Global Oncology Biosimilars Market Industry Size (2023 - 2030)

According to our research report, the global oncology biosimilars market was valued at $4.18 Billion in 2022 and is projected to reach a market size of $14.98 Billion by 2030. The market is projected to grow with a CAGR of 20% per annum during the period of analysis (2023 - 2030).

Industry Overview

Increasing cancer cases, such as lung cancer and breast cancer, an ageing population, and increased research and development activities by multiple pharmaceutical companies have all led to the growth of the oncology biosimilars market. Furthermore, growing patient awareness, developments in treatment options, and the expensive cost of biologic drugs are all factors impacting the demand for cancer biosimilars. Nonetheless, product recalls and stringent restrictions are hindering the industry's expansion.

Cancer is a lifestyle disease that develops as a result of abnormal cell proliferation and can lead to the formation of a tumour. The bulk of effective cancer treatments are currently based on biological drugs, often known as biologics, and include both targeted therapies and cancer immunotherapies. These drugs are produced using living animals such as bacteria, yeast, and animal or plant cells, and they need complex manufacturing procedures and a protracted development time. As a result, the cost of these drugs has risen dramatically, contributing to the entire expense of cancer treatment. The development of biosimilars to branded cancer biologics has risen in favour as a way to reduce treatment costs.

A biosimilar is a biological product that is comparable to and identical to a previously approved reference product. These are less expensive than branded or certified items. Several oncology biologics' patents have already expired, and others are about to do so. Biosimilars are predicted to gain popularity as more drugs lose their patents. Leading generic firms such as Mylan N.V., Teva Pharmaceutical Industries Ltd, Allergan Plc, and Sandoz (a part of Novartis International AG) are likely to capitalise on patent expirations and position themselves as market leaders in oncology biosimilars.

Impact of Covid-19 on the Industry

The escalating COVID-19 epidemic has brought the whole planet to a halt. With commercial activities halted, industries are experiencing supply chain disruptions and a resulting demand-supply gap. In terms of cancer biosimilars, the market is likely to contract in the immediate term. This is due to healthcare practitioners shifting their attention toward treating individuals with acute COVID-19 infections. Delays in clinical studies are estimated as a result, which will ultimately delay product introductions. Fortunately, providers are searching for ways to compensate for the increased costs they are now facing. It will be more vital than ever for biosimilars to live up to their promise of saving the healthcare system money.

The COVID-19 outbreak and subsequent lockdown in many nations throughout the world had a significant impact on the financial situation of businesses in various industries. One of the areas where the pandemic had a huge influence was the private healthcare industry. The coronavirus pandemic had a considerable impact on drug discovery, manufacture, and supply, as well as the operations of several healthcare firms worldwide. The epidemic has caused the closure of industrial premises, except those producing crucial commodities, as well as interruptions in product supply networks. As a result, the COVID-19 epidemic had an economic impact by disrupting supply chain channels and having a financial impact on enterprises and financial markets.

Market Drivers

The rise in prevalence of cancer will result in increasing consumer demand for oncology biosimilars

The rising cancer prevalence is a significant factor driving the growth rate of the oncology biosimilars market during the projected period of 2023 - 2030. Cancer is a lifestyle illness caused by aberrant cell proliferation, which can result in tumour growth. Biological drugs, or biologics, are currently employed in the majority of successful cancer treatments, including targeted therapies and immunotherapies. These treatments are created from living organisms such as bacteria, animal or plant cells, and yeast, and they necessitate complex production procedures as well as a lengthy development period. Biosimilars of branded cancer biologics are gaining appeal as a means of lowering treatment costs.

The rise in government initiatives will drive the market growth

Government actions are likely to increase the cancer biosimilars industry. Furthermore, governments in a few countries are promoting biosimilars as a cost-cutting strategy. The United States Food and Drug Administration (USFDA), for example, has developed biosimilar teaching materials for physicians and patients. Furthermore, people's sedentary lifestyles and an ageing population will drive the growth of the cancer biosimilars market. In addition, growing healthcare expenditures and increased demand for biosimilar pharmaceuticals due to their cost-effectiveness would boost the market's growth rate.

The rise in the number of research and development activities is boosting market for oncology biosimilars

The increasing number of R&D efforts for new indications, as well as biologic patent expiration, are expected to generate new prospects for the growth of the oncology biosimilars market in the future years. These research operations are being funded by the players to try alternative formulae and boost income. Competitors often form strategic collaborations, which help to considerably influence the growth rate of the oncology biosimilars market. Furthermore, increased investment in the development of innovative technologies, as well as an increase in the number of emerging markets, would give positive prospects for the growth of the oncology biosimilars market throughout the forecast period.

Market Restraints

The high cost of drug development will act as a restraint for the oncology biosimilar market

On the other side, the hefty costs involved with medication research and delivery will stymie market expansion. The shortage of experienced personnel and a lack of healthcare infrastructure in developing nations may pose challenges to the cancer biosimilars industry. Furthermore, regulatory and clinical constraints, as well as biologics manufacturers' reluctance, would serve as a restraint and further hinder the market's growth rate during the projected period of 2023 - 2030.

ONCOLOGY BIOSIMILARS MARKET REPORT COVERAGE:

This research report on the global oncology biosimilars market has been segmented and sub-segmented based on disease indication, distribution channel, Geography & region.

Global Oncology Biosimilars Market- By Disease Indication

• Breast Cancer
• Non-Small Cell Lung Cancer
• Colorectal Cancer
• Neutropenia
• Blood Cancer
• Leukaemia
• Others

The blood cancers category is predicted to increase the fastest throughout the forecast period, at a stunning 10% CAGR. This is mostly due to an increase in the number of novel drugs in the pipelines of big pharmaceutical companies. More than one-fifth of the oncology biosimilars industry is predicted to be accounted for by blood malignancies.

In contrast, the neutropenia sector is estimated to dominate the global Oncological biosimilars market, accounting for more than half of the total market share. Due to the expiry of patented blockbuster biologics, the usage of biosimilar medications in the category has grown. The FDA approved Pfizer's filgrastim-aafi in 2018 for the treatment of neutropenia in patients receiving blood cancer therapy. The neutropenia market is predicted to increase at a CAGR of 7%.

Global Oncology Biosimilars Market- By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Based on Distribution Channel, the global oncology biosimilars market is segmented into hospital pharmacies, retail pharmacies and online pharmacies. The hospital pharmacies segment is projected to dominate the market during the period of analysis.

Global Oncology Biosimilars Market- By Geography & Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

In terms of market share and revenue, North America dominates the oncology biosimilar market, and this dominance is expected to remain over the forecast period. This is attributed to the presence of significant important players, and rising healthcare spending will drive the market's growth rate in this area even more. Furthermore, the rising prevalence of cancer would accelerate the market's development pace in this area.

Because of the huge number of generic manufacturers in this area, Asia-Pacific is predicted to rise throughout the projection period of 2023 - 2030. Furthermore, the expansion of healthcare infrastructure and an ageing population will drive the market's growth rate in this area.

Europe's market is likewise predicted to rise rapidly throughout the projection period. This is due to the anticipated market launch of important items throughout the projection period. Leading generic manufacturers in Europe, such as Sandoz (a branch of Novartis International AG) and Mylan N.V., have expressed interest in this subject. In 2009, Mylan N.V. signed a partnership agreement with Biocon Limited to develop biosimilars. The pair received FDA clearance for their first biosimilar medication in the United States in 2017, while the European Medicines Agency (EMA) authorised resubmission for their Herceptin copycat in the same year. With a rising number of authorised drugs, the oncology biosimilars market in the area is likely to increase significantly during the forecast period.

Global Oncology Biosimilars Market- By Companies

1. Pfizer Inc. (U.S.)
2. GlaxoSmithKline plc (U.K.)
3. Novartis AG (Switzerland)
4. Mylan N.V. (U.S.)
5. Teva Pharmaceutical Industries Ltd. (Israel)
6. Sanofi (France)
7. F. Hoffmannn-La Roche Ltd. (Switzerland)
8. Zydus Cadila (India)
9. Lupin (India)
10. Amneal Pharmaceuticals LLC. (U.S.)
11. Cipla Inc. (U.S.)
12. Aurobindo Pharma (India)

NOTABLE HAPPENINGS IN THE GLOBAL BIOTECHNOLOGY MARKET IN THE RECENT PAST:

• Regulatory Approval: - In 2020, RIABNI had been approved by the United States Food and Drug Administration (USFDA) (rituximab-arrx). RIABNI (rituximab-arrx) is a rituximab biosimilar used to treat adult patients with non-lymphoma, Hodgkin's chronic lymphocytic leukaemia, Wegener's granulomatosis, and microscopic polyangiitis (MPA).
• Regulatory Approval: - In 2019, Pfizer received US FDA approval for its oncology biosimilar named TRAZIMERA as a biosimilar to Herceptin.