The generic oncology drug industry in Europe and MENA demand region showcased robust performance in 2022, recording a substantial revenue of USD 6.5 billion. With a projected climb to USD 6.7 billion by 2023, the sector is set to witness remarkable growth in the coming years. A comprehensive analysis by FMI, a leading market research firm, forecasts an impressive 2.1% Compound Annual Growth Rate (CAGR) over the assessment period, indicating a surge in sales that is anticipated to propel the market to a significant USD 8.2 billion by 2033.
Key findings from the analysis revealed that the small molecule segment dominated the market in 2022, capturing a robust 73.1% share in terms of value. Forecasts suggest a continued upward trajectory for this segment with a CAGR of 1.9% throughout the forecast period. This growth can be attributed to the escalating demand for small-molecule cancer drugs owing to their multifaceted benefits, including efficacy and affordability.
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“We are witnessing a notable uptick in the generic oncology drug market, particularly in Europe and the MENA region. This growth is indicative of the increasing reliance on small molecule-based cancer treatments, reflecting their effectiveness and versatility,” stated Future Market Insights.
The anticipated rise in revenue underscores the growing importance of generic oncology drugs in addressing the healthcare needs of patients in these regions. Factors such as the expanding prevalence of cancer and the efficacy of small molecule drugs are expected to fuel this market’s growth trajectory.
The comprehensive analysis also highlights the significance of strategic collaborations, innovative research, and advancements in drug development as pivotal drivers in propelling the market forward.
As the market continues to evolve, Future Market Insights remains committed to delivering high-quality generic oncology drugs, contributing to improved patient outcomes and advancing healthcare in Europe and the MENA region.
Europe and MENA: Generic Oncology Drugs Offer Hope and Affordability for Cancer Patients:
A new wave of hope is sweeping across Europe and MENA for millions of cancer patients seeking affordable and effective treatment options. The rise of generic oncology drugs is offering a much-needed alternative to expensive branded medications, paving the way for more accessible and comprehensive care.
Generic oncology drugs, identical in therapeutic effect to their branded counterparts but significantly lower in cost, are gaining significant traction across the region. This trend is driven by several factors, including:
- Cost-effectiveness: Generic drugs offer comparable efficacy at a fraction of the price, typically around 80% less than branded medications. This translates to significantly reduced financial burden for patients and healthcare systems, enabling wider access to essential cancer treatment.
- High efficiency: Generic drugs undergo rigorous quality and safety testing to ensure they meet the same stringent standards as branded medicines. Patients can be confident they are receiving effective and reliable treatment options.
- Increased adoption: Healthcare professionals and patients are increasingly recognizing the value of generic oncology drugs. This growing awareness is driving demand and boosting the overall market for these affordable alternatives.
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Competitive Landscape:
Many producers of generic oncology drugs are vying for supremacy in the increasingly competitive generic oncology drug market in Europe and the Middle East and North Africa (MENA). These stakeholders are actively engaged in strategic endeavours as part of their pursuit of a competitive advantage. These programmes include the introduction of new products, obtaining regulatory approvals, working with medical facilities, and creating combination treatment plans.
Recent Developments in the Europe and MENA Generic Oncology Drug Business:
- In March 2023, Regeneron Pharmaceuticals, Inc. reported that the European Commission (EC) granted approval for the use of Libtayo (cemiplimab) in combination with platinum-based chemotherapy.
- In September 2022, the Committee for Medicinal Products for Human Use (CHMP) and the European Medicines Agency (EMA) jointly issued a favorable recommendation for the approval of marketing authorization for Sorafenib Accord. This medication is specifically developed for the treatment of hepatocellular and renal cell carcinoma.
Key Companies Profiled:
- Cipla
- Eli Lilly & Co.
- GlaxoSmithKline Plc.
- Sanofi S.A.
- Teva Pharmaceutical Industries Ltd.
- Sun Pharmaceutical Industries Ltd.
- Lupin Ltd.
- Hikma Pharmaceuticals PLC
- Viatris Inc. (Mylan N.V)
- Johnson & Johnson
- Takeda Pharmaceutical Company Limited
- AstraZeneca
- Bristol Myers Squibb Co.
- F.Hoffmann-La Roche Ltd.
- Bayer AG
- Astellas Pharma
- Accord Healthcare
- Actero Pharma
- HEC Pharm
- Aqvida GmbH
- MEDICHEM S.A.
- Pharco Corporation
- Krka
- Gedeon Richte
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Europe and MENA Generic Oncology Drug Industry Analysis by Category:
By Molecule:
- Large Molecule
- Small Molecule
By Route of Administration:
- Oral
- Tablet
- Capsule
- Parenteral
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Managed Care Institutions
By Region:
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- BENELUX
- Nordics
- Poland
- Hungary
- Romania
- Czech Republic
- Rest of Europe
- Middle East and North Africa
- Saudi Arabia
- Egypt
- Algeria
- United Arab Emirates
- Kuwait
- Jordan
- Türkiye
- Iran
- Morocco
- Qatar
- Oman
- Bahrain
- Israel
- Sudan
- Libya
- Rest of MENA
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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