Press release
Generic Oncology Drugs Market is predicted to rise US$ 41.5 Bn by the end of 2031 at a CAGR 6% | PMR
Drivers for the market include the high cost of brand-name cancer drugs, the aging population, and the increasing incidence of cancer. In addition, favorable government regulations, such as generic drug approval processes and reimbursement policies, have also contributed to the growth of the market.
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Another factor driving the growth of the generic oncology drugs market is the increasing adoption of generic drugs as a cost-effective alternative to brand-name drugs. Many cancer treatments can be expensive, and the use of generic drugs can help to reduce the overall cost of treatment for patients and healthcare systems.
The generic oncology drugs market is also being fueled by advances in technology and manufacturing processes, which are helping to improve the quality and availability of generic drugs. In addition, regulatory changes and the expiration of patents on some brand-name cancer drugs are also contributing to the growth of this market.
Companies
Novartis AG
Pfizer Inc.
GlaxoSmithKline plc
CELGENE CORPORATION
Teva Pharmaceutical Industries Ltd.
Merck & Company, Inc
Aurobindo Pharma.
Hikma Pharmaceuticals PLC
Mylan N.V.
NATCO Pharma Limited.
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Several key players in the generic oncology drugs market include Teva Pharmaceuticals, Sandoz, and Mylan. These companies offer a range of generic oncology drugs, including chemotherapy agents, targeted therapies, and immunotherapies.
Overall, the generic oncology drugs market is expected to see strong growth in 2022 and beyond, as increasing demand for cost-effective cancer treatments and advances in technology and manufacturing drive market demand.
Competitive Landscape
Key market participants are focusing on mergers & collaborations to increase their geographical presence. Research & development of novel generic oncology drugs is also a prime area of focus for major market players.
In October 2021, Biocon Ltd., an Indian biopharmaceutical firm, announced the expansion of its generic formulations portfolio in the U.S. Expansion was marked by the launch of Everolimus tablets, which are a generic version of Afinitor. The drug was approved by the FDA in February 2021 and was launched commercially in October.
Ayana, an Israel-based company, got approval for its cancer-killing drug from the FDA. Generic drug Doxorubicin-HCI Liposomal Injection will now be available in the U.S.
In October 2021, with the launch of Abiraterone Acetate, Dr. Reddy's Laboratories became the first Indian pharmaceutical firm to launch an anti-cancer drug in China.
More recent developments related to key generic oncology drug manufacturers have been also been tracked by analysts at Persistence Market Research, which will be accessible in the full report.
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Key Segments Covered in Generic Oncology Drugs Industry Research
By Molecule Type
Large Molecules
Small Molecules
By Route of Administration
Oral Generic Oncology Drugs
Parenteral Generic Oncology Drugs
By Distribution Channel
Generic Oncology Drugs from Hospital Pharmacies
Generic Oncology Drugs from Retail Pharmacies
Generic Oncology Drugs from Online Pharmacies
Generic Oncology Drugs from Managed Care Institutions
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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