The latest report by IMARC Group titled “Generic Oncology Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global generic oncology drugs market reached a value of US$ 27.3 Billion in 2020. Generic oncology drugs assist in controlling and destroying the cancer cells present in the human body. These drugs are also prescribed by doctors for alleviating symptoms, including pain. They contain the same active ingredients, quality, performance, intended use, dosage form, strength, and route of administration as brand-name cancer care medications. However, they can be distinguished by a different color or flavor than the original drug. Moreover, the availability of oncology generics can further improve cancer treatment outcomes by increasing drug adherence among patients.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.???
Global Generic Oncology Drugs Market Trends:
The market is primarily driven by the growing prevalence of cancer due to various factors such as a rapid increase in the number of smokers, sedentary lifestyles, and excessive exposure to ultraviolet (UV) rays. In addition, the high costs of full-length cancer treatment have enabled patients to opt for these drugs due to their cost-effectiveness over their branded counterparts. Furthermore, the growing awareness about the benefits of early cancer diagnosis and rising inclination toward preventive measures are creating a positive market outlook. Besides this, governments of numerous countries are undertaking various initiatives to promote the adoption of generic oncology drugs as a cost-containment measure. They are also investing in cancer-related research and development (R&D) activities and the production of anti-cancer drugs, which is strengthening the market growth. Moreover, generic drugs are gaining traction as they generally require low capital investments as the companies only incur the manufacturing cost without any expenditure on drug discovery, drug development, advertising, and distribution of free samples. Several branded oncology drugs are also anticipated to lose patent protection in the upcoming years, which will provide lucrative opportunities to generic oncology drug manufacturers. Looking forward, IMARC Group expects the market to reach a value of US$ 46.8 Billion by 2026.
- Region-wise, the market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa. Amongst these, North America holds the leading position in the market.
- The competitive landscape of the market has been examined in the report, along with detailed profiles of the major players operating in the industry.
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