NEW YORK, Nov. 24, 2021 /PRNewswire/ -- Sales revenue from generic oncology drugs in 2020 was US$ 23 Bn, which is expected to surge to US$ 41.5 Bn by the end of 2031. Analysts at Persistence Market Research have also predicted the market to rise at a healthy CAGR of 6% over the next ten years.
Instances of cancer cases have risen exponentially across the globe. From diagnosis to treatment, all aspects of the disease are being researched extensively by numerous market players. Oncology treatment and drugs have proven to be very expensive for everyone, and this has been affecting overall treatment of cancer globally.
Research is focusing on developing new and cost-effective generic oncology drugs that would be helpful in treatment of types of cancers. A major trend to watch out for over the decade would be the use of nanotechnology in the development of generic oncology drugs. With cancer rates surging, the need for a diverse portfolio of generic drugs is being realized, and major as well as new market players are investing in developing a vast portfolio that caters to most needs of patients suffering from different cancer conditions.
Prime players in the industry are investing in the research & development of new products, which, in turn, is expanding their product portfolios across various cancer types.
In September 2021, MSN Labs, a pharmaceutical firm based in India, announced the launch of its new generic drug that will be used in treatment of renal cancer. The drug is called Cabolong, which is a branded generic of Cabozantinib. The drug will be available for treatment in three strength factors of 20mg, 40mg, and 60mg.
In February 2021, Glenmark Pharma, a renowned name in the pharmaceutical industry announced the launch of a new generic cancer drug for the treatment of kidney cancer. This drug is the generic version of FDA approved Suntinib and is named SUTIB.
Key Takeaways from Market Study
The global generic oncology drugs market is predicted to expand at a CAGR of 6% through 2031.
Generic oncology drugs revenue is anticipated to top US$ 41.5 Bn by the end of the decade.
The South Asia market is predicted to rise at the fastest CAGR over the decade.
In 2020, global market revenue totaled a net worth of US$ 23 Bn.
Increasing incidence of cancer across the globe, growing focus on healthcare, rising healthcare expenditure, and advancements in treatment technologies and drugs are some of the major factors influencing industry growth.
"Key players are focusing on diversifying their product portfolios in order to fulfil high demand for generic oncology drugs," says a Persistence Market Research analyst.
The global market for generic oncology drugs has been identified as a fairly fragmented space due to the presence of a high number of market participants.
Some of the key market players included in the report are Novartis AG, Pfizer Inc., GlaxoSmithKline plc, CELGENE CORPORATION, Teva Pharmaceutical Industries Ltd., Merck & Company, Inc, Aurobindo Pharma., Hikma Pharmaceuticals PLC, Mylan N.V., and NATCO Pharma Limited.
These are identified as key manufacturers of generic oncology drugs. They are engaged in market expansion activities and the research & development of new oncology drugs.
Persistence Market Research, a research and consulting firm, has published a new market research report on the global generic oncology drugs market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, molecule type, by route of administration, by distribution channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
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