- The global generic oncology drugs market is expected to expand at a CAGR of 6.1% from 2018 to 2026.
- A significant rise in biosimilars can prove as a major setback for the generic oncology drugs market growth.
- Government healthcare agencies are adopting proactive role in promoting supportive regulatory environment for generic oncology drugs to reduce the healthcare cost burden associated with cancer treatment.
According to the statistics provided by Cancer Research UK in 2018, 17 million new cases of cancer have been reported worldwide. The global generic oncology drugs market is expected to reach from $17,151.0 Mn in 2017 to $29,222.5 Mn by 2026 expanding at a CAGR of 6.1% from 2018 to 2026.
Intellectual property policies stipulated by developed nations have caused increased drug pricing of essential medicines and, caused geographical discrimination in developing economies leading to significant rise in mortality due to lack of access to affordable medicines to treat cancer. Government healthcare agencies are adopting proactive role in promoting supportive regulatory environment for generic oncology drugs to reduce the healthcare cost burden associated with cancer treatment. A significant rise in biosimilars can prove as a major setback for the generic oncology drugs market growth.
The small molecule segment comprises almost 90% of the medicines currently available in the market. They are dominating the molecule type segment for generic oncology drugs market. It is popular among physicians engaged in cancer treatment due to the small molecule’s impressive pharmacokinetic and pharmacodynamic drug profile. Large molecules are biologics which resemble the biomolecules present in the human body. Increased cell receptor affinity has made it popular as targeted drug therapy. It has excellent drug efficacy and safety profile with minimal side effects. Expiration of drug patent and market exclusivity will pave the way for its generic version to reign in the oncology drugs market.
North America is currently holding 42% market share in the regional segment for generic oncology drugs market. The chief attributes responsible for its market growth are increasing demand for generic substitution over branded oncology drugs and rising prevalence of cancer.
- Buy Research Report: Rising Cyber Threats to Expand Covid-19 Impact on User and Entity Behavior Analytics Market
- Buy Research Report: Planar Solid Oxide Fuel Cell Market Revenue and Value Chain 2018-2026
- 100 Photo Remove Backgrounds $25 – Fast
- Buy Research Report: The Prefilled Syringes Fill/Finish Servcies Market – Present Scenario and the Growing Future Potential
- Buy Research Report: Fermentation Ingredients Market size Surge at a Robust Pace in Terms of Revenue over COVID-19 2023
Europe with a market share of 30% is in the second position. Domicile of key players such as Merck & Co., Mylan N.V., Novartis AG. and Teva Pharmaceutical Industries, Ltd. drive the market growth in Europe. A supportive environment provided by the European Medical Agency (EMA) bolsters market growth in European region. Asia Pacific represents 20% market share on account of significant rise in the number of patients diagnosed with cancer and increasing medical tourism.
Key Market Movements
There is a significant rise in the number of patients diagnosed with cancer. Expiration of drug patents and market exclusivity of biologics will pave the way for generic versions to dominate the oncology drugs market. A proactive role adopted by healthcare agencies worldwide will help the market by promotnig generic oncology drugs to reduce the cost burden associated with cancer treatment.
List of Companies Covered: AstraZeneca, Plc., Bayer Healthcare AG., Celgene Corporation, F.Hoffman-La Roche Ltd., GlaxoSmithKline Plc., Johnson and Johnson, Merck & Co., Mylan N.V., Novartis AG., and Teva Pharmaceutical Industries Ltd.
By Molecule Type: Small Molecule and Large Molecule. By Geography Segment: North America (the U.S., Rest of North America), Europe (U.K., Germany, France, Rest of Europe), Asia Pacific (China, Japan, India, Rest of Asia Pacific), and Rest of the World (the Middle East & Africa, Latin America)