Generic Oncology Drugs Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
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The global generic oncology drugs market was valued at USD 28.9 billion in 2022, and a CAGR of 5.3% was expected during the forecast period. The increasing number of cancer patients all over the world is driving growth in the market. The decreased price of generic drugs is driving growth in the market significantly. With cancer therapy expenses climbing sky high, the demand for generic oncology drugs is increasing significantly.
Growing research activities by pharma companies in this field are driving demand for generic oncology drugs in the in the market. Higher exposure to ultraviolet radiation and rising population levels with changing diet patterns are driving significant growth in the market.
Growth Drivers
Increasing cancer prevalence, patent expiration of branded drugs, and investment by top market players in immunotherapy, targeted therapy, and other oncology treatment methods are driving significant growth in the generic oncology market. Growing demand for affordable cancer treatment is driving the market towards new heights. The cost-effectiveness of generic drugs, favorable government regulations, encouraging generic drug usage, and advancements in drug manufacturing technologies, along with rising demand for affordable cancer treatment, are driving growth in the market.
Increasing
innovation and growing demand for research and development are driving
significant growth in the market. The increasing number of cancer patients all
over the world is the main cause of the significant growth in the market. The
affordability of generic drugs makes it even easier to purchase, and rising
awareness about cancer treatment in an efficient manner is the factor driving
growth in the market. The increasing number of cases of breast cancer is a
significant factor behind the market's growth.
Segmentation
By Therapy
·
Chemotherapy
·
Targeted Therapy
·
Immunotherapy
By Indication
·
Lung Cancer
·
Stomach Cancer
·
Colorectal Cancer
·
Breast Cancer
·
Prostate Cancer
·
Others
By Distribution Channel
·
Hospital Pharmacies
·
Retail Pharmacies
·
Online Pharmacies
By Dosage
·
Solid
·
Liquid
·
Injectable
By Drug Class
·
Cytotoxic Drugs
·
Targeted Drugs
·
Hormonal Drugs
·
Others
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Europe
·
Middle East and Africa
Generic Oncology Drugs Market by
therapy segmentation
On the basis of therapy, the generic oncology drug market is segmented into chemotherapy, targeted therapy, and immunotherapy. Targeted therapy is the leading segment because it offers personalized treatment options by targeting specific molecules involved in cancer growth. These are often more effective and have fewer side effects in comparison to traditional chemotherapy.
The increasing prevalence of cancer has propelled growth in this
segment. Chemotherapy is also a leading segment and is preferred by most cancer
specialists because of its ability to kill the specific affected cell.
Immunotherapy is another leading segment, which involves using the body’s
immune system to fight against cancer. As patents for branded immunotherapy
drugs expire, the demand for generic drugs increases significantly. The
cost-effectiveness of generic drugs is the key factor driving the growth of the
market. Regulatory support and healthcare policies are major reasons for the
significant growth in the market. Radiotherapy is also a leading segment due to
the increasing number of cancer patients all over the world.
Generic Oncology Distribution Channel
Segmentation
On the basis of distribution channel, the generic oncology distribution market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies are the leading segment because hospitals are primary centers for cancer diagnosis and treatment, leading to a high demand for oncology drugs. Hospitals have the infrastructure and resources to store and administer complex oncology drugs, making them preferred providers for cancer treatment. Insurance coverage encourages hospitals to use cost-effective generic oncology drugs to manage budgets without compromising on budget outcomes.
Retail pharmacies are the second-leading segment in the
market. Increasing growth in e-commerce is driving the demand for generic
medicines in the market significantly. Rising healthcare expenditures all over
the world are driving significant growth in the market. The increasing number
of cancer patients is driving growth in the market significantly. Rising
disposable income and increasing demand for cancer treatment are driving
significant growth in the market.
Regional Outlook
On the basis of regions, the generic oncology drugs market is segmented into 5 regions: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the leading segment and is expected to dominate the market during the forecast period due to the high prevalence of cancer and the driving demand for oncology drugs. Due to the well-established healthcare infrastructure and regulatory framework that facilitate the development and distribution of generic drugs, this is driving significant growth in the market.
The presence of key market players and ongoing research and development activities in the region is the key factor behind the significant growth in the market. The rising prevalence of cancer in Asia Pacific due to the increasing population in emerging economies, rising disposable income of people, and increasing urbanization and industrialization is driving growth in the market significantly. The European market is also witnessing growth due to the increasing number of cancer patients in the region, increasing technological advancements, and rising healthcare expenditure by the government throughout Europe, which are the factors driving growth in the market.
The presence of key market players in the European region and ongoing research and development activities are driving growth in the market. Well-established healthcare infrastructure in European countries is driving the demand in the market significantly. The Middle East, Africa, and Latin America are the regions witnessing moderate growth in the market during the forecast period due to challenges such as limited access to healthcare, lower purchasing power, and regulatory hurdles. Cultural factors and healthcare infrastructure gaps also impact the adoption of generic oncology drugs. Despite these challenges, the increasing number of cancer cases all over the world and improving healthcare infrastructure are driving growth in these markets. Rising healthcare expenditure in all over the world is the factor driving growth in the market significantly. The presence of key players in North America and Europe is driving growth in the market significantly.
Key Players
·
F. Hoffman- La Roche Ltd.
·
Novartis AG
·
Pfizer Inc
·
Bristol Myers Squibb Company
·
GlaxoSmithKline Plc
·
Sanofi
·
Bayer AG
·
Merck and Co. Inc.
·
AstraZeneca
·
Eli Lilly and Company
·
Abbvie Inc.
·
Cipla
· Other Players