Generic Oncology Drugs Global Market Report 2024 - Forecast To 2033
The Business Research Company presents an extensive market research report on the Generic Oncology Drugs Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
The generic oncology drugs market size has grown strongly in recent years. It will grow from $25.64 billion in 2023 to $27.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to patent expirations, healthcare cost containment, increased cancer prevalence, health insurance coverage, physician prescribing practices.
The generic oncology drugs market size is expected to see strong growth in the next few years. It will grow to $35.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to biosimilar approvals, increased competition, telemedicine and remote care, tailored treatment paradigm, pricing pressure. Major trends in the forecast period include increased pharmacovigilance, regulatory streamlining, combination therapy focus, precision generic oncology medications, expanded market access.
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Key Market Players:
Major companies operating in the generic oncology drugs market report are Pfizer Inc., AbbVie, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca Plc, Abbott Laboratories, Fresenius Kabi AG, GlaxoSmithKline PLC, Eli Lilly and Company, Merck & Co. Inc., Becton Dickinson and Company, Baxter International Inc., Mylan N.V., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Limited, Cipla Inc., Hikma Pharmaceuticals, Endo Pharmaceuticals Inc., Aspen Pharmacare Holdings Limited, Lupin Limited, Towa Pharmaceutical Co Ltd, Torrent Pharmaceuticals Ltd., Cadila Healthcare Ltd., Accord Healthcare
A significant rise in cancer patients is expected to propel the growth of the generic oncology drugs market going forward. Cancer refers to uncontrolled cell growth, which impacts various organs and contributes to significant morbidity and mortality worldwide. The availability of cost-effective generic oncology drugs plays a crucial role in cancer treatment by increasing access to essential therapies, promoting market competition, and reducing healthcare costs. For instance, in January 2022, according to the National Cancer Institute (NCI), a US-based government agency, in the United States, approximately 5.4% of the population, or 18.1 million individuals, were cancer survivors. In addition, 623,405 people were living with metastatic breast, prostate, lung, colorectal, or bladder cancer or metastatic melanoma in 2022, projected to rise to 693,452 by 2025. Therefore, the significant rise in cancer patients is driving the growth of the generic oncology drugs market.
Learn More About The Market Report -
The generic oncology drugs market covered in this report is segmented -
1) By Molecule Type: Large Molecule, Small Molecule
2) By Route of Administration: Oral, Parenteral
3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacies, Managed Care Institutions
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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