The new report by Expert Market Research titled, ‘Global Generic Oncology Drugs Market Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Generic Oncology Drugs Market, assessing the market based on its segments like Type, Indication, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 25 Billion
- Forecast CAGR (2023-2028): 9.1%
- Forecast Market Size (2026): USD 42 Billion
The demand for generic oncology drugs is expected to rise due to an increasing prevalence of cancer cases and a surge in the geriatric population globally. However, tight regulatory controls and adverse medication effects, such as fatigue, nausea, vomiting and pain, among others, may impede the industry’s development. Fast-paced and challenging lifestyles contributing to increased consumption of alcohol and growing smoking cases are projected to benefit the industry’s growth in the forecast era.
The increased popularity of targeted oncology drugs with the ability to treat multiple cancer types has also been projected to fuel demand growth over the projected timeframe. Besides, the growing pharmaceutical industry and growing awareness of cancer among the population also boost the development of the market.
Generic Oncology Drugs Industry Definition and Major Segments
Generic oncology drugs are cost-effective variants of branded non-biological oncology drugs with equivalent dose, type, intensity, route of administration and intended use. These drugs are used in treating cancerous cells by either shrinking or reducing them.
Various government initiatives to promote generic drugs have boosted the oncology drug market. Moreover, the cost associated with the cancer treatment is another factor improving the demand for oncology drugs as they are cost-effective and reduce the cost burden associated with the treatment.
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Based on type, the market is divided into:
- Small-Molecule Drugs
- Large-Molecule Drugs
By route of administration, the industry is categorised into:
- Oral
- Parenteral
By indication, the industry is categorised into:
- Lung Cancer
- Colorectal Cancer
- Breast Cancer
- Prostrate Cancer
- Liver Cancer
- Others
By region, the industry is categorised into:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Generic Oncology Drugs Market Trends
The industry is expected to gain traction in the coming years due to the rise in multi-source investment and the pharmaceutical industry’s increasing growth. The mounting number of deaths due to cancer has forced concerns on the usage of oncology drugs in the treatment pathway.
According to Globocan 2020, 19.3 million cases were observed, and 10 million cancer deaths were reported. Growing demand for oncology drugs from developing countries due to the increasing number of cancer cases further catalyzes industry growth.
The business is expected to see more growth in the coming years due to the growing R&D initiatives of the players engaged in the industry. Increasing government funding and the ever-increasing pharmaceutical sector are projected to add more fuel to business growth.
The growing geriatric population is prone to cancer is also projected to help market growth in the coming years. Over the forecast period, escalating number of profitable growth opportunities for oncology drugs is projected to fuel market growth.
North America currently leads the oncology drugs market, and its stronghold is expected to persist during the forecast period. The North American market is anticipated to be led by the US with considerable revenue growth. The growth can be attributed to the growing penetration of leading companies, the launch of new generic oncology drugs, and a rising strategic collaboration rate.
The Asia Pacific region is projected to see significant growth over the forecast period due to increased investment by pharmaceutical companies, especially in developing economies such as China and India, contributing to ease of accessibility of drugs to the patients, thus, aiding the growth of the market.
The high prevalence of diseases and steady government efforts to increase affordable drugs are expected to drive the demand over the forecast period. The parenteral drugs segment is expected to witness robust growth owing to their ease of usage and introduction of new parenteral medications to reduce the cancer cases load globally. Whereas, by type, small molecules oncology drugs are anticipated to hold a significant share owing to their efficiency, drug safety and minimal adverse effects.
Key Market Players
The major players in the market are Mylan N.V., Hikma Pharmaceuticals PLC, Stason Pharmaceuticals, Mayne Pharma, Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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