According to the latest report by IMARC Group, titled “Generic Oncology Drug Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global generic oncology drug market size reached US$ 22.6 Billion in 2018. Cancer is a lifestyle disease which is characterized by the rapid and uncontrolled growth of abnormal cells that invade nearby tissues and result in the formulation of a tumor. Over the years, cancer has emerged as one of the leading causes of mortality worldwide; however, prognosis has improved with advancements in treatment. On account of the complexity of cancer care and high cost associated with cancer treatment, various pharmaceutical companies are taking an interest in the development of generic oncology drugs. These drugs are bioequivalent of brand-name medicines that provide similar pharmacological effects, including safety, efficacy, dosage, intended use, side effect and route of administration. The availability of oncology generics can further improve cancer treatment outcomes by increasing drug adherence among patients.
Global Generic Oncology Market Trends:
Owing to the rising geriatric population and environmental degradation, the prevalence of cancer has increased around the world. As a result, governments in numerous countries are encouraging the adoption of generic oncology drugs as a cost-containment measure. They are also financing cancer-related research and development (R&D) activities and investing in the production of anti-cancer drugs which, in turn, is bolstering the growth of the global generic oncology drug market. Moreover, these drugs play a pivotal role in cancer treatment since some of the anti-cancer drugs are only available in the form of generics. Apart from this, generic drugs generally require low capital investments as the companies only incur the manufacturing cost without any expenditure on drug discovery, drug development, advertising and distribution of free samples. Further, several branded oncology drugs are anticipated to lose patent protection in the upcoming years, which will provide lucrative opportunities to generic oncology drug manufacturers. Looking forward, the market is projected to reach a value of US$ 39.4 Billion by 2024, expanding at a CAGR of around 9.6% during 2019-2024.
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Market Summary:
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