The oncology biosimilars market was valued at US$ 9.46 billion in 2023 and is anticipated to reach US$ 24.71 billion by 2031; it is projected to register a CAGR of 12.8% from 2023 to 2031.

Key factors driving the market growth are the 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

Market Trends of the Oncology Biosimilars:

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.

Oncology Biosimilars: Segmental Overview

The oncology biosimilars is segmented on the basis of 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. 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 lung cancer, colorectal cancer, cervical cancer, breast cancer, stomach cancer, brain cancer, and others. The lung cancer segment held the largest oncology biosimilars market share in 2023 and is projected to register the highest CAGR from 2023 to 2031. The oncology biosimilars market is segmented based on distribution channels into hospital pharmacies, retail pharmacies, and online pharmacies. In 2023, the hospital pharmacy segment held the largest market share and is expected to register the highest CAGR from 2023 to 2031.Oncology biosimilars: Geographical Overview

The scope of the global oncology biosimilars report entails North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America held a major oncology biosimilars share in 2023, followed by Europe; the market in Asia Pacific region is growing with the highest CAGR during the forecast period. This is attributed to developing healthcare infrastructure in emerging markets, rising healthcare expenditure, lucrative reimbursement policies, and increasing emphasis on better patient outcomes in the region.