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USD 36 Billion, Generic Oncology Drugs Market Size to hit 6.3% of CAGR by 2027 - The Insight Partners
The Insight Partners
Generic Oncology Drugs Market to 2027 - Global Analysis and Forecasts by Molecular Type (Large Molecule, Small Molecule); Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Kidney Cancer, Cervical Cancer, Others), and Geography
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Some of 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
Growing Applications of Generic Oncology Drugs in Healthcare to Drive Generic Oncology Drugs in Healthcare Market Growth
Cancer is one of the leading cause of deaths across the globe and is extremely affecting the quality of life. Thus, cancer will be burden on society if not diagnosed and treated on time. According to the World Health Organization in 2018, approximately, 9.6 million deaths across the globe were due to cancer. Furthermore, the National Cancer Institute predicted that in 2018, approximately 1,735,350 new cancer cases will be diagnosed in the US.
Additionally, cancer is found to be common in European countries as well. As per the Cancer Research UK, in 2016, around 163,444 deaths in UK were due to cancer.
Furthermore, Asia Pacific region is also facing the problem of growing prevalence of cancer. The top 15 countries with
Cancer prevalence are: Japan, Taiwan, Singapore, South Korea, Malaysia, Thailand, China, Philippines, Sri Lanka, Vietnam, Indonesia, Mongolia, India, Laos, and Cambodia. According to the National Institute of Cancer Prevention and Research (NICPR), in 2018, in India total deaths due to cancer were 784,821.
These statistics determine an increase in the demand for advanced cancer diagnostics in various regions across the globe. Thus driving the growth of generic oncology drugs during the forecast period.
The market for generic cancer drugs is driven by frequent drug launches. Most of the major market players are involved in the manufacturing wide range of generic cancer drugs that help in reducing cost of cancer care. For instance, in July 2019, Lupin Pharmaceuticals, Inc. launched a generic Imatinib Mesylate tablets used to treat certain types of cancer.
Additionally April 2019, Emcure Pharmaceuticals, a leading pharmaceutical company from India launched world's first generic Eribulin for treatment of metastatic breast cancer.
Emcure is marketing the drug with brand name 'Eribilin', that offers high-quality and cost-effective treatment option to breast cancer patients in India. The medicine Eribilin is Eisai pharmaceutical's generic version of expired patent product.
Moreover, in January 2019, Hetero Healthcare Ltd launched a new generic Lapatinib tablets, which are used to treat metastatic breast cancer in India. The tablets are consumed along with Capecitabine or Letrozole, that together, inhibit the growth of cancer cells in patients. Thus, the constant developments in generic oncology drugs accelerate the market growth during the forecast period.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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