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.
Factors such as, growing cancer prevalence across the globe, new product launches and benefits offered by generic drugs are boosting the market over the years. In addition, the growing pharmaceutical industry in developing countries are likely to have a positive impact on the growth of the market in the coming years.
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Generic drugs are copies of branded drugs. Their pharmacological effects are similar to the branded counterparts. Generic drugs are cost effective as the manufacturers have not invested in the development and marketing of the new drug. When a drug patent expires, other manufacturers apply for FDA approval in order to manufacture and sell the product. Hence generic drugs are cheaper than branded drugs. The generic drug have exactly the same effects, dosage, side effects, route of administration, safety, risks, and strength as the original branded drug. Generic drugs are important in oncology as some anticancer drugs are only offered as generics. In most of the cases like, children with acute lymphoblastic leukemia or women patients with early-stage breast cancer are treated with generics. Generic drugs are extensively used in supportive care. The most significant benefit of using generic drugs is the cost, which is up to 85% less than that of a branded drugs. Thus, these benefits offered by generic drugs is likely to enhance the market growth during the forecast period.
Some of the major primary and secondary sources included in the report for the Generic Oncology Drugs Market are the World Health Organization, British Generics Manufacturers Association, Centers for Disease Control and Prevention, Cancer Association of South Africa, Italian Association for Cancer Research, American Cancer Society, Indian Brand Equity Foundation, and others.
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The key factors such as increasing prevalence of cancer across the globe, growing generic drug launches and benefits offered by the generic drugs are likely to boost the market growth, whereas, inclination towards the personalized medicine for cancer is likely to be a prevalent trend in the future years. Asia Pacific generic oncology drugs market is expected to grow at highest rate during the forecast period. The growth is contributed by the key driving factors such as development of generics at mass scale, increasing exports by Indian manufacturers, new trade agreements by Asian companies with international players for sales, distribution as well as research collaborations as well as launch of innovative and novel generics for cancer treatment. The market for generic oncology drugs in the Asia Pacific region is expected to reach US$ 7,692.32 Mn in 2027 from US$ 4,299.63 Mn in 2018. The growth rate of the market in the region is estimated to be 6.9% during the forecast period.
he market for generic cancer drugs is driven by frequent drug launches. Most of the major market players are involved in the manufacturing wide range of generic cancer drugs that help in reducing cost of cancer care. For instance, in May 2019, Mylan N.V., a global pharmaceutical company announced the U.S. launch of Erlotinib Hydrochloride Tablets, 25 mg, 100 mg and 150 mg, a generic version of Genentech’s Tarceva. Erlotinib Hydrochloride tablets are used for the treatment of patients with metastatic non-small cell lung cancer whose tumors have epidermal growth factor receptor (EGFR) exon 19 deletions or exon 21 (L858R) substitution mutations as identified by an FDA-approved test receiving first-line, maintenance, or second or greater line treatment after advancement following at least one earlier chemotherapy.
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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.
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