Generic Oncology Drugs Market size will observe significant growth between 2021 and 2027 ascribing to the increasing number of cancer patients on account of the increased exposure to UV rays and the emergence of sedentary lifestyles. According to the WHO, in 2020, cancer accounted for about 10 million deaths worldwide.
The surging consumer awareness pertaining to early cancer diagnosis has triggered the rise in R&D activities for the introduction of new drugs and therapies. The mount in the number of smokers, and the rising incursion of biotechnology are other factors contributing to the market dynamics.
Generic oncology drugs are affordable and high-quality anti-cancer drugs that can shrink, control, and eliminate cancer cells. The time-consuming drug approval procedures and the prevailing issues over the effectiveness & bioequivalence of generic drugs may negatively impede the market expansion to a certain extent. However, the growing preference for generic medicines, the higher government spending on healthcare, and the booming geriatric population will upsurge the product demand spurt.
In terms of molecule type, the generic oncology drugs market is segmented into small-molecule and large-molecule drugs. Among these, the small molecule drugs segment will potentially grow with the surging need for minimal side effects and enhanced safety as well as drug efficacy. As small-molecule generics work with straightforward development and production processes, they are increasingly preferred over large molecules. Soaring advancements in personalized drug development and the higher adoption of small molecules in clinical trials will favor the market progression.
The generic oncology drugs market size from online pharmacies will attain momentum, based on distribution channel segmentation. This is attributed to the rising consumer inclination towards streamlined ordering and return functionalities. These channels not only offer updated drug & pricing information but also render higher interoperability in comparison to the hospital systems. The increasing obligation for drug purchase history will further fuel the segment growth.
North America generic oncology drugs market is set to witness appreciable proceeds due to the presence of advanced technologies. Moreover, the rising rate of strategic collaborations and the booming population size has led to the influx of novel generic oncology drugs. The presence of severe regulatory authorities and enhanced healthcare infrastructure along with the swelling acceptance of personalized medicines for cancer treatment will additionally influence the regional expansion.
Asia Pacific will record higher consumption of generic oncology drugs through 2027 driven by the rising prevalence of cancer and the mounting government spending on the healthcare sector in the region.
Prominent players in the market are actively coming up with inorganic marketing measures, such as acquisitions, investments, and partnerships, for expanding their customer portfolio. They are also constantly focusing on new product launches to cater to the growing medical requirements whilst sustaining the escalating market competition.
For instance, in November 2019, Sun Pharmaceuticals established a licensing agreement with AstraZeneca UK Ltd to unveil a new infusion ready-to-use oncology drugs across China to enhance its presence in the region.
Novartis AG, GlaxoSmithKline plc, Celgene Corporation (Bristol Myers Squibb), Lupin Pharmaceuticals, Aurobindo Pharma, F. Hoffmann-La Roche Ltd, Hikma Pharmaceuticals PLC, Pfizer, Teva Pharmaceutical Industries Ltd. are some of the other manufacturers of generic oncology drugs worldwide.
The coronavirus pandemic terrifically impacted the global economy whilst carving numerous roadblocks to most industries worldwide. However, the demand for generic oncology drugs picked up a tremendous pace owing to growing usage for drug development. Considering their safety and effectiveness in the treatment of a wide range of diseases affecting the infected patients, generic drugs are increasingly repurposed. The rising efforts undertaken by 18 leading Indian business participants, including Sun Pharma, Lupin, Aurobindo, and Zydus Cadila to manufacture the COVID-19 drugs for the developing countries, also added an edge to the market demand.
Market, By Molecule Type
Market, By Route of Administration
Market, By Distribution Channel
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