Oncology Biosimilars Market Report By Insights, Size, and Growth

The oncology biosimilars market was valued at US$ 9.46 billion in 2023 and is projected to grow to US$ 24.71 billion by 2031, reflecting a compound annual growth rate (CAGR) of 12.8% from 2023 to 2031.

Several key factors are propelling the growth of this market, including the increasing prevalence of various cancers such as lung, colorectal, and breast cancer. Additionally, the affordability of biosimilar medications and a rise in the number of approvals for oncology biosimilars are significant contributors. However, challenges such as high production costs and the complexities involved in manufacturing biosimilars pose obstacles to market expansion.

Market Trends in Oncology Biosimilars

One notable trend is the emergence of collaborative models, such as joint ventures, which enable manufacturers of biosimilar medicines to maintain a competitive edge. By partnering with other firms, these companies can expedite product development, secure funding, and enhance trust among clinicians and patients. Collaborations also facilitate access to established manufacturing facilities, leading to long-term advantages such as streamlined access to future production initiatives and quicker market entry. Recent high-profile partnerships in the oncology biosimilars sector include:

In July 2023, Samsung Biologics and Pfizer entered into a strategic partnership for the long-term commercial manufacturing of Pfizer's diverse product portfolio. This agreement allows Samsung Biologics to provide Pfizer with additional large-scale manufacturing capacity for a range of biosimilars, including those targeting oncology, inflammation, and immunology.

In March 2022, Cipla Medpro, along with its wholly-owned subsidiary in India, formed a partnership with mAbxience, a global biotechnology firm, to supply oncology and respiratory-related biosimilars to South Africa. This collaboration aims to ensure equitable access to affordable, life-saving medications in the region.

As a result, the ongoing collaborations among manufacturers for biosimilars and clinical trials are expected to introduce new trends in the oncology biosimilars market in the years ahead.

Segmental Analysis of Oncology Biosimilars

The oncology biosimilars market is categorized based on drug class, type of cancer, and distribution channel.

- **By Drug Class**: The market is divided into monoclonal antibodies, granulocyte colony-stimulating factors, and erythropoiesis-stimulating agents. In 2023, the monoclonal antibodies segment dominated the market and is expected to exhibit the highest CAGR from 2023 to 2031.

- **By Cancer Type**: The market is segmented into lung cancer, colorectal cancer, cervical cancer, breast cancer, stomach cancer, brain cancer, and others. The lung cancer segment accounted for the largest share of the oncology biosimilars market in 2023 and is projected to experience the highest growth rate during the forecast period.

- **By Distribution Channel**: The market is further divided into hospital pharmacies, retail pharmacies, and online pharmacies. In 2023, hospital pharmacies held the largest market share and are anticipated to register the highest CAGR from 2023 to 2031.

Geographical Insights on Oncology Biosimilars

The global oncology biosimilars report encompasses various regions, including North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In 2023, North America held a significant share of the oncology biosimilars market, followed closely by Europe. The Asia Pacific region is expected to witness the highest CAGR during the forecast period, driven by improvements in healthcare infrastructure in emerging markets, increased healthcare spending, favorable reimbursement policies, and a growing focus on enhancing patient outcomes.

Oncology Biosimilars Market Report By Insights, Size, and Growth - 2031

Market Trends in Oncology Biosimilars

Segmental Analysis of Oncology Biosimilars

Geographical Insights on Oncology Biosimilars

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