Oncology Biosimilars Market was valued at US$ 4 Billion, and is likely to rise at a Y-o-Y growth rate of 5% in 2022 to reach US$ 4.2 Billion. By the end of the forecast period, the industry is poised to reach US$ 12 Billion.
The market for oncology biosimilars is anticipated to surge up at an astronomical pace, registering a CAGR of 11% during the forecast period from, and 2022 to 2032. The market had a value of US$ 4 billion as of 2021, and it is anticipated to grow by 5% year over year in 2022 to reach US$ 4.2 billion. The industry should reach US$ 12 billion by the end of the forecast period. The oncology biosimilars market refers to the market for biosimilar drugs that are used in the treatment of various types of cancer. Biosimilars are biological products that are highly similar to an existing reference biological product, with no clinically meaningful differences in safety and effectiveness.
The oncology biosimilars market has been growing rapidly in recent years, driven by the increasing demand for cost-effective cancer treatments, as well as the expiration of patents on several major cancer drugs. Biosimilars offer a more affordable alternative to expensive biologic drugs, which can be a significant advantage for patients and healthcare providers. Some of the major oncology biosimilars in the market include biosimilars of drugs such as Rituximab, Trastuzumab, Bevacizumab, and Cetuximab. These biosimilars have shown similar efficacy and safety profiles to their reference drugs, and are being increasingly used in the treatment of cancer
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Key Takeaways from the Market Study
Competitive Landscape
The worldwide market for oncology biosimilars is a highly consolidated market. The top five market participants jointly account for more than 70% of the market share. To expand their market footprints, these companies rely heavily on active collaborations to boost their product distribution networks.
Key Oncology Biosimilars Service Providers
Regional Analysis For Oncology Biosimilars Market
The global oncology biosimilars market is expected to continue to grow in the coming years, driven by the increasing prevalence of cancer worldwide, as well as the increasing demand for cost-effective cancer treatments. However, there are also several challenges facing the market, such as the high development costs and regulatory barriers associated with biosimilar drugs, as well as the potential for legal challenges from innovator companies.
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Jun 21, 2023