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Generic Oncology Drugs Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

  • Report ID: GMI4425

Generic Oncology Drugs Market Size

Generic Oncology Drugs Market size is expected to record substantial progress during 2024 to 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, the growing federal spending on healthcare, rising inclination towards generic medicines, and the expanding geriatric population pool will surge the product adoption.
 

Advancements in the development of personalized drugs is helping in the creation of small molecules to treat a wide range of cancers. 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 the product consumption and create a favorable environment for the generic oncology drugs industry gains. However, the influx of stringent regulatory requirements, complex manufacturing processes, patent protection, and challenges in demonstrating bioequivalence for complex biologic drugs may hamper the product demand to a certain extent.
 

Generic Oncology Drugs Market Trends

The rise of precision medicine and targeted therapies is promoting the development of generic versions of molecularly targeted drugs for offering more affordable treatment options for patients. The increasing prevalence of cancer worldwide and the expanding patient pool is driving the demand for several oncology drugs. Moreover, strategic collaborations and partnerships between pharmaceutical companies and generic manufacturers are facilitating the entry of generic oncology drugs into the market.
 

Generic Oncology Drugs Market Analysis

The generic oncology drugs industry is divided into large-molecule and small-molecule drugs. The industry 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, they are gaining significant preference over their large molecule counterparts.
 

The online pharmacy segment is expected to grow at an exponential rate by 2032. This can be attributed to the growing inclination of customers towards streamlined ordering and return features. Pharmaceutical companies are updating their online stores to offer up-to-date drug & pricing information to their clients. Pharmacies also 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 to enhance safety in terms of drug purchases.
 

North America generic oncology drugs market size is projected to reflect substantial growth from 2024 to 2032. This is due to the increasing prevalence of cancer and the expanding aging population. The patent expirations for branded oncology drugs are creating opportunities for generic drug manufacturers to enter the market. Additionally, favorable regulatory pathways for generic drug approvals and the increasing acceptance of biosimilars are escalating the product appeal. To cite an instance, in January 2024, the U.S. FDA granted approval to erdafitinib (Balversa, Janssen Biotech) for treating adult patients diagnosed with locally advanced or metastatic urothelial carcinoma exhibiting susceptible FGFR3 genetic alterations. The growing efforts to contain healthcare costs and the availability of reimbursement policies for generic oncology drugs will further drive the regional industry growth. 
 

Generic Oncology Drugs Market Share

Some of the major generic oncology drugs companies are:

  • Celgene Corporation (Bristol Myers Squibb)
  • Novartis AG
  • GlaxoSmithKline plc
  • Lupin Pharmaceuticals
  • Aurobindo Pharma
  • F. Hoffmann-La Roche Ltd
  • Pfizer
  • Teva Pharmaceutical Industries Ltd.
  • Hikma Pharmaceuticals PLC
     

Leading players in the generic oncology drugs industry are implementing various measures, such as investments, acquisitions, and partnerships to extend their product portfolios and customer base.
 

Generic Oncology Drugs Industry News:

  • In March 2023, Pfizer Inc. and Seagen Inc. announced a definitive merger agreement. This acquisition will help increase Pfizer’s expertise in oncology.

 

What Information does this report contain?

Historical data coverage: 2018 to 2023; Growth Projections: 2024 to 2032.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
Authors: Mariam Faizullabhoy

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