Press release
Generic Oncology Drugs Market 2024-32: Industry Trends, Share, Size, Growth, Opportunity and Forecast
How Big is the Generic Oncology Drugs Market?
The global generic oncology drugs market size reached US$ 29.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 45.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.98% during 2024-2032.
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What is Generic Oncology drugs ?
Generic oncology drugs share the same active ingredients and are less costly than their branded non-biological counterparts. These drugs can be oral, intravenous, intramuscular, topical, or inhalant. Generic oncology drugs are similar to brand-name cancer care medications in terms of dosage, form, quality, strength, route of administration, performance characteristics, and intended use. They effectively assist in destroying, shrinking, and controlling cancer cells and are characterized by the difference in flavor and color from the original drug. Additionally, generic oncology drugs deliver equivalent clinical benefits, due to which they are largely used by hospitals and patients across the globe.
What are the growth prospects and trends in the Generic oncology drugs industry?
The global generic oncology drugs market is primarily driven by rising consumer awareness regarding the benefits of an early cancer diagnosis. The increasing cost of full-length cancer treatment and the surging demand for affordable and cost-effective drugs are further providing a considerable boost to the market growth. Moreover, the rising prevalence of cancer due to a sedentary lifestyle, the growing number of smokers, and excessive exposure to ultraviolet rays (UV) are other growth-inducing factors. Additionally, the surging healthcare expenditure and increasing consumer per capita income are positively contributing to the market growth. Apart from this, the expanding research and development (R&D) activities, the introduction of new generic drugs, and the patent expiration of blockbuster drugs are accelerating the market growth.
Key Market Segmentation:
The report has segmented the global generic oncology drugs market on the basis of region.
Regional Insights:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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