Future Market Insights, a leading player in the pharmaceutical industry, is poised for significant growth as the global generic oncology drugs industry are expected to reach US$ 24.5 billion in 2022 and projected to surge to US$ 34.8 billion by the end of 2028, with a robust Compound Annual Growth Rate (CAGR) of 6%.
The exponential growth in the generic oncology drugs industry is driven by the increasing prevalence of cancer worldwide. The primary contributors to the surge in cancer cases are the escalating use of tobacco and smoking. Additional factors making the human body susceptible to cancer include sedentary lifestyles, genetic predispositions, viral infections, exposure to carcinogens, and the consumption of a high-junk food diet.
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Future Market Insights has positioned itself as a key player in addressing the global cancer epidemic through its commitment to developing and providing high-quality generic oncology drugs. Leveraging our cutting-edge research and development capabilities, we are dedicated to delivering innovative and cost-effective solutions to meet the rising demand for cancer treatments.
“With the alarming rise in cancer cases globally, FMI is strategically positioned to contribute significantly to the healthcare industry by providing accessible and affordable generic oncology drugs. Our relentless commitment to research and development, coupled with a focus on quality and affordability, positions us as a key player in the fight against cancer,” said Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
As part of our growth strategy, FMI continues to invest in research initiatives to develop new and improved generic oncology drugs that cater to diverse patient needs. We are dedicated to ensuring that patients have access to cutting-edge treatments, empowering them in their battle against cancer.
Notable Developments in the Generic Oncology Drugs Market:
One of the fundamental goals of the pharmaceutical and medical organisations working on a global scale has been the improvement of cancer treatment medications and therapies. As a result, generic oncology medications have been used to develop novel therapy and raise patient survival rates.
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Blood Cancer Immensely Contributes to the Growth of the Generic Oncology Drugs Market:
Skin cancer, bladder cancer, bone cancer, eye cancer, gastrointestinal cancer, gynaecological cancer, lung cancer, endocrine cancer, and blood cancer are among the different types of cancer that make for the majority of the market for generic oncology drugs. Patients who have been diagnosed with blood cancer want comprehensive treatment for this chronic condition, which creates an overwhelming demand for generic oncology medications. Additionally, the expensive therapies and generic oncology pharmaceuticals are a major factor in the expanding market for generic cancer drugs.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Future Market Insights Inc.
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Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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