The Generic Oncology Drugs Market is expanding significantly and is anticipated to do so for the foreseeable future. A number of generic oncology treatments have been developed as a result of oncology’s impressive recent developments, the area of medicine dedicated to the detection and treatment of cancer. These treatments serve as important alternatives to expensive branded drugs in the management and treatment of several forms of cancer.
The increasing prevalence of cancer worldwide is one of the major factors driving the market for generic oncology medications. There is a rising need for affordable treatment options due to the rising incidence of cancer cases. Generic medications offer an affordable substitute to pricey branded medicines, making cancer therapy more widely available.
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Generic oncology drug sales were forecast to reach US$ 24.5 billion in 2022 and are expected to reach US$ 34.8 billion by the end of 2028, growing at a 6% CAGR. The increased prevalence of tobacco use and smoking among humans is the primary cause of cancer. Secondary variables such a sedentary lifestyle, genetic predispositions, virus infections, carcinogens, and a high diet of junk food make the human body susceptible to cancer.
The government is taking preventive measures to prevent cancer as a result of growing concerns over the high number of cancer-related deaths. Since they can detect and treat tumours, generic oncology drugs are widely used in the healthcare industry to treat cancer. Due to significant technological breakthroughs and the accumulation of information, it is anticipated that both the market for generic oncology drugs and the price of cancer treatment would grow rapidly.
Notable Developments in the Generic Oncology Drugs Market
One of the fundamental goals of the pharmaceutical and medical organisations working on a global scale has been the improvement of cancer treatment medications and therapies. As a result, generic oncology medications have been used to develop novel therapy and raise 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 among the different types of cancer that make for the majority of the market for generic oncology drugs. Patients who have been diagnosed with blood cancer want comprehensive treatment for this chronic condition, which creates an overwhelming demand for generic oncology medications. Additionally, the expensive therapies and generic oncology pharmaceuticals are a major factor in the expanding market for generic cancer drugs.
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 Pharmaceuticals 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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