Generic Oncology Drugs Market Size, Trends, Share, Future and Forecast 2024

As per the research conducted by Fast. MR, the report titled “Generic Oncology Drugs Market By Molecule Type (Small Molecule and Large Molecule), By Route of Administration (Oral, Parenteral), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) – Global Market Size, Development, Growth and Demand Forecast, 2018-2027” provides current as well as future analysis of the market by evaluating the major applications, advantages, trends, and challenges. The report dives deeper to produce useful insights into Generic Oncology Drugs Market such as major global regions and key competitors and strategies that can be used for the entry-level player too.

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Increasing incidence of cancer which may occur due to the many factors like smoking and tobacco consumption, change in sedentary lifestyle, genetic causes, viral infections, carcinogens, and high consumption of junk food, is expected to boost the revenue of generic oncology drugs market. For instance, According to the American Cancer Society, Inc. estimates, there are 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Dozens of generic oncology drugs launched per year by various pharma companies, as the patents that protect exclusive marketing rights on the novel oncology drugs get expire or are circumvented. This provides lucrative opportunities for this manufacturers to obtain significant market share in the generic oncology drugs market. For instance, on July 2019, Lupin Limited launched the generic Imatinib Mesylate tablets in different strengths (100 mg and 400 mg) in U.S. Imatinib Mesylate tablets are the generic form of Novartis AG’s Gleevec tablets in the same strengths and used for treatment of certain types of cancer including newly diagnosed adult and pediatric patients with Philadelphia chromosome positive chronic myeloid leukemia in chronic phase and for adult patients with relapsed or refractory philadelphia chromosome positive acute lymphoblastic leukemia.

However, shortage of various generic oncology drugs posing a challenge for patients, seeking treatment. Bleomycin, carboplatin, carmustine, cisplatin, fluorouracil, gemcitabine, irinotecan, methotrexate, mitomycin and etoposide are some of the drugs which has shortage in the market. Thus, government and pharmaceutical companies are taking various initiatives to address drug shortages. For instance, in May 2019, ProvideGx, LLC, a consolidated subsidiary of Premier Inc. entered into a partnership agreement with Fresenius Kabi to help mitigate national shortages of injectable thiamine, hydromorphone, lidocaine, morphine sulfate and diphenhydramine. The supply of these products by Fresenius Kabi and ProvideGx, LLC, will be available for purchase by any health system or healthcare provider at competitive price. Thus, such initiative will drive the growth of the critical care drugs to be used in hospitals and clinics to treat patients with critical and chronic conditions at a faster pace.

Generic Oncology Drugs Market Regional Analysis

On the basis of region, North America is expected to show leading position in the generic oncology drugs market followed by Europe. This is attributed to growing initiatives by the government to cut down the prices on drugs. For instance, Trump Administration has proposed a plan to reduce drug prices in the U.S. in order to reduce the burden on Americans with higher insurance premiums, high out-of-pocket costs, high deductibles, and high copay prescription expenses.

Asia Pacific also contribute noteworthy growth in generic oncology drugs market attributed to increase initiatives by pharmaceutical manufacturers to develop and process new generic drugs as per the quality norms set by respective country’s authority. For instance, Pune-based Emcure Pharma introduced Eribulin in India, for the treatment of Breast Cancer. Eribulin is the generic version of Eisai Pharma’s Halaven (Eribulin) and Emcure Pharma sell the Eribulin at the price 40% less than the originator’s drug. The launch of this drug help to overcome the high-cost treatment challenge that most patients are facing and create competitive rivalry among other pharma companies to operate.

Moreover, Middle East also provides significant growth in the market due to the increase inclination of population towards consumption of cigarettes and alcohol, which may lead to lung cancers. For instance, According the World Health Organization (WHO), Middle East is one of regions in the world where cigarette consumption increased in the past few decades and around 30,000 people will be diagnosed with lung cancer in the Middle East by 2020.

Key players operating in the generic oncology drugs markets include Teva Pharmaceuticals Industries Ltd., Mylan N.V., Pfizer, Inc., Novartis AG, Merck & Co., Inc., AbbVie Inc., and Sanofi S.A., Aurobindo, AstraZeneca Plc, Eli Lily and Company, Johnson and Johnson, Hoffmann-La Roche, CELGENE Corporation, GlaxoSmithKline, Dr. Reddy’s Laboratories, Glenmark, Greenstone, Lannett Company, Lupin Limited, Par Pharma, Taro, Upsher-Smith Laboratories, Wockhardt, and Zydus and others

Generic Oncology Drugs Market-Taxonomy

By Molecule Type

-Small Molecule

-Large Molecule

By Route of Administration

-Oral

-Parenteral

By Distribution Channel

-Hospital Pharmacies

-Retail Pharmacies

-Online Pharmacies

By Region

-North America

-Europe

-Asia Pacific

-Latin America

-Middle East and Africa

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This release was published on openPR.