What Has Been The Historical And Current Growth Of The Generic Oncology Drugs Market?
The generic oncology drugs market has seen considerable growth due to a variety of factors.
•There has been a marked increase in the size of the generic oncology drugs market in recent years. The market is predicted to expand from $27.24 billion in 2024 to $29.15 billion in 2025, displaying a compound annual growth rate (CAGR) of 7.0%.
Factors catalyzing this growth over the historical period include the expiration of patents, measures to contain healthcare costs, a rise in cancer cases, health insurance coverage, and prescribing practices of physicians.
What Is The Forecast For The Generic Oncology Drugs Market By 2029?
The generic oncology drugs market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the generic oncology drugs market to significantly expand in the upcoming years. The market is predicted to reach $38.16 billion in 2029, with a compound annual growth rate (CAGR) of 7.0%.
The growth drivers during the forecast period include factors such as biosimilar approvals, heightened competition, the rise of telemedicine and remote care, personalized treatment approaches, and pricing pressure. Other noteworthy trends anticipated during the forecast period consist of a heightened focus on pharmacovigilance, streamlining of regulatory processes, emphasis on combination therapies, development of precision generic oncology drugs, and wider market access.
Which Drivers Are Accelerating Growth In The Generic Oncology Drugs Market?
The projected increase of cancer patients is anticipated to stimulate the growth of the generic oncology drugs market. Unregulated cell growth, which affects numerous body organs, results in substantial illness and death globally, identified as cancer. The prominence of reasonably priced generic oncology drugs is vital for cancer treatment as it optimizes access to important therapies, encourages competition in the market, and lessens the expense of healthcare. As per the details given by the National Cancer Institute (NCI), a government agency in the USA, in January 2022, around 5.4% of the population or 18.1 million people were surviving cancer. Additionally, it was reported that 623,405 individuals in 2022 were suffering from metastatic cancers like breast, prostate, lung, colorectal, or bladder cancer or metastatic melanoma, which is forecasted to elevate to 693,452 by 2025. Thus, the projected surge in cancer patients is pushing the growth of the generic oncology drugs market forward.
What Are The Core Segments Of The Global Generic Oncology Drugs Market?
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
Subsegments:
1) By Large Molecule: Monoclonal Antibodies, Biologics, Biosimilars
2) By Small Molecule: Chemotherapeutics, Targeted Therapy Agents, Hormonal Therapy Drugs
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Which Emerging Trends Are Reshaping The Generic Oncology Drugs Market Size?
Innovative drug formulations are witnessing increased acceptability within the generic oncology drugs industry, underscoring a significant trend in the sector. A number of major players in this industry are directing their efforts towards the creation of groundbreaking drug delivery methodologies, altered-release formulations and new types of dosages, as a strategy to boost patient adherence and maintain their market standing. For example, an Indian pharmaceutical firm, with specialization in generic medicines, MSN Laboratories Private Limited, in January 2023, introduced Palborest. This is the first-ever generic version of Palbociclib tablets globally, for treating advanced breast cancer. Palborest, a cost-effective alternative to the original tablet, preserves bioequivalence and comes in a tablet form that holds a clear edge over capsules as it can be consumed either with meals or without, and taken concurrently with proton pump inhibitors or antacids. Plus, this lactose- and gelatin-free tablet variant elevates the efficacy of the medicine.
Who Are the Key Players in the Generic Oncology Drugs Market?
Major companies operating in the generic oncology drugs market include:
• 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.
• 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
What are the Regional Insights into the Generic Oncology Drugs Market?
North America was the largest region in the generic oncology drugs market in 2024. The regions covered in the generic oncology drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
