Home > Healthcare > Pharmaceuticals > Finished Drug Form > Generic Oncology Drugs Market

Generic Oncology Drugs Market Trends

Report ID: GMI4425
Published Date: May 2024
Report Format: PDF

Download Free Sample

Generic Oncology Drugs Market Trends

The substantial costs associated with cancer diagnostics and treatments are a major contributor to the global economic strain, coupled with the limited treatment accessibility and high mortality rates. This has surged the demand for affordable treatment options, driving the acceptance of generics and spurring market growth. Also, to meet the global demand, pharmaceutical companies are actively focusing on continuous research and development activities to offer cost-effective cancer treatments.

For instance, in 2020, Zydus Cadila introduced 'Obnyx,' a generic Enzalutamide capsule offering weekly therapy for prostate cancer. It slashes monthly treatment costs by 70%, significantly lower than existing options in India. The launch aimed to provide affordable treatment, promoting treatment adherence for prostate cancer patients.

Therefore, the affordability factor, coupled with rising cancer prevalence, enhanced the significance of generic options in addressing the global burden of cancer care, thereby augmenting the market growth.

Authors: Mariam Faizullabhoy , Gauri Wani

Frequently Asked Questions (FAQ) :

The market size of generic oncology drugs was reached USD 26.9 billion in 2023 and is expected to register 5.8% CAGR from 2024 to 2032 owing to global rise in cancer cases, driven by factors such as aging demographics, shifts in lifestyle, and environmental influences.

Generic oncology drugs industry from the targeted drugs segment is expected to cross USD 16.1 billion by 2032, due to its ability to precisely target cancer cells, minimize harm to healthy tissue, and reduce side effects.

North America generic oncology drugs industry recorded USD 11.3 billion in 2023 due to increasing cancer cases, rising adoption of branded generics, expanding healthcare spending, widespread cancer screening, and availability of innovative treatments, in the region.

Incyte Corporation, Mylan N.V., Natco Pharma Ltd., Novartis Pharmaceuticals Corporation, Pfizer Inc., Regeneron Pharmaceuticals Inc., Synthon Pharmaceuticals, Inc., Teva Pharmaceuticals, and Zydus Lifesciences Limited, are some of the major generic oncology drugs companies worldwide.