The global Generic Oncology Drugs Market Demand is predicted to increase at a 6% CAGR between 2022 and 2028, reaching more than US$ 34.8 billion by the end of 2028. Individuals’ increasing proclivity to smoke and tobacco intake is the leading cause of cancer. Sedentary lifestyle, genetic causes, virus infections, carcinogens, and a high consumption of junk food all render the human body vulnerable to cancer.
Growing concerns about the large number of cancer-related deaths have prompted government officials to implement effective cancer-prevention measures.
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Generic oncology medications, which can identify and treat tumours, are widely used in the healthcare business to treat cancer. Significant advancements in technology with the combination of information are likely to boost the pace of expansion for the generic oncology medications market and the cost of cancer treatment.
Advanced technologies such as real-world data, mobile apps, and artificial intelligence have effectively achieved a high patient engagement rate, resulting in increased patient awareness of cancer therapy.
The spending capacity for the development of cancer has increased significantly. More than one-third of the trials offered by manufacturers are targeted at providing personalised cancer treatments, which drives demand for Generic Oncology Drugs even higher. A variety of these variables have significantly contributed to the global rise of the generic cancer medicines industry.
Notable Developments in the Generic Oncology Drugs Market
One of the most fundamental goals of drugs and medical organisations operating on a global scale has been to improve cancer treatment medications and therapies. As a result, generic oncology medications have been used to develop innovative therapy and increase patient survival rates.
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Blood Cancer Immensely Contributes to the Growth of the Generic Oncology Drugs Market
Skin cancer, bladder cancer, bone cancer, eye cancer, gastrointestinal cancer, gynaecological cancer, lung cancer, endocrine cancer, and blood cancer are the cancer categories that account for the highest share of the Generic Oncology Drugs market. Patients diagnosed with blood cancer seek comprehensive treatment for this chronic disease, resulting in an increase in demand for generic oncology medications. Furthermore, the high cost of therapies and generic cancer drugs contributes significantly to the expanding growth of the Generic Oncology Drugs industry.
Recent Developments to Drive the Growth of the Generic Oncology Drugs Market
The key players involved in transforming the landscape of the Generic Oncology Drugs market include Novartis AG, CELGENE CORPORATION, Merck & Company Inc., Pfizer Inc., GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., NATCO Pharma Limited, Aurobindo Pharma, Hikma Drugs PLC, and Mylan N.V.
Out of these leading players, CELGENE, Novartis, and Roche have been procuring a considerable share in the Generic Oncology Drugs market with a rich product portfolio and pipeline products aimed at treating cancer effectively.
- Novartis AG applied smart strategies for channel integration like eCommerce with mobile application to fuel the sales at the retail stores. In addition to this, the company achieved a CE mark for its gene modifying therapy used for the treatment of blood cancer.
- Pfizer Inc. has been focusing on the over 39 therapies, in order to fortify its product portfolio. In the year 2017, Glasdegib of Pfizer received the priority review from the US FDA to treat myeloid leukemia. Post this, XTANDI of Pfizer as well received the FDA approval.
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Key Segments Of Generic Oncology Drugs Industry Survey
Generic Oncology Drugs Market by Molecule Type:
- Large Molecule Generic Oncology Drugs
- Small Molecule Generic Oncology Drugs
Generic Oncology Drugs Market by Route of Administration:
- Oral Generic Oncology Drugs
- Parenteral Generic Oncology Drugs
Generic Oncology Drugs Market by Distribution Channel:
- Generic Oncology Drugs Sold at Hospital Pharmacies
- Generic Oncology Drugs Sold at Retail Pharmacies
- Generic Oncology Drugs Sold at Online Pharmacies
- Generic Oncology Drugs Sold at Managed Care Institutions
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