Generic Oncology Drugs Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, China, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4425
Generic Oncology Drugs Market size is projected to experience significant growth from 2019 to 2025.
Generic drugs are identical versions of branded drugs that have exactly similar dosage form, strength, route of administration, quality, performance characteristics & intended usage.
Global Generic Oncology Drugs Market, By Region, 2014 to 2025 (USD Million)
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Growing preference of individuals towards smoking & tobacco consumption is the primary cause of cancer. Other factors such as viral infections, sedentary lifestyle, age, genetic causes, pollutants, and high intake of unhealthy food are also contributing to rising cancer prevalence. For instance, as per the World Health Organization (WHO) statistics, in 2018, about 9.6 million individuals across globe have been projected to be dead due to cancer. In addition, mounting concerns regarding high number of deaths occurring due to cancer have triggered the authorities to take efficient measures for preventing cancer. Thereby, rising cancer prevalence across the globe coupled with benefits offered by generic medicines will stimulate the demand for generic oncology drugs in the upcoming period.
Escalating number of pharmaceutical industries will offer profitable growth prospective for generic oncology drugs business. Numerous firms across emerging countries such as China and India are investing in innovating pharmaceuticals. Recent developments in healthcare sector have widened the range of therapies for cancer treatments. Thus, cost-effectiveness and high adoption rate of generic oncology drugs will significantly accelerate market growth in the future.
However, concerns amongst oncologist regarding effectiveness & bioequivalence of generic drugs will create barrier for the market growth. In addition, consumption of significant amount of time for drug approval may restraint generic oncology drugs market growth in the coming years.
The global generic oncology drugs market is categorized into molecule type, route of administration, distribution channel & region. On the basis of molecule type, market is segmented into small-molecule drugs and large-molecule drugs. Small molecules market will hold considerable revenue size across the forecast timeframe owing to high drug efficacy, safety and minimal side effects. In addition, growing number of small molecules in clinical trials and rise in outsourcing by pharmaceutical firms will inflate the segmental growth.
On the basis of route of administration, the market is segmented into oral & parenteral. Parenteral segment is projected to grow at robust pace over the analysis period. As per study published by the Drug, Chemical & Associated Technologies Association (DCAT), number of parenteral medications approved as new molecular entities, by the U.S. FDA, accounted for 40% in 2017. Therefore, prominent drug producers are developing new parenteral medications to decrease the cancer burden across the globe, thereby fueling the segmental expansion.
On the basis of distribution channel, the market is bifurcated into hospital pharmacy, retail pharmacy & online pharmacy. Amongst all, online pharmacy is forecasted to show lucrative growth over the analysis period. High growth is attributed to user-friendly pharmacy inventory management associated with online-pharmacy channel. Advantages such as updated drug & pricing information, streamlined ordering & return functionality, drug purchase history and interoperability with other pharmacy or hospital systems will contribute to the segmental growth.
U.S. generic oncology drugs market will hold considerable revenue size over the estimation period. High market size can be attributed to launch of new generic oncology drugs and rising rate of strategic collaborations across the region. Also, rising cancer prevalence will lead to high adoption these drugs. For instance, as per the CDC statistics, about 9.4% of adolescents in the U.S are diagnosed with cancer. Moreover, growing need of personalized medicines to reduce risk of cancer coupled with growing stringency by the regulatory authorities will expand the U.S. generic oncology drugs market growth over the estimation period.
Some of the major market players involved in the global generic oncology drugs market are Novartis, Roche, Pfizer, Sun Pharmaceuticals, GlaxoSmithKline, Lupin & Celgene Corporation. Strategic initiatives such as launch of novel tests for generic oncology drugs, acquisitions and expansion of drug testing facilities are being adopted by these firms to fortify their business growth. For instance, in July 2019, Sandoz launched the generic oncology medicine gefitinib. The novel drug is indicated for adult patients with advanced or metastatic non-small cell lung cancer. The new product developments are expected to boost the growth of market significantly.
Generic Oncology Drugs Market, By Molecule Type, 2014-2025 (USD Million)
- Small-molecule drugs
- Large-molecule drugs
Generic Oncology Drugs Market, By Route of Administration, 2014-2025 (USD Million)
Generic Oncology Drugs Market, By Distribution Channel, 2014-2025 (USD Million)
- Hospital pharmacy
- Retail pharmacy
- Online pharmacy
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Novartis AG
- Aurobindo Pharma.
- Celgene Corporation
- F. Hoffmann-La Roche Ltd
- GlaxoSmithKline plc
- Hikma Pharmaceuticals PLC
- Lupin Pharmaceuticals
- Merck & Company, Inc
- Mylan N.V.
- NATCO Pharma Limited
- Pfizer Inc.
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
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