The global Generic Oncology Drugs Market is witnessing significant growth and is expected to continue its upward trajectory in the coming years. Oncology, the branch of medicine focused on the diagnosis and treatment of cancer, has seen remarkable advancements in recent times, leading to the development of various generic oncology drugs. These drugs play a crucial role in the management and treatment of different types of cancers, offering affordable alternatives to branded medications.
One of the key drivers of the generic oncology drugs market is the rising incidence of cancer worldwide. With the increasing prevalence of cancer cases, there is a growing demand for cost-effective treatment options. Generic drugs provide a more affordable alternative to expensive branded drugs, making cancer treatment more accessible to a larger population.
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The market size for generic oncology medications was estimated to be US$ 24.5 billion in 2022 and is projected to increase by 6% CAGR to US$ 34.8 billion by the end of 2028. The main contributor to cancer is people’s rising propensity for smoking and tobacco use. The human body is vulnerable to cancer due to secondary factors such a sedentary lifestyle, genetic predispositions, virus infections, carcinogens, and a heavy intake of junk food.
Growing worries about the high number of cancer-related deaths have prompted the government to take proactive action to prevent cancer. The healthcare sector makes considerable use of generic oncology medications to treat cancer since they can identify and treat tumours. The market for generic oncology pharmaceuticals and the cost of cancer treatment are both predicted to expand quickly as a result of notable technological advancements and the combination of information.
Notable Developments in the Generic Oncology Drugs Market
Improvement in cancer treatment drugs and therapies have been one of the most underlying aims of the pharmaceuticals and medical organizations operating at the global level. Consequently, generic oncology drugs have been utilized for innovating novel therapies and increasing the survival rates of patients.
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Blood Cancer Immensely Contributes to the Growth of the Generic Oncology Drugs Market
Amongst the various types of cancer such as skin cancer, bladder cancer, bone cancer, eye cancer, gastrointestinal cancer, gynecological cancer, lung cancer, endocrine cancer, and blood cancer is accounted for generating the largest share for the generic oncology drugs market. Patients diagnosed with blood cancer seek complete treatment to this chronic disease, as a result of which excessive demand for generic oncology drugs is created. In addition to this, the high cost of the therapies and generic oncology drugs play a crucial role in the growing size of the generic oncology drugs market.
Recent Developments to Drive the Growth of the Generic Oncology Drugs Market
The key players involved in transforming the landscape of the generic oncology drugs market include Novartis AG, CELGENE CORPORATION, Merck & Company Inc., Pfizer Inc., GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., NATCO Pharma Limited, Aurobindo Pharma, Hikma Pharmaceuticals PLC, and Mylan N.V.
Out of these leading players, CELGENE, Novartis, and Roche have been procuring a considerable share in the generic oncology drugs market with a rich product portfolio and pipeline products aimed at treating cancer effectively.
- Novartis AG applied smart strategies for channel integration like eCommerce with mobile application to fuel the sales at the retail stores. In addition to this, the company achieved a CE mark for its gene modifying therapy used for the treatment of blood cancer.
- Pfizer Inc. has been focusing on the over 39 therapies, in order to fortify its product portfolio. In the year 2017, Glasdegib of Pfizer received the priority review from the US FDA to treat myeloid leukemia. Post this, XTANDI of Pfizer as well received the FDA approval.
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Key Segments Of Generic Oncology Drugs Industry Survey
Generic Oncology Drugs Market by Molecule Type:
- Large Molecule Generic Oncology Drugs
- Small Molecule Generic Oncology Drugs
Generic Oncology Drugs Market by Route of Administration:
- Oral Generic Oncology Drugs
- Parenteral Generic Oncology Drugs
Generic Oncology Drugs Market by Distribution Channel:
- Generic Oncology Drugs Sold at Hospital Pharmacies
- Generic Oncology Drugs Sold at Retail Pharmacies
- Generic Oncology Drugs Sold at Online Pharmacies
- Generic Oncology Drugs Sold at Managed Care Institutions
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