According to a new market research study titled Generic Oncology Drugs Market – Global Analysis and Forecasts by Molecule Type, Indication, and Geography. The global generic oncology drugs market is expected to reach US$ 36,029.60 Mn in 2027 from US$ 21,200.00 in 2018. The market is estimated to grow with a CAGR of 6.3% from 2019-2027. The report highlights the trends prevalent in the global generic oncology drugs market and the factors driving the market along with those that act as deterrents to its growth.
The global generic oncology drugs market, based on the indication was segmented into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, kidney cancer, cervical cancer, others. In 2018, the lung cancer segment held the largest share of the market, by indication. The highest share of lung cancer segment attributes to the high prevalence of patients suffering with the lung cancer that can be treated with generic oncology drugs. However, the stomach cancer segmented is anticipated to witness fastest growth in the generic oncology drugs market, based on indication.
The growing pharmaceutical industry in the developing countries in the Asia Pacific region, are creating better opportunities for the major market players to expand their business. This is a major reason for the market growth in the forecast period. According to the India Brand Equity Foundation April 2019, India is the largest provider of generic drugs globally. The Indian pharmaceutical sector supplies around 40% of generic demand in the US, 50% of global demand for various vaccines, and 25 % of all medicines in UK. The Indian pharmaceutical sector was valued at US$ 33 billion in 2017 and is expected to expand at a CAGR of 22.4% over 2015–2020 to reach US$ 55 billion. India also has a large pool of scientists and engineers who have the potential to grow the industry to an even higher level. Thus, rising medical tourism in emerging countries and growing pharmaceutical in the region is likely to boost the market and is anticipated to provide significant growth opportunities to the players operating in the market during the forecast period.
Some of the prominent players operating in the generic oncology drugs market Teva Pharmaceutical Industries Ltd., Sandoz International GMBH, Glenmark, Sun Pharmaceutical Industries Ltd, MSN Laboratories, Aurobindo Pharma, Intas Pharmaceuticals, Zydus Cadila, Mylan N.V., Cipla Inc., Fresenius Kabi AG, and Dr. Reddy’s Laboratories Ltd. among others. The market players are focused on bringing new and innovative products and services through various inorganic strategies such as acquisitions and mergers to sustain their position in the market. Recently in July 2019, Drug maker Pfizer Inc. has agreed to spin off its generic drugs business and combine it with Mylan, a move that leaves Pfizer with more profitable innovative drugs, including cancer drug Ibrance and pneumonia vaccine Prevnar. Similar small and large level partnerships and acquisition are expected to generate turbulence and act as growth boosters in the global generic oncology drugs market.
The report segments the global generic oncology drugs market as follows:
· Global Generic Oncology Drugs Market – By Molecule Type
o Large Molecule
o Small Molecule
· Global Generic Oncology Drugs Market – By Application
o Lung Cancer
o Stomach Cancer
o Colorectal Cancer
o Breast Cancer
o Prostate Cancer
o Liver Cancer
o Kidney Cancer
o Cervical Cancer
o Others
· Global Generic Oncology Drugs Market – By Geography
· North America
§ U.S.
§ Canada
§ Mexico
· Europe
§ U.K.
§ Germany
§ France
§ Italy
§ Spain
· Asia Pacific (APAC)
§ Japan
§ China
§ India
§ Australia
§ South Korea
· Middle East & Africa (MEA)
§ South Africa
§ UAE
§ Saudi Arabia
· South & Central America (SCAM)
§ Brazil
§ Argentina
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