The generic oncology drugs market is set to growth at a compounded annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030. According to the statistics provided by World Health Organization (WHO) in 2022, 9.6 million people worldwide have been estimated to be dead due to cancer. It is considered as the second leading cause of death, researchers are of the opinion that approximately 30% cancer deaths can be prevented by avoiding risk factors such as alcohol consumption, tobacco smoking, early diagnosis etc.
The oncology biosimilars market stood at US$ 3520.9 Mn in 2021 and projected to exhibit a double-digit compound annual growth rate (CAGR) of 28.3% during the forecast period from 2022 to 2030. According to U.S. Food and Drug Administration, biosimilars are biological medicines that contain a highly similar version of the active substance of an already approved biologic, commonly referred to as the reference product.
