Generic Oncology Drugs Market size is predicted to record substantial progress during the analysis timeframe of 2023-2032. The pool of cancer patients is rising steadily across the world due to numerous factors, such as high exposure to harmful UV rays and the adoption of sedentary lifestyles.
Growing awareness regarding the benefits of early cancer diagnosis has triggered a rise in R&D investments among biotech companies to introduce advanced medicines and therapies. For example, in November 2022, drug development firm CV6 Therapeutics announced plans to invest close to USD 9.6 million in the first stage of clinical trials to improve scientific development work on CV6-168, its first anti-cancer medication. Additionally, growing federal spending on healthcare, rising inclination towards generic medicines, and the expanding geriatric population pool will surge product adoption.
In terms of molecule type, generic oncology drugs market is divided into large-molecule and small-molecule drugs. The market size from the small molecule drug segment is anticipated to register an appreciable CAGR up to 2032. One of the major factors fueling the consumption of these medicines is the surging requirement for drugs that cause minimal side effects. Since small-molecule cancer drugs employ straightforward production and development processes, these products are gaining significant preference over their large molecule counterparts, which may influence market trends.
Advancements in the development of personalized drugs and the creation of small molecules to treat a wide range of cancers will also accelerate market expansion. For example, in August 2022, researchers from the University of Lisbon, Portugal, and Tel Aviv University, Israel collaborated to detect and synthesize a small molecule to act as a more effective alternative to antibodies that are too large to enter the constricted areas of a tumor. Such improvements may amplify product consumption and create a favorable environment for generic oncology drugs industry growth.
Based on distribution channel, the generic oncology drugs market share from the online pharmacy segment is expected to grow at an exponential rate by 2032. One of the key factors favoring the preference for this channel is the growing inclination of customers toward streamlined ordering and return features. Pharmaceutical companies are updating their online stores to offer up-to-date drug & pricing information to their clients. Also, these pharmacies facilitate better communication between various healthcare systems as compared to hospitals, which enables quicker delivery of products and information. The maintenance of patient history records also helps online pharmacies enhance safety in terms of drug purchases, thereby amplifying industry expansion.
North America generic oncology drugs market is set to register notable revenue during the forecast timeframe, on account of burgeoning investments in a wide range of advanced drug development technologies. The regional population is growing steadily and the rate at which companies are entering strategic collaborations is increasing as well. This has caused a heavy influx of innovative generic cancer medicines..
Celgene Corporation (Bristol Myers Squibb), Novartis AG, GlaxoSmithKline plc, Lupin Pharmaceuticals, Aurobindo Pharma, F. Hoffmann-La Roche Ltd, Pfizer, Teva Pharmaceutical Industries Ltd., and Hikma Pharmaceuticals PLC, are some of the prominent players of generic oncology drugs market. These companies are implementing various measures, such as investments, acquisitions, and partnerships to extend their product portfolios and customer base.