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Generic Oncology Sterile Injectable Market Size, Top Trends, Outlook Report To 2024 To 2033
Generic Oncology Sterile Injectable Market
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According to The Business Research Company's, The generic oncology sterile injectable market size has grown rapidly in recent years. It will grow from $15.68 billion in 2023 to $17.61 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to patent expirations for branded oncology drugs, increasing prevalence of cancer, growing focus on cost-effective healthcare solutions, regulatory support for generic medications, expansion of generic pharmaceutical companies.
The generic oncology sterile injectable market size is expected to see rapid growth in the next few years. It will grow to $27.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to increasing healthcare investments, adoption of biosimilars in oncology, expansion of oncology drug pipelines, rise in global cancer incidence, regulatory pathways for generic sterile injectables. Major trends in the forecast period include development of complex generic oncology drugs, increasing use of advanced manufacturing technologies, rise of personalized medicine in oncology, growing emphasis on biosimilar competition, integration of digital technologies in supply chain management.
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Market Drivers and Trends:
The rising prevalence of cancer is expected to propel the growth of the generic oncology sterile injectable market going forward. Cancer is a category of illnesses that can develop in any organ or tissue in the body when aberrant cells proliferate uncontrollably, cross their usual boundaries, and either spread to other organs or invade neighboring body parts. The surge in the prevalence of cancer is driven by smoking, radiation, cancer-causing substances (carcinogens), obesity, and gene mutations. Generic oncology sterile injectable products are used to shrink tumors and stop the growth of cancer cells. For instance, in 2023, according to the American Cancer Society Inc., a US-based non-profit health group, 1.9 million new cancer cases are expected to be diagnosed in the US, an increase compared to more than 1.8 million new cancer cases diagnosed in 2021. Therefore, the rising prevalence of cancer is driving the growth of the oncology sterile injectable market.
Product innovation is a key trend gaining popularity in the generic oncology sterile injectable market. Major companies operating in the generic oncology sterile injectable market are developing innovative products to sustain their position in the market. For instance, in July 2022, Dr. Reddy's Laboratories, an India-based pharmaceutical company, launched Bortezomib for injection, a generic version of Velcade. The injection is offered in a single-dose vial with a dosage of 3.5 mg per 10 mL for intravenous or subcutaneous administration and is used for cancer treatment.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, Merck & Co Inc., Sanofi S.A., AstraZeneca plc, GlaxoSmithKline Plc, Eli Lilly and Company, Amgen Inc., Novo Nordisk A/S, Baxter International Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Sandoz International GmbH, Fresenius Kabi AG, Sun Pharmaceutical Industries Inc., Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Limited, Cipla Inc., Hikma Pharmaceuticals plc, Amneal Pharmaceuticals LLC, Lupin Limited, Zydus Lifesciences Limited, Nichi-Iko Pharmaceutical Co. Ltd., Biocon Ltd., Jubilant Pharmova Ltd., Gland Pharma Limited, Apotex Inc., Accord Healthcare Ltd.
Generic Oncology Sterile Injectable Market 2024 Key Insights:
• The generic oncology sterile injectable market size is expected to see rapid growth in the next few years. It will grow to $27.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• Rising Cancer Prevalence Fuels Growth In The Generic Oncology Sterile Injectable Market
• Product Innovation Drives Momentum In The Generic Oncology Sterile Injectable Market
• North America was the largest region in the generic oncology sterile injectable market in 2023
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