Global Generic Oncology Drugs Market is anticipated to be worth around US$ 41.5 Bn by 2031 at a 6% CAGR

Oncology drugs, also known as anti-cancer drugs, are used in chemotherapy treatments to target and destroy cancer cells. These drugs can be divided into two main categories: branded and generic. Branded oncology drugs are developed and sold exclusively by one company while generic oncology drugs are made by multiple companies using the same active ingredient, making them a more cost-effective option for consumers.

Due to their low cost compared to their branded counterparts, generic oncology drugs have become increasingly popular among patients. In addition to lower prices, generic oncology drugs can provide higher availability for those who cannot access or afford the more expensive alternatives. As such, these medications have become staples in the fight against cancer as they allow access to potentially life-saving treatments to those who otherwise would not be able to receive them.

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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.

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 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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Competitive Landscape

The global market for generic oncology drugs has been identified as a fairly fragmented space due to the presence of a high number of market participants.

Some of the key market players included in the report are 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.

These are identified as key manufacturers of generic oncology drugs. They are engaged in market expansion activities and the research & development of new oncology drugs.

More Valuable Insights on Offer

Persistence Market Research, a research and consulting firm, has published a new market research report on the global generic oncology drugs market that contains industry analysis of 2016-2020 and opportunity assessment for 2021-2031.

The report provides in-depth analysis of the market through different segments, namely, molecule type, by route of administration, by distribution channel, and region. The report also provides supply and demand trends along with an overview of the parent market.

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Key Questions Answered in This Report.

What are the Roadblocks for Generic Oncology Drugs Market Suppliers?
What are the Key Opportunities for Generic Oncology Drugs Market Manufacturers?
How is Focus on Safety Influencing Generic Oncology Drugs Market Demand?
What is the Regulatory Impact on Global Sales of Generic Oncology Drugs Market?
Which Region Offers the Largest Opportunity for Sales of Generic Oncology Drugs Market?
Where Does the U.S. Stand in the Market for Generic Oncology Drugs Market?
What Is the Outlook for Generic Oncology Drugs Market Manufacturers in China?
Why is Germany a Lucrative Market for Generic Oncology Drugs Market Manufacturers?
Why Will Belgium Outpace Other European Markets for Generic Oncology Drugs Market?
Why is There High Demand for Tires in Generic Oncology Drugs Market?
Why are Sales of Generic Oncology Drugs Market Surging?

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