The global generic oncology drug market size reached US$ 24.8 Billion in 2019. Generic oncology drugs assist in shrinking, controlling and destroying the cancer cells present in the human body. Furthermore, a few oncology drugs are widely prescribed by doctors to alleviate symptoms, including pain. They share the same active ingredients as the already marketed brand-name cancer care medicine. These drugs can be characterized by a different color or flavor than that of the original drug but their quality, performance, intended use, strength, dosage form and route of administration remain the same. Consequently, these drugs efficiently deliver equivalent clinical benefits and yield the same therapeutic effect as their brand-name counterparts at a lower cost.
The escalating prevalence of cancer is one of the key factors driving the market growth. Owing to various factors including a rapid increase in the number of smokers, sedentary lifestyle and excessive exposure to ultraviolet (UV) rays, the number of cancer cases has experienced a significant rise across the globe. In addition to this, the high costs associated with a full-length cancer treatment have led a majority of the patients to opt for these drugs as they are much more cost-effective as compared to their brand-name counterparts. Moreover, patent expiration of key blockbuster drugs is also a significant factor that is providing a boost to the market growth. Along with this, governments of several countries are undertaking initiatives to promote generic drugs. They are continually engaging in research and development (R&D) activities to reduce healthcare expenses related to cancer treatment, thus making the healthcare facility accessible and affordable for all. Such initiatives are augmenting the introduction of several new generic drugs. Other factors such as rising awareness about the benefits of early cancer diagnosis and growing inclination toward preventive measures are contributing to the market growth. On account of the aforementioned factors, IMARC Group estimates the market to grow at a CAGR of 9.4% during 2020-2025, reaching a value of US$ 42.5 Billion by 2025.
Amongst these, North America holds the leading position in the market, owing to an increasing number of cancer patients and rising awareness about early cancer diagnosis.
The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market.
Key Questions Answered in This Report:
With the ongoing coronavirus disease (COVID-19) pandemic, oncology drugs are being repurposed as a potential treatment option. This, in turn, can positively influence the market growth.
The global generic oncology drug market was worth US$ 24.8 Billion in 2019.
The rising prevalence of cancer due to the rapid increase in the number of smokers, sedentary lifestyles and excessive exposure to ultraviolet (UV) rays are some of the major factors driving the market growth.
Several initiatives undertaken by the governments of various countries to promote generic drugs and reduce healthcare expenses related to cancer treatment are the major market trends.
The global generic oncology drug market is expected to reach US$ 42.5 Billion by 2025.
The global generic oncology drugs market is expected to grow at a CAGR of 9.4% during the next five years.
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, Latin America, and Middle East and Africa. At present, North America exhibits a clear dominance in the market.
The leading players operating in the industry are Novartis International AG, Pfizer, Inc., GlaxoSmithKline plc, Celgene Corporation, Teva Pharmaceutical Industries Ltd., Merck & Company, Inc, Aurobindo Pharma Limited, Hikma Pharmaceuticals PLC and Mylan N.V.
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