Global Generic Oncology Drugs Market Report and Forecast 2024-2032

Global Generic Oncology Drugs Market Outlook

The global generic oncology drugs market value was USD 26.87 billion in 2023, driven by the increasing prevalence of cancer across the globe. The market size is anticipated to grow at a CAGR of 6.2% during the forecast period of 2024-2032 to achieve a value of USD 46.17 billion by 2032.

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The global generic oncology drugs market is being driven by the growing cancer incidences across the globe coupled with rising demand for such drugs to assist patients undergoing chemotherapy, alleviating after-effects, including pain. 

Region-wise, North America is the leading market for generic oncology drugs accounting for the majority of the global share. The growth of the market in the region can be attributed to the availability of advanced technology and enhanced healthcare infrastructure. On the other hand, the Asia Pacific is expected to be one of the emerging markets owing to the increased government expenditure in the healthcare sector in the region coupled with the presence of increased population.

Market Segmentation

Generic oncology drugs refer to the drugs that assist in shrinking, controlling, and eliminating the cancer cells present in the human body. They perform a pivotal role in cancer treatment as some of the anti-cancer drugs are only available in the form of generics. Generic oncology drugs share similar active ingredients as the already marketed brand-name cancer care medicine, and they can be characterised by different colours or flavours in comparison to the original drugs. The performance, intended use, quality, dosage form, and route of administration of these drugs are similar to that of their original counterparts.

The EMR report has analysed the major regional markets in the industry, which are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Analysis

The generic oncology drugs market is driven by the growing prevalence of cancer across the globe, coupled with high costs associated with cancer treatment. These drugs are bioequivalent of and are used as an alternative means to brand-name medicines, providing similar pharmacological effects in cancer treatment. A rapid increase in the number of smokers, coupled with a rise in sedentary and unhealthy lifestyles, has increased the incidences of cancer cases around the world. As a result of this, there has been an acceleration in the demand for cost-effective and viable cancer treatments, including generic oncology drugs. Increasing adulteration in food products and the usage of pesticides in fresh fruits and vegetables has injected a lot of chemicals in the human body responsible for such diseases.

Apart from this, rising government expenditure in the emerging nations to promote generic drugs and reduce healthcare expenses is positively influencing the regional market growth. Furthermore, rapid advancements in the healthcare sector and biotechnology and research field have resulted in early and affordable cancer diagnosis, thus increasing the demand for generic oncology drugs at the prevention stage. Thus, rising geriatric population and growing demand for cost-effective treatment procedures, particularly in emerging regions are aiding the industry further.

Factors such as new product launches and benefits offered by generic drugs are boosting the market. In addition, the growing pharmaceutical industry in developing countries is likely to have a positive impact on the growth of the market in the coming years. The ongoing research and development activities are aiding the market growth. Moreover, the leading players in the market are innovating and launching enhanced products, which is expected to have a positive effect on the industry growth over the forecast period.

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Competitive Landscape

The report gives a detailed analysis of the following key players in the global generic oncology drugs market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Mylan N.V.
• Hikma Pharmaceuticals PLC
• Stason Pharmaceuticals
• Mayne Pharma
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Generic Oncology Drugs Market Report Snapshots

Generic Oncology Drugs Market Size

Generic Oncology Drugs Companies