According to IMARC Group's latest research report, titled "Oncology Biosimilars Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on the oncology biosimilars market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global oncology biosimilars market size reached US$ 2.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12 Billion by 2027, exhibiting a growth rate (CAGR) of 22.78% during 2022-2027.
Oncology Biosimilars Market Outlook:
Oncology biosimilars represent cost-effective counterparts of the already licensed reference biologics. They are similar in terms of quality, safety, and efficiency to their branded counterparts and are widely used in cancer treatment. Biological therapies are large and highly complex molecules that are derived from living cells or organisms. They incur lower manufacturing costs, ensure equivalence of efficacy and safety profiles, and aid in reducing treatment expenses. In addition to this, oncology biosimilars are commonly available via hospital pharmacies, online pharmacies, retail pharmacies, etc., across the globe.
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Oncology Biosimilars Market Growth:
The growing prevalence of cancer among individuals is among the key factors stimulating the oncology biosimilars market. Moreover, government bodies across countries are also approving these drugs to offer a safe and affordable alternative to originator biological therapies, which is acting as another significant growth-inducing factor. Besides this, the rising usage of these cost-effective biosimilars, as they provide considerable savings, better access to treatment, the potential for improved outcomes, etc., is positively influencing the global market. Additionally, various leading manufacturers are entering into strategic partnerships with pharmaceutical companies to develop oncology drugs, which is propelling the market growth. In line with this, the easy availability of affordable medications that offer enhanced patient access and the upcoming patent expiry of several blockbuster oncology drugs are fueling the global market. Furthermore, extensive investments in R&D activities by key market players, continuous improvements in the healthcare industry, and the expanding geriatric population are anticipated to fuel the oncology biosimilars market over the forecasted period.
Key Market Segmentation:
Competitive Landscape with Key Players:
Biocon Limited
Celltrion Inc.
Dr. Reddy's Laboratories Ltd.
Intas Pharmaceuticals Ltd.
STADA Arzneimittel AG
Pfizer Inc.
Apotex Inc.
Teva Pharmaceutical Industries Ltd.
Sandoz International GmbH
BIOCAD Biotechnology Company
Mylan N.V.
F. Hoffmann-La Roche AG
Breakup by Drug Type:
Monoclonal Antibody
Immunomodulators
G-CSF
Hematopoietic Agents
Others
Breakup by Cancer Type:
Lung Cancer
Colorectal Cancer
Cervical Cancer
Breast Cancer
Kidney Cancer
Stomach Cancer
Brain Cancer
Others
Breakup by Distribution Channel:
Hospital Pharmacies
Online Pharmacies
Retail Pharmacies
Others
Breakup by Region:
North America (United States, Canada)
Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
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