In 2018, the Generic Oncology Drugs Market was valued at $21.2 million and it is expected to reach more than $36 million by 2027, according to the new report.
The Global Generic Oncology Drugs Market report, which is now available at The Insight Partners, states that the industry is expected to grow at a CAGR of 6.3% by 2027.
The Insight Partners is an industry research provider of actionable intelligence, which helps clients in getting the best solutions to their research requirements.
The report offers key insights on the trends prevalent in the global generic oncology drugs market and some of the factors that are driving the market.
The report’s analysis has been used to support clinical decisions, improve workflows, and predict health outcomes.
The growth of the market is expected to grow exponentially due to the increasing prevalence of cancer, growing launches of cheaper generic drugs, and the benefits offered by the generic drugs.
Worldwide, cancer is one of the leading causes of death, affecting the overall quality of life. Undeniably, cancer is going to become a burden on societies if not diagnosed and treated on time.
In 2018, the World Health Organization (WHO) said cancer was responsible for more than 9 million deaths across the globe. Also, in the same, the National Cancer Institute predicted that nearly 1.7 million new cancer cases will be diagnosed in the United States.
The disease also affects millions in European countries. In 2016, the Cancer Research UK reported more than 163,000 deaths in the United Kingdom. In addition, the Asia Pacific region is also facing an increased prevalence of cancer.
The increased incidence or prevalence of cancer suggests an increase in the demand for cancer diagnostics and generic oncology drugs. Furthermore, the market is driven by frequent drug launches by the Food and Drug Administration (FDA), European Medicines Agency (EMA), and other drug regulatory bodies.
Most of the major market players, especially in India, are involved in manufacturing a wide range of affordable generic oncology drugs.
In July 2019, Lupin, an Indian drugmaker, launched a generic Imatinib that is used to treat certain types of cancer. In April 2019, Emcure, another Indian company launched the world’s first generic Eribulin for patients with metastatic breast cancer. In January 2019, Hetero launched a generic version of Lapatinib, another drug for treating metastatic breast cancer.
Some of the key industry players include Teva, Sandoz, Glenmark, Sun Pharma, MSN Labs, Aurobindo Pharma, Intas Pharmaceuticals, Zydus Cadila, Mylan, Cipla, Fresenius, and Dr. Reddy’s Laboratories, among others.
As far as the segmentation is concerned, the global generic oncology drugs market is divided into small molecules and large molecules.
By molecule type, the small molecule segment held the largest market share of more than 87% of the generic oncology drugs market. One of the advantages of small molecules is that they reach the target site, effectively treating cancer.
