December 06, 2019
According to the research report titled ‘Generic Oncology Drugs Market to 2027 - Global Analysis and Forecasts by Molecular Type (Large Molecule, Small Molecule); Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Kidney Cancer, Cervical Cancer, Others), and Geography’ available at MarketStudyReport.com, the global generic oncology drugs market was worth US $21,200 million in 2018 and is expected to grow with a CAGR of 6.3% over the analysis period, hence reaching US $36,029.60 million by the year 2027.
Generic drugs are replicas of branded drugs in terms of medical effects. These drugs are 85% cheaper than their counterparts and are extensively used in supportive care. Women patients suffering from early stage breast cancer or children suffering from acute lymphoblastic leukemia are likely to be treated using generic drugs.
Growing occurrence of cancer among the global population, development of advanced drugs, coupled with numerous benefits of these drugs are driving the growth of generic oncology drugs market for the forecast period. The market is expected to further expand due to increasing health awareness among people and booming pharmaceutical industry in emerging economies. Shifting preference for using inexpensive drugs is augmenting the demand for generic oncology drugs across the globe.
As per molecule type, the generic oncology drugs market is categorized into small molecule and large molecule. In terms of indication, the market is classified into stomach cancer, lung cancer, colorectal cancer, prostate cancer, breast cancer, kidney cancer, liver cancer, cervical cancer, and others. According to the report, lung cancer segment held the largest share of generic oncology drugs market in 2018, owing to rising prevalence of lung cancer among patients which can be cured using these generic drugs.
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Considering the geographical landscape, the global generic oncology drugs market is divided into regions namely, North America, Central & South America, Europe, Middle East & Africa, and Asia-Pacific.
The prominent companies operating in generic oncology drugs market are Fresenius Kabi AG, Dr. Reddy’s Laboratories Ltd., Cipla Inc., Zydus Cadila, Mylan N. V., Intas Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Aurobindo Pharma, Sandoz International GmbH, Sun Pharmaceutical Industries Ltd., Glenmark and MSN Laboratories.
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