Press release
Generic Oncology Drugs Market is predicted to rise to US$ 41.5 Bn by the end of 2031
Generic Oncology Drugs Market 2022-2031
The Generic Oncology Drugs Market is expected to climb up the ladder of persistence in the next decade. With various healthcare apps on the anvil, there are also mindfulness apps being tabled. They fall in the category of "Wellness apps". With the world wishing for the post-Covid era to function smoothly, these wellness apps are expected to take the healthcare vertical by storm further.
Sales revenue from generic oncology drugs in 2020 was US$ 23 Bn, which is expected to surge to US$ 41.5 Bn by the end of 2031. Analysts at Persistence Market Research have also predicted the market to rise at a healthy CAGR of 6% over the next ten years.
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Instances of cancer cases have risen exponentially across the globe. From diagnosis to treatment, all aspects of the disease are being researched extensively by numerous market players. Oncology treatment and drugs have proven to be very expensive for everyone, and this has been affecting overall treatment of cancer globally.
Research is focusing on developing new and cost-effective generic oncology drugs that would be helpful in treatment of types of cancers. A major trend to watch out for over the decade would be the use of nanotechnology in the development of generic oncology drugs. With cancer rates surging, the need for a diverse portfolio of generic drugs is being realized, and major as well as new market players are investing in developing a vast portfolio that caters to most needs of patients suffering from different cancer conditions.
Key Players:
The report has profiled some of the important players prevalent in the global like - Novartis AG, Pfizer Inc., GlaxoSmithKline plc, CELGENE CORPORATION, Teva Pharmaceutical Industries Ltd., Merck & Company, Inc, Aurobindo Pharma., Hikma Pharmaceuticals PLC, Mylan N.V., and NATCO Pharma Limited, and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Generic Oncology Drugs Market.
Prime players in the industry are investing in the research & development of new products, which, in turn, is expanding their product portfolios across various cancer types.
In September 2021, MSN Labs, a pharmaceutical firm based in India, announced the launch of its new generic drug that will be used in treatment of renal cancer. The drug is called Cabolong, which is a branded generic of Cabozantinib. The drug will be available for treatment in three strength factors of 20mg, 40mg, and 60mg.
In February 2021, Glenmark Pharma, a renowned name in the pharmaceutical industry announced the launch of a new generic cancer drug for the treatment of kidney cancer. This drug is the generic version of FDA approved Suntinib and is named SUTIB.
Key Takeaways from Market Study
The global generic oncology drugs market is predicted to expand at a CAGR of 6% through 2031.
Generic oncology drugs revenue is anticipated to top US$ 41.5 Bn by the end of the decade.
The South Asia market is predicted to rise at the fastest CAGR over the decade.
In 2020, global market revenue totaled a net worth of US$ 23 Bn.
Increasing incidence of cancer across the globe, growing focus on healthcare, rising healthcare expenditure, and advancements in treatment technologies and drugs are some of the major factors influencing industry growth.
"Key players are focusing on diversifying their product portfolios in order to fulfil high demand for generic oncology drugs," says a Persistence Market Research analyst.
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Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
Generic Oncology Drugs Market Manufacturers
Generic Oncology Drugs Market Distributors/Traders/Wholesalers
Generic Oncology Drugs Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Key Questions Answered in the Generic Oncology Drugs Market Report
How is the Generic Oncology Drugs Market expected to grow over the projected period?
What direction is the Generic Oncology Drugs Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Generic Oncology Drugs Market in future?
What are the key market drivers in the Generic Oncology Drugs Market?
What are significant opportunities and improvement areas for Generic Oncology Drugs Market manufacturers?
What are the key developments and trends taking over the Generic Oncology Drugs Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Generic Oncology Drugs Market?
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About PersistenceMarketResearch:
PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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