Global Oncology Biosimilars Market to Surge to $35.79 Billion by 2034

The global oncology biosimilars market is projected to experience remarkable growth, with its value increasing from $6.50 billion in 2024 to $35.79 billion by 2034, at an impressive compound annual growth rate (CAGR) of 18.6%, according to a press release published in BioSpace.

According to the press release, “The changing therapeutic landscape and rising prevalence of cancer is encouraging various organizations and biotech industries for the development of oncology biosimilars which are highly effective, precise and are a cost-effective alternative leading to better medication adherence among patients.”

Biosimilars, derived from living systems like bacteria or animal cells, offer a more affordable option to biologics, alleviating financial burdens on health care systems and patients. Regulatory advancements, such as the Hatch-Waxman Act of 1984, have facilitated streamlined approval pathways for biosimilars, accelerating their adoption. The looming patent expirations of blockbuster oncology drugs, including rituximab, trastuzumab, and bevacizumab, have also catalyzed biosimilar development, creating a competitive market environment.

Governments worldwide are endorsing biosimilar adoption through expedited approval processes and supportive policies. Additionally, the integration of artificial intelligence (AI) into biosimilar development enhances precision, safety evaluation, and patient selection. AI-driven innovations hold promise for personalized treatments and improved quality of life for patients with cancer.

Regionally, North America dominates the oncology biosimilars market, which can be attributed to advanced health care infrastructure and significant government support. The Asia-Pacific region is poised for rapid growth, driven by increasing cancer prevalence, rising awareness, and expanding health care investments.

Key players, including Pfizer, Novartis, and Biocon Biologics, are actively expanding their biosimilar portfolios. Recent developments include collaborations, regulatory approvals, and strategic investments aimed at advancing biosimilar innovations. For instance, Biocon Biologics received European Medicines Agency (EMA) approval for a bevacizumab biosimilar, enhancing treatment options for various cancers.

Market segmentation reveals that breast and lung cancer indications lead growth in the oncology biosimilars sector. Monoclonal antibody biosimilars and granulocyte colony-stimulating factors dominate the drug class segment. Intravenous administration remains the preferred delivery method, and hospitals continue to be the primary end-users.

Despite their promise, oncology biosimilars face challenges, including immunogenicity concerns and the need for extensive postmarketing surveillance. However, ongoing advancements and robust regulatory frameworks are positioning biosimilars to reshape oncology treatment paradigms, making life-saving therapies more accessible worldwide.

Reference

BioSpace. Oncology biosimilars market size to reach USD 35.79 billion by 2034. Published December 10, 2024. Accessed December 18, 2024. https://www.biospace.com/press-releases/oncology-biosimilars-market-size-to-reach-usd-35-79-billion-by-2034