Oncology Biosimilars Market is expected to reach US$ 24.71billion by 2031

Increasing Collaborations Among Manufacturers and Clinical Trials for Biosimilars Anticipated to Fuel Global Oncology Biosimilars Market in Coming Years

According to our new research study on "Oncology Biosimilars Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Drug Class, Cancer Type, Distribution Channel, and Geography," the market is expected to grow from US$ 9.46 billion in 2023 to US$  24.71billion by 2031; it is anticipated to record a CAGR of 12.8% from 2023 to 2031. Key factors driving the market are a surge in incidences of cancers, including lung cancer, colorectal cancer, and breast cancer; the cost-effectiveness of biosimilar drugs; and a rise in the approvals of oncology biosimilars. However, high-cost involvement and complexities in biosimilar product manufacturing hamper the oncology biosimilars market growth.

Biosimilars are biopharmaceutical products that closely resemble existing reference biologic drugs in terms of safety, efficacy, and quality but are not identical. Biosimilars such as monoclonal antibodies and supportive agents, including filgrastim, pegfilgrastim, epoetin α, and epoetin ζ, are available to treat various types of cancers.  

Oncology Biosimilars Market, By Geography, 2022 (%)

Source: The Insight Partners Analysis

Biosimilars offer potential benefits to every stakeholder in the healthcare system by providing low-cost but equally effective treatment options such as their reference biologics. For instance, per an article published by JCO Oncology Practice in October 2023, a study was conducted to compare the cost savings of MVASI and Zirabev, two of the earliest bevacizumab biosimilars to Avastin, the originator biologic for treating patients suffering from metastatic colorectal cancer (mCRC). The study concluded that Bevacizumab biosimilars showed real-world cost-savings while providing similar survival benefits as Avastin, confirming the initial expectations of their implementation. The potential savings from using biosimilars can also be used to fund other new treatments. The uptake of biosimilars has been slower in the US than the uptake in European Union (EU) countries. The EU is leading in biosimilar approvals, utilization, and cost savings awareness.

Most healthcare systems have developed protocols, incentives, and diverse reimbursement and procurement policies to ensure biosimilar to improve potential savings. Thus, the advent of more affordable oncology biosimilars as a medical armamentarium can reduce the burden on healthcare expenditure and improve access to efficient cancer therapies because of their demonstrated safety and efficacy in real-world scenarios, clinical evidence, and physicochemical quality data. Therefore, the cost-effectiveness of biosimilar drugs for the treatment of cancer fuels the oncology biosimilars market growth.

Moreover, collaboration models such as joint ventures can help biosimilar medicine manufacturers stay competitive. By collaborating with other companies, they can develop products quickly and effectively, access funding, and gain clinician and patient confidence. Collaboration can also provide access to established manufacturing facilities, and long-term benefits include easy access to future production projects and early market penetration. A few instances of recent, high-profile collaborations in the oncology biosimilars market are given below:

• In July 2023, Samsung Biologics and Pfizer signed a strategic partnership agreement for the long-term commercial manufacturing of Pfizer’s multi-product portfolio. Under this agreement, Samsung Biologics will provide Pfizer with additional capacity for large-scale manufacturing for a multi-product biosimilar portfolio covering oncology, inflammation, and immunology.
• In March 2022, Cipla Medpro, along with the wholly-owned subsidiary of Cipla Limited in India, entered into a partnership agreement with mAbxience, the global biotechnology company, to provide oncology and respiratory-related biosimilars to South Africa. The partnership is aimed to ensure unbiased access to affordable, life-saving medication in the region.

Therefore, the collaborations among manufacturers for biosimilars and clinical trials are expected to bring new oncology biosimilars market trends in the coming years.

The “oncology biosimilars market analysis” has been carried out by considering the following segments: drug class, cancer type, and distribution channel. The market, by drug class, is segmented into monoclonal antibodies, granulocyte colony-stimulating factor, and erythropoiesis-stimulating agents (ESAs). In 2023, the monoclonal antibodies segment held the largest share of the market and is anticipated to register the highest CAGR from 2023 to 2031. The market, based on cancer type, is categorized into colorectal cancer, cervical cancer, breast cancer, supportive care, lymphoma, and others. The supportive care segment held the largest market share in 2023. The colorectal cancer is projected to register the highest CAGR from 2023 to 2031. Based on distribution channel, the oncology biosimilars market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy. In 2023, the hospital pharmacy segment held the largest market share. Online pharmacy segment is expected to register the highest CAGR from 2023 to 2031.

The scope of the oncology biosimilars market report focuses on North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Spain, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In terms of revenue, North America accounted for a major market share in 2023, followed by Europe. The growing cases of cancer, rising approvals of biosimilars for cancer treatment, and the advanced healthcare infrastructure are the factors anticipated to propel the oncology biosimilars market share in North America. According to the Cardinal Health Biosimilars Report published in 2022, the FDA has approved 33 biosimilars in the US, and 21 are commercially available. Out of these, 17 are being used for cancer treatments.

Apart from highlighting factors affecting the market, the oncology biosimilars market report depicts the developments of prominent players. CELLTRION, Inc.; Teva Pharmaceutical Industries Ltd; Pfizer Inc; Sandoz Group AG; Biocon; Amgen Inc; Samsung Bioepis; Coherus BioSciences; BIOCAD; and Lilly are among the top players operating in the market. The companies have been implementing various strategies that contribute to their growth and led to various changes in the market. The companies utilize organic strategies (such as product launches, expansion, and product approvals) and inorganic strategies (such as collaborations and partnerships) to stay competitive in the market.  

The oncology biosimilars market forecast can help stakeholders in this marketplace plan their growth strategies. As per the company press release, below are a few key developments and initiatives taken by key players operating in the oncology biosimilars market:

• In November 2022, Organon launched a biosimilar of Avastin, AYBINTIO, in Canada. The treatment is available for patients in Canada who are affected by certain aggressive forms of cancer, including metastatic colorectal cancer (mCRC), metastatic lung cancer, platinum-sensitive and resistant recurrent epithelial ovarian, fallopian tube, and primary peritoneal cancer, fallopian tube, and glioblastoma. This launch was aimed at expanding the company's biosimilar portfolio.
• In May 2022, Biocon Biologics and Viatris launched Abevmy, a biosimilar to Roche’s Avastin (Bevacizumab). Biocon Biologics Ltd., a subsidiary of Biocon Ltd., and Viatris Inc. announced the availability of this oncology biosimilar in Canada. Abevmy, co-developed by Biocon Biologics and Viatris, has been approved by Health Canada for four types of cancers.

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