Future Market Insights, a prominent player in the pharmaceutical industry, is set to capitalize on the exponential growth projected in the global generic oncology drugs market. According to recent industry analysis, the sector is anticipated to reach a valuation of US$ 24.5 billion in 2022, with expectations to surge to a remarkable US$ 34.8 billion by the end of 2028, boasting a robust Compound Annual Growth Rate (CAGR) of 6%.
The surge in the generic oncology drugs industry is propelled by the escalating prevalence of cancer cases worldwide. Factors such as the widespread use of tobacco and smoking have been identified as primary contributors to the rising incidence of cancer. Furthermore, sedentary lifestyles, genetic predispositions, viral infections, exposure to carcinogens, and the consumption of high-junk food diets are additional factors making individuals susceptible to cancer.
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Future Market Insights is well-positioned to harness this anticipated growth, leveraging its expertise and capabilities in the pharmaceutical domain. As a leading player, the company is committed to addressing the evolving needs of patients and healthcare professionals by delivering high-quality, affordable generic oncology drugs to the market.
Commenting on the industry projections, Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.), stated, “We are excited about the immense opportunities presented by the burgeoning global generic oncology drugs market. Our relentless focus on innovation and customer-centricity positions us strongly to meet the escalating demand for effective cancer treatments. We remain dedicated to advancing healthcare outcomes and contributing to the fight against cancer on a global scale.”
Future Market Insights remains steadfast in its mission to drive growth, innovation, and positive impact in the pharmaceutical industry. With the projected surge in the global generic oncology drugs market, the company reaffirms its commitment to delivering value to stakeholders and improving the lives of patients worldwide.
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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Website: https://www.futuremarketinsights.com
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