(PharmaNewsWire.Com, March 22, 2024 ) According to the latest analysis by Virtue Market Research, the 2023, the Global Oncology Biosimilars Market was valued at $4.18 Billion, and is projected to reach a market size of $14.98 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 20%.
The global oncology biosimilars market has experienced significant growth over the years, driven by various factors. One long-term market driver is the increasing prevalence of cancer worldwide. Cancer continues to be a major health concern, leading to a rising demand for effective and affordable treatment options. Oncology biosimilars offer a cost-effective alternative to expensive biologic drugs, making them accessible to a larger population.
The COVID-19 pandemic has had a mixed impact on the oncology biosimilars market. On one hand, the pandemic has led to disruptions in healthcare services, including cancer treatment, which has affected market growth. On the other hand, the pandemic has highlighted the importance of affordable healthcare solutions, potentially driving the demand for biosimilars in the long run.
In the short term, one market driver for oncology biosimilars is the expiration of patents on key biologic drugs. As patents expire, it opens up opportunities for biosimilar manufacturers to enter the market with more affordable alternatives. This not only increases competition but also benefits patients and healthcare systems by lowering treatment costs. An opportunity in the oncology biosimilars market is the growing focus on personalized medicine. Personalized medicine involves the customization of healthcare, including cancer treatment, based on an individual's genetic makeup. Biosimilars can play a key role in personalized medicine by offering targeted treatment options at a lower cost, thereby driving market growth.
A trend observed in the industry is the increasing collaboration between pharmaceutical companies and research institutions. This collaboration aims to drive innovation in oncology biosimilars, leading to the development of more effective and affordable treatment options. Such partnerships are expected to drive market growth and expand the range of available biosimilar products.
Segmentation Analysis: The global Oncology Biosimilars Market segmentation includes:
By Disease Indication: Breast Cancer, Non-Small Cell Lung Cancer, Colorectal Cancer, Neutropenia, Blood Cancer, Leukaemia, Others. The largest segment in the global oncology biosimilars market is the neutropenia sector, which is estimated to dominate, accounting for more than half of the total market share. This dominance is due to the expiration of patents on blockbuster biologics, leading to increased usage of biosimilar medications in this category. The FDA approval of Pfizer's filgrastim-aafi in 2018 for the treatment of neutropenia in patients receiving blood cancer therapy has also contributed to this growth. The neutropenia market is predicted to increase at a CAGR of 7%.
On the other hand, the blood cancers category is expected to be the fastest-growing segment, with a stunning 10% CAGR throughout the forecast period. This growth is primarily driven by an increase in the number of novel drugs in the pipelines of major pharmaceutical companies. It is predicted that more than one-fifth of the oncology biosimilars industry will be accounted for by blood malignancies.
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies. The largest segment in the global oncology biosimilars market is the neutropenia sector, which is estimated to dominate, accounting for more than half of the total market share. This dominance is due to the expiration of patents on blockbuster biologics, leading to increased usage of biosimilar medications in this category. The FDA approval of Pfizer's filgrastim-aafi in 2018 for the treatment of neutropenia in patients receiving blood cancer therapy has also contributed to this growth. The neutropenia market is predicted to increase at a CAGR of 7%.
On the other hand, the blood cancers category is expected to be the fastest-growing segment, with a stunning 10% CAGR throughout the forecast period. This growth is primarily driven by an increase in the number of novel drugs in the pipelines of major pharmaceutical companies. It is predicted that more than one-fifth of the oncology biosimilars industry will be accounted for by blood malignancies.
Regional Analysis: In terms of both market share and revenue, North America is the largest segment in the global oncology biosimilars market and is expected to remain dominant over the forecast period. This dominance is attributed to the presence of significant players in the region and an increase in healthcare spending, which will further drive market growth. Additionally, the rising prevalence of cancer is expected to accelerate market development in North America.
The fastest-growing segment is Asia-Pacific. This growth is primarily driven by the large number of generic manufacturers in the region. Furthermore, the expansion of healthcare infrastructure and an aging population are expected to contribute to the market's growth rate in Asia-Pacific.
Latest Industry Developments: 1. Focus on Research and Development: Companies in the oncology biosimilars market are increasingly investing in research and development (R&D) to develop innovative biosimilar products. This trend is driven by the need to differentiate their offerings from competitors and gain a competitive edge. Recent developments in R&D have led to the introduction of biosimilar products with improved efficacy and safety profiles, which has helped companies enhance their market share.
2. Collaborations and Partnerships: Another trend observed in the market is the increasing number of collaborations and partnerships between pharmaceutical companies. These collaborations are aimed at leveraging each other's strengths in R&D, manufacturing, and marketing to develop and commercialize biosimilar products more efficiently. Recent partnerships have led to the successful launch of biosimilar products in key markets, helping companies expand their market share.
3. Market Expansion Strategies: Companies in the oncology biosimilars market are also focusing on expanding their presence in key markets through strategic initiatives such as acquisitions, mergers, and geographical expansions. By entering into new markets and acquiring established players, companies can increase their market share and gain access to new customers. Recent acquisitions and mergers in the market have enabled companies to strengthen their product portfolios and enhance their market position.
About Us: Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.
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