A recently published report by Fact.MR estimates that the global oncology biosimilars market is expected to surge nearly 3x across the 2022-2032 forecast period, reaching US$ 12 Billion. As of 2022, the market is expected to garner a valuation of US$ 4.2 Billion. Advancements in cancer research to develop breakthrough therapeutics and diagnostics is expected to impel market growth in the future.
From 2015 to 2021, sales of oncology biosimilar drugs flourished at a CAGR of 9%, closing at a value of US$ 4 Billion. The increased incidences of cancer, such as lung cancer and breast cancer, a susceptible ageing population, and an increase in research and development efforts done by numerous pharmaceutical firms have all led to the expansion of the oncology biosimilars market.
Additionally, increased patient awareness, advancements in therapeutic approaches, and the high cost of biologics medications are all factors influencing the demand for oncology biosimilars. Conversely, product recalls, allied with restrictive regulations, are factors inhibiting the growth of this sector. Because of the increasing frequency of cancer and the increase in the number of FDA-approved medications, North America has seen a good expansion in the oncology biosimilars market throughout the anticipated period.
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
- Blood cancer segment will expand the fastest, expanding at a 10% CAGR during the projected period.
- The neutropenia segment is expected to grow at a rapid 7% CAGR over the assessment period.
“Oncology clinical research has gained traction in recent years, and this trend has resulted in the discovery of various unique medications. Medical experts have paid close attention to leukemia research in particular. Given the aforementioned considerations, the worldwide oncology biosimilars market will gain traction in coming years,” says a Fact.MR Analyst.
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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.
- In 2018, Biocon, for example, established an exclusive global agreement with Sandoz on next-generation biosimilars. Similarly, Dr. Reddy’s cooperated with TR Pharm in 2016 to offer three biosimilars in Turkey. Pfizer, Inc., Celltrion, Inc., Sandoz International GmBH, STADA Arzneimittel AG, and Apotex, Inc. are some of the other significant industry participants in the global oncology biosimilars market.
- 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). Atos’ operational solutions will leverage infrastructure and digital platforms to optimize operating costs and generate efficiencies across the business landscape.
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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