive to both patients and healthcare providers. Numerous monoclonal antibodies have shown notable effectiveness across various cancer types by specifically binding to cancer cells and disrupting their growth or survival mechanisms, leading to enhanced patient outcomes in clinical trials. Biosimilars, which are biological products highly resembling an already approved reference biologic, exhibit no clinically significant disparities in safety, efficacy, or quality. Monoclonal antibodies are particularly suitable for biosimilar development due to their intricate structures replicable through advanced biotechnological methodologies.
Type of Cancer Insight
Based on Type of Cancer, Lung Cancer have emerged as the fastest growing segment in the Global Oncology Biosimilars Market in 2023.
Regional Insights
Based on region, North America have emerged as the dominating region in the Global Oncology Biosimilars Market primarily due to several key factors. The region is home to a high incidence rate of cancer, which drives the demand for affordable treatment options like biosimilars. The presence of leading pharmaceutical companies promoting research and development of biosimilars, coupled with the robust healthcare infrastructure and favorable government policies, further contribute to the market growth. The acceptance of biosimilars as a cost-effective alternative to high-priced patented drugs has also been on a steady rise, bolstering the market's expansion in North America.
Recent Developments
- In September 2023, Teva Pharmaceuticals announced intentions to present data on AUSTEDO XR (deutetrabenazine) extended-release tablets, AUSTEDO® (deutetrabenazine) capsules, and AUSTEDO (deutetrabenazine) oral solution at the 34th European College of Neuropsychopharmacology (ECNP) Congress. This demonstration highlights Teva's dedication to enhancing therapeutic options for neurological disorders. AUSTEDO®, recognized for its effectiveness in alleviating symptoms associated with conditions such as Huntington's disease and tardive dyskinesia, represents a significant advancement in this field. By disseminating clinical findings and progress at esteemed gatherings like the ECNP Congress, Teva aims to stimulate discussions and propel further innovations in neuropsychopharmacology.
Key Market Players
- TevaPharmaceuticals Industries Ltd.
- STADA Arzneimittel AG
- Shanghai Henlius Biotech, Inc.
- Sandoz Group AG
- Samsung Bioepis NL B.V.
- Pfizer Inc.
- Ligand Pharmaceuticals Inc.
- Mylan Inc.
- Innovent Biologics (USA), Inc.
- Celltrion Inc.
| By Drug Class | By Type of Cancer | By Distribution Channel | By Region |
|
|
|
|
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy