Oncology Biosimilars Market Size, Share and Demand by 2031
Oncology biosimilars have emerged as high-growth opportunities as a result of the growing demand for affordable treatments by patients suffering from cancer. With a definition of biologic products that show high similarity to already approved reference products, biosimilars are ready to present a feasible alternative to expensive therapies for cancer.
Market Overview
The global oncology biosimilars market was valued at approximately US$ 9.46 billion in 2023 and is anticipated to reach approximately US$ 24.71 billion by 2031, expanding at a CAGR of approximately 12.8% The rise in the incidences of cancer, patent expiry of various biologic drugs, and growing demand for less expensive treatments are expected to drive the growth of market.
Key Drivers of Growth
Increasing incidence of cancer: According to the estimates of WHO, nearly 10 million deaths annually result from cancer. The high incidence of various cancers increases the demand for biosimilars in treatment.
Patent Expirations: For most of the biologic drugs used in cancer therapy, the patent terms have either reached their end or are reaching their end, allowing biosimilar manufacturers to enter the market. The shift in this direction has been creating an avenue for less expensive options to be available after highly expensive biologic therapies.
Cost-effectiveness: Oncology biosimilars of these originators help greatly in reducing the cost burden, therefore presenting a more viable option for healthcare providers and patients. As such, there is likely to be increased demand for such options for treatment in coming years since healthcare costs are on the rise.
The oncology biosimilar market is segmented based on product type, application, and region.
Depending on the product type, the market includes monoclonal antibodies, cytokines, and other biologics. Among these, monoclonal antibodies occupy the majority of shares since they find extensive application in the treatment of various types of cancer.
According to the application type, the main applications are breast cancer, colorectal cancer, and lymphomas; out of these, the most significant share is held by breast cancer, as it is one of the most common types of cancer.
By Region: North America leads the oncology biosimilars market, followed by Europe and Asia-Pacific. Its dominance is attained by the advanced healthcare infrastructure and avourable regulatory frameworks that have been laid down within North America.
Challenges and Opportunities
While the growth looks promising, oncology biosimilars have to be considered with challenges in terms of strict regulatory requirements necessary for granting marketing authorization, requiring extensive clinical trials in order to prove similarity with their reference product. However, opportunities may be found in emerging markets where increasing healthcare expenditures and a rising incidence of cancer drive demand for biosimilars.
Conclusion
Increased incidence of cancer and demand for reasonable treatment would certainly bring considerable growth in the oncology biosimilars market in the coming years. Stakeholders can be able to make a competitive stand in this vibrant market only when there is a strong emphasis on strict regulatory compliance along with innovative strategies.
Frequently Asked Questions
- What is the current market size of the oncology biosimilars market?
The market was valued at US$ 9.46 billion in 2023 and is likely to achieve a value of US$ 24.71 billion by 2031.
- What are the driving factors of the oncology biosimilars market?
Rising incidences of cancer, patent expiring for biological drugs, and treatments within affordable reach are some of the major drivers responsible for growth.
- What are the major product types in the market for oncology biosimilars?
Monoclonal antibodies, cytokines, and others are some of the major product types in the market.
- Which geography is the leading in the oncology biosimilar market?
North America has secured the largest share of the market due to state-of-the-art healthcare infrastructure and a friendly regulatory environment.
- What are the major factors challenging the growth of the oncology biosimilars market?
Several difficult stipulations by regulatory authorities require an extensive clinical trial to prove similarity to reference products.
Author’s Bio:
Chaitali Deshpande
Senior Market Research expert at The Insight Partners