The latest market report published by Credence Research, Inc. “Global Generic Oncology Drugs Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global generic oncology drugs market is expected to reach from US$ 17,151.0 Mn in 2017 to US$ 29,222.5 Mn by 2026 expanding at a CAGR of 6.1% from 2018 to 2026.
Browse the full report Generic Oncology Drugs Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://bit.ly/2Ik5409
According to the statistics provided by Cancer Research UK in 2018, 17 million new cases of cancer have been reported worldwide. Intellectual property policies stipulated by developed nations have caused increased drug pricing of essential medicines and, caused geographical discrimination in developing economies leading to significant rise in mortality due to lack of access to affordable medicines to treat cancer. Government healthcare agencies are adopting proactive role in promoting supportive regulatory environment for generic oncology drugs to reduce the healthcare cost burden associated with cancer treatment. Significant rise in biosimilars can prove as a major setback for the generic oncology drugs market growth.
Small molecule comprises almost 90% of the medicines currently available in the market. They are dominating the molecule type segment for generic oncology drugs market. It is popular among physicians engaged in cancer treatment owing to its impressive pharmacokinetic and pharmacodynamic drug profile. Large molecules are biologics which resembles the biomolecules present in the human body. Increased cell receptor affinity has made it popular as targeted drug therapy. It has excellent drug efficacy and safety profile with minimal side effects. Expiration of drug patent and market exclusivity will pave way for its generic version to reign the oncology drugs market.
North America is currently holding 42% market share in the regional segment for generic oncology drugs market. The chief attributes responsible for its market growth are increasing demand for generic substitution over branded oncology drugs and rising prevalence of cancer. Europe with a market share of 30% is in the second position. Domicile of key players such as Merck & Co., Mylan N.V., Novartis AG. and Teva Pharmaceutical Industries, Ltd. drive the market growth in Europe. Supportive environment provided by the European Medical Agency (EMA) bolster the market growth in European region. Asia Pacific represents 20% market share on account of significant rise in the number of patients diagnosed with cancer and increasing medical tourism.
Pharmaceutical giants having a strong foothold in the generic oncology drugs market are AstraZeneca, Plc., Bayer Healthcare AG., Celgene Corporation, F.Hoffman-La Roche Ltd., GlaxoSmithkline, Plc., Johnson and Johnson, Merck & Co., Mylan N.V., Novartis AG. and Teva Pharmaceutical Industries, Ltd.
Key Market Movements:
- Significant rise in the number of patients diagnosed with cancer
- Expiration of drug patent and market exclusivity of biologics will pave way for its generic version to dominate the oncology drugs market
- Proactive role adopted by healthcare agencies worldwide to promote generic oncology drugs to reduce cost burden associated with cancer treatment