Generic Oncology Drugs Market Latest Trends, Demand and Advancement 2019 to 2027

The global generic oncology drugs market is expected to reach US$ 36,029.60 Mn in 2027 from US$ 21,200.00 in 2018. The market is estimated to grow with a CAGR of 6.3% from 2019-2027.

The key factors such as increasing prevalence of cancer across the globe, growing generic drug launches and benefits offered by the generic drugs are likely to boost the market growth, whereas, inclination towards the personalized medicine for cancer is likely to be a prevalent trend in the future years. Asia Pacific generic oncology drugs market is expected to grow at highest rate during the forecast period.

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The growth is contributed by the key driving factors such as development of generics at mass scale, increasing exports by Indian manufacturers, new trade agreements by Asian companies with international players for sales, distribution as well as research collaborations as well as launch of innovative and novel generics for cancer treatment. The market for generic oncology drugs in the Asia Pacific region is expected to reach US$ 7,692.32 Mn in 2027 from US$ 4,299.63 Mn in 2018. The growth rate of the market in the region is estimated to be 6.9% during the forecast period.

Growing prevalence of cancer around the globe is expected to be responsible for the growth of global generic oncology drugs market.

The global generic oncology drugs market, based on the molecule type was segmented into small molecule and large molecule. In 2018, the small molecule segment held a largest market share of 87.67% of the generic oncology drugs market, by molecule type. The advantages of small molecules in terms of their complexity and molecular size that can traverse throughout reach to target site and show its effective action as well as advent of personalized drug development are the major factors to likely account for the growth of the segment over the years to come. However, the same segment is expected to witness the highest CAGR of 6.6% over the coming years.

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The prominent players operating in the generic oncology drugs market are Teva Pharmaceutical Industries Ltd., Sandoz International GMBH, Glenmark, Sun Pharmaceutical Industries Ltd, MSN Laboratories, Aurobindo Pharma, Intas Pharmaceuticals, Zydus Cadila, Mylan N.V., Cipla Inc., Fresenius Kabi AG, and Dr. Reddy’s Laboratories Ltd., among others.

The market players are focused on bringing new and innovative products and services through various inorganic strategies such as acquisitions and mergers to sustain their position in the market. Recently in July 2019, Drug maker Pfizer Inc. has agreed to spin off its generic drugs business and combine it with Mylan, a move that leaves Pfizer with more profitable innovative drugs, including cancer drug Ibrance and pneumonia vaccine Prevnar

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This release was published on openPR.