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The global generic oncology drugs market reached a value of US$ 27.3 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$ 46.8 Billion by 2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
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.
The global generic oncology drugs market size to reach a value of US$ 46.8 Billion by 2026.
The rising prevalence of cancer due to the rapid increase in the number of smokers, sedentary lifestyles and excessive exposure to ultraviolet (UV) rays, represents one of the key drivers for the global generic oncology drugs market.
Several initiatives undertaken by the governments of various countries to promote generic drugs and reduce healthcare expenses related to cancer treatment is one of the key trends in the global generic oncology drugs market.
Sudden outbreak of the COVID-19 pandemic has led to an increase in the demand for generic oncology drugs as these are being repurposed as a potential treatment option. This, in turn, has positively influenced the global market growth.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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