The generic oncology drugs market refers to the market for non-proprietary cancer treatments, which are copies of brand-name drugs that have lost their patent protection. In recent years, the generic oncology drugs market has grown rapidly, driven by the increasing demand for cancer treatments and the decline in the cost of generic drugs.
Oncology is one of the most expensive areas of medicine, with some brand-name cancer drugs costing tens of thousands of dollars per year. The high cost of these drugs has led many patients and health systems to turn to generic alternatives, which can be significantly cheaper. In many cases, generic oncology drugs are just as effective as their brand-name counterparts, and they can help to reduce the financial burden of cancer treatment.
There are several factors driving the growth of the generic oncology drugs market. One of the key factors is the increasing prevalence of cancer, which is projected to continue to rise in the coming years. This increase in demand for cancer treatments is expected to drive demand for generic oncology drugs, as patients and health systems seek out more affordable options.
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Sales revenue from generic oncology drugs in 2020 was US$ 23 Bn, which is expected to surge to US$ 41.5 Bn by the end of 2031. Analysts at Persistence Market Research have also predicted the market to rise at a healthy CAGR of 6% over the next ten years.
Instances of cancer cases have risen exponentially across the globe. From diagnosis to treatment, all aspects of the disease are being researched extensively by numerous market players. Oncology treatment and drugs have proven to be very expensive for everyone, and this has been affecting overall treatment of cancer globally.
Research is focusing on developing new and cost-effective generic oncology drugs that would be helpful in treatment of types of cancers. A major trend to watch out for over the decade would be the use of nanotechnology in the development of generic oncology drugs. With cancer rates surging, the need for a diverse portfolio of generic drugs is being realized, and major as well as new market players are investing in developing a vast portfolio that caters to most needs of patients suffering from different cancer conditions.
Key Takeaways from Market Study
- The global generic oncology drugs market is predicted to expand at a CAGR of 6% through 2031.
- Generic oncology drugs revenue is anticipated to top US$ 41.5 Bn by the end of the decade.
- The South Asia market is predicted to rise at the fastest CAGR over the decade.
- In 2020, global market revenue totaled a net worth of US$ 23 Bn.
- Increasing incidence of cancer across the globe, growing focus on healthcare, rising healthcare expenditure, and advancements in treatment technologies and drugs are some of the major factors influencing industry growth.
“Key players are focusing on diversifying their product portfolios in order to fulfil high demand for generic oncology drugs,” says a Persistence Market Research analyst.
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The global market for generic oncology drugs has been identified as a fairly fragmented space due to the presence of a high number of market participants.
Some of the key market players included in the report are Novartis AG, Pfizer Inc., GlaxoSmithKline plc, CELGENE CORPORATION, Teva Pharmaceutical Industries Ltd., Merck & Company, Inc, Aurobindo Pharma., Hikma Pharmaceuticals PLC, Mylan N.V., and NATCO Pharma Limited.
These are identified as key manufacturers of generic oncology drugs. They are engaged in market expansion activities and the research & development of new oncology drugs.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global generic oncology drugs market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, molecule type, by route of administration, by distribution channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
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Key Questions Answered in This Report.
- What are the Roadblocks for Generic Oncology Drugs Market Suppliers?
- What are the Key Opportunities for Generic Oncology Drugs Market Manufacturers?
- How is Focus on Safety Influencing Generic Oncology Drugs Market Demand?
- What is the Regulatory Impact on Global Sales of Generic Oncology Drugs Market?
- Which Region Offers the Largest Opportunity for Sales of Generic Oncology Drugs Market?
- Where Does the U.S. Stand in the Market for Generic Oncology Drugs Market?
- What Is the Outlook for Generic Oncology Drugs Market Manufacturers in China?
- Why is Germany a Lucrative Market for Generic Oncology Drugs Market Manufacturers?
- Why Will Belgium Outpace Other European Markets for Generic Oncology Drugs Market?
- Why is There High Demand for Tires in Generic Oncology Drugs Market?
- Why are Sales of Generic Oncology Drugs Market Surging?
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