The worldwide generic oncology drugs market was valued at USD 24.5 billion in 2022 and is predicted to increase at a 6% CAGR between 2022 and 2028, totalling more than USD 34.8 billion by the end of 2028.
Rising generic oncology drugs sales are being attributed to:
The corona virus pandemic had a significant influence on the global economy, creating several barriers for most businesses worldwide. However, due to increased utilisation for medication research, demand for generic cancer generic oncology drugs has increased dramatically. Generic oncology drugs are increasingly being repurposed due to their safety and efficacy in the treatment of a wide range of ailments affecting infected people.
The growing efforts of 18 key Indian industry actors, including Sun Pharma, Lupin, Aurobindo, and Zydus Cadila, to manufacture COVID-19 medications for developing nations boosted market demand. As per this report, demand for generic oncology drugs, is expected to surge at over 6% CAGR until 2028.
| Attribute | Details |
|---|---|
| Generic Oncology Drugs Market Size (2022) | USD 24.5 Billion |
| Generic Oncology Drugs Market Size (2028) | USD 34.8 Billion |
| Global Market Growth Rate (2022 to 2028) | 6% CAGR |
| Market Share of Large Molecules | 53.1% |
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The United States now dominates the North American generic oncology drugs industry, which is predicted to increase rapidly between 2022 and 2028.
The rapid increase in cancer cases, growing adoption of branded generics, rising healthcare expenditure, high cancer diagnostic screening, availability of various innovative cancer treatments, and the large presence of leading generic drug manufacturers are driving growth in the USA generic oncology drugs market.
Multiple cancer cases have climbed significantly in recent years in the United States, and this trend is expected to continue even over the projected period. The American Cancer Society (ACS) predicts that there will be 1.9 million new cancer diagnoses and 609,360 cancer deaths in the United States in 2022. As a result, demand for generic oncology drugs is predicted to expand rapidly throughout the forecast period.
Similarly, rising R&D spending, quick expansion in the cancer supportive care products market, and an increase in new medication development and approvals would boost the country's generic oncology drug market share in the future years.
The worldwide generic oncology drugs market is divided into two segments based on molecule type: big molecule generic oncology drugs and small molecule generic oncology drugs. The big molecule generic oncology drugs sector now accounts for 53.1% of the worldwide generic oncology drugs market.
However, with increasing consumer preference for small molecule drugs due to their various benefits, the popularity of personalised drug development, and increased research and development activities, the small molecule generic oncology drugs segment is expected to grow at a higher CAGR during the forecast period.
Small molecule generic oncology drugs are increasing in popularity due to their improved safety, few side effects, and excellent treatment effectiveness. Because of their molecular size and complexity, they may quickly reach target areas. Similarly, the increase of the small-molecule injectable market will boost this segment's growth over the projection period.
A generic drug is a medication that contains the same chemical substance as a drug that was originally protected by chemical patents. It provides the same therapeutic effect as that of the original drug and is allowed for sale after the patents on the original drug expire.
The dramatic rise in cancer drug prices presents a tough challenge to treatment access and cancer outcomes. A large portion of the world population suffering from cancer is unable to afford proper cancer treatment due to staggering cancer treatment prices. As a result, they are continuously looking for low-cost cancer therapeutics. This has brought generic oncology drugs market into the spotlight.
Introduction of generic drugs in oncology has provided a new ray of hope to millions of patients suffering from various types of cancers, who cannot afford high-cost treatments. They have become ideal cost-effective alternatives to branded medicines and are being increasingly consumed by cancer patients worldwide.
Rise in cases of cancer coupled with growing awareness about the benefits of generic oncology drugs such as their cost effectiveness, is expected to provide a strong thrust to the growth of generic oncology drugs market during the forecast period.
Similarly, growing demand for specialty generics and increasing government initiatives and investments will create opportunities for generic oncology drugs manufacturers in future.
Currently, consumption of generic oncology drugs accounts for 17% share of the global oncology drugs market.
Principal Consultant
| Particulars | Details |
|---|---|
| H1, 2021 | 6.17% |
| H1, 2022 Projected | 6.04% |
| H1, 2022 Outlook | 5.14% |
| BPS Change - H1, 2022 (O) – H1, 2022 (P) | (-) 90 ↓ |
| BPS Change – H1, 2022 (O) – H1, 2021 | (-) 103 ↓ |
According to Future Market Insights' analysis, the global generic oncology drugs market expects to drop by 103 Basis Point Share (BPS) in H1-2022 as compared to H1- 2021. Whereas in comparison to H1-2022 Projected value, the market during H1-2022 outlook period will show a dip of 90 BPS.
The resultant decline in the BPS values is associated with the existing international variability in the safety of generic oncology drugs, thus posing regulatory along with patient safety concerns. Moreover, drawbacks in generic pharmaceuticals production in developing countries such as India, due to a less intensive regulatory oversight has further deteriorated the BPS value change.
The market will however observe a positive growth outlook, owed to the significantly improved cost-effectiveness and cost-utility offered by the generic versions of costly oncology drugs in the developed countries.
The market is subject to changes as per the clinical, policy, regulatory and patient safety factors, in accordance to the macroeconomic and industry standards. The key development in the market includes the launch of the cancer drug Ibrance, for targeted therapy.
The global demand for generic oncology drugs is set to grow at a healthy CAGR of 6.0% between 2022 and 2028, in comparison to 5.8% CAGR registered from 2014 to 2021. Growth in the generic oncology drugs market is driven by rising incidence of cancer, growing awareness among people about cancer and its treatments, cost effective nature of generic oncology drugs, favorable government support, and rise in new generic oncology drug launches and approvals.
With skyrocketing costs of cancer therapeutics and rising need for quality medical options, the interest in generics oncology drugs has increased all over the world. Generic oncology drugs are a chemical copy of original band, with the same active ingredients.
These drugs tend to cost less than their brand-name counterparts because generic drug applicants do not have to repeat the costly clinical trials. Generic drugs in oncology have become essential because some anticancer drugs are only available as generics.
Increasing incidence of cancer is a major factor boosting the growth of generic oncology drugs market and the trend is likely to continue during the forecast period. According to the World Health Organization (WHO), with around 10 million deaths in 2020, cancer was the leading cause of death worldwide.
In order to reduce this mortality rate, people opt for various cancer treatments including generic oncology drugs. This surge in numerous types of cancers such as breast cancer and lung cancer will continue to boost the sale of generic oncology drugs like breast cancer drugs and lung cancer therapeutics, thereby improving the generic oncology drugs market share.
Similarly, growing popularity of generic oncology drugs due to their cost-effective nature along with growing popularity of super generics is expected to boost the generic oncology drugs market growth during the forecast period. Generic oncology drugs are usually priced at affordable rates with costs that are up to 80% less than branded drugs. As a result, people are showing a keen inclination towards using these generic oncology drugs.
Leading generic oncology drugs manufacturers are frequently launching new products in order to meet the rising demand. This will ignite the growth of generic oncology medicines market during the forecast period.
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Oncologists’ Scepticism on Effectiveness Could Hinder Generic Oncology Drug Sales
Despite its optimistic stance, the global generic oncology drugs market is facing various challenges that are restraining its growth to some extent. Some of these factors include scepticism about the effectiveness of generic oncology drugs, longer approvals time, and increasing usage of alternative cancer treatments.
Rapid Rise in the Export of Generic Medicines and Growing Demand for Affordable Cancer Treatments Propelling Sales of Generic Oncology Drugs in India
As per FMI, the generic oncology drugs market in India is expected to grow at a healthy pace during the forecast period, owing to the rapid surge in cancer cases, rising adoption of cancer diagnostic technologies like oncology blood testing, growing health awareness, rise in export of medicines, and increasing demand for low-cost medicines.
Over the years, India has become one of the biggest exporters of generic medicines to several developed countries including the USA, Russia, and the UK Africa. According to the India Brand Equity Foundation (IBEF), the country (India) exported pharma products worth USD 24.62 billion during 2021 to 2022.
Factors such as easy availability of labors, low cost of manufacturing, and supportive government initiatives are attracting generic oncology drug manufacturers to establish their bases in India. This will bode well for the India Generic oncology drugs market during the forecast period.
Indian based pharmaceutical giants like Dr. Reedy's Laboratories and Aurobindo Pharma, are playing a key role in expanding the generic oncology drugs market size in the country. These generic oncology drugs manufacturers are developing novel generic drugs to penetrate attractive markets. For instance, in October 2021, DR Reddy's Laboratories launched its anti-cancer drug, Abiraterone Acetate in Chinese market.
Rising Incidence of Cancer and Increase in Generic Drug Launches and Approvals Spurring Growth of Generic Oncology Drugs Market in the USA
The USA currently leads the North American generic oncology drugs market and is expected to grow at a considerable pace during the forecast period between 2022 and 2032.
Growth in the USA generic oncology drugs market is driven by rapid surge in cancer cases, growing adoption of branded generics, increasing healthcare expenditure, high cancer diagnostic screening, availability of various innovative cancer treatments, and large presence of leading generic drug manufacturers.
In recent years instances of multiple cancers have increased substantially in the USA and this trend is anticipated to continue even during the forecast period. According to the American Cancer Society (ACS), there will be an estimated 1.9 million new cancer cases and 609,360 cancer deaths in the United States during 2022. Driven by this, demand for generic oncology drugs is expected to rise at a robust pace during the forecast period.
Similarly, increasing investments in research and development, rapid growth of cancer supportive care products market, and rise in new drug development and approvals will improve the generic oncology drugs market share in the country during the forthcoming years.
Demand for Small Molecule Generic Oncology Drugs to Grow at an Exponential Pace
Based on molecule type, the global generic oncology drugs market is segmented into large molecule generic oncology drugs and small molecule generic oncology drugs. Among these two, large molecule generic oncology drugs segment currently holds the largest share of 53.1% of the global generic oncology drugs market.
However, with growing consumer preference for small molecule drugs due to their various benefits, growing popularity of personalized drug development, and increasing research and development activities, the small molecule generic oncology drugs segment is expected to grow at a relatively higher CAGR during the forecast period.
Small molecule generic oncology drugs are gradually gaining popularity on account of their enhanced safety, minimal side effects, and high drug efficacy. Their molecular size and complexity enable them to reach target sites easily.
Similarly, expansion of small-molecule injectable market will further support the growth of this segment during the forecast period.
Online Pharmacies to Remain the Mostly Preferred Distribution Channel for Generic Oncology Drugs
Emerging generic oncology market trends indicate that the online pharmacies segment is likely to grow at the highest CAGR during the forecast period. This can be attributed to rising consumer inclination towards purchasing generic oncology drugs from their homes to save money and time and rise in the number of online pharmacies worldwide. Further, online pharmacies also render higher interoperability in comparison to the hospital systems.
Some of the leading players in generic oncology drugs market include Novartis AG, CELGENE CORPORATION, Merck & Company Inc., Pfizer Inc., GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., NATCO Pharma Limited, Aurobindo Pharma, Hikma Pharmaceuticals PLC, and Mylan N.V. They are committed to discovering, investigating, and developing transformative therapies that improve the outlook for cancer patients worldwide.
These leading generic oncology drugs manufacturers are increasingly investing in research and development for introducing novel oncology drugs with better effectiveness and low costs.
Besides this, they have adopted strategies like new product launches and approvals, partnerships, collaborations, acquisitions, mergers, and strengthening of distribution channels to gain a competitive edge in the global generic oncology drugs market.
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With the aim of providing a detailed analysis of the global generic oncology drugs market, Future Market Insights latest report delves deep into various market governing factors such as growth drivers, restraints, consumer demands, emerging generic oncology drugs market trends. It offers insights into leading regional pockets and market segments.
The report also provides in-depth analysis regarding the competitive landscape of generic oncology drugs market and explains how key generic oncology drugs manufacturers are innovating to meet consumer demands.
Besides this, FMI also examines the impact of rising cancer cases and advancing cancer diagnostic technologies on the overall sales of generic oncology drugs. The report further highlights factors pushing demand for generic oncology drugs across developing regions like India and China.
The Generic Oncology Drugs Market Analysis Includes:
| Attribute | Details |
|---|---|
| Projected Market Size (2028) | USD 34.8 Billion |
| Estimated Growth Rate (2022 to 2028) | 6% |
| Forecast Period | 2022 to 2028 |
| Historic Data Available for | 2013 to 2021 |
| Market Analysis | USD Million for Value |
| Report Coverage | Market forecast, company share analysis, competition intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives |
| Key Segments Covered | Molecule Type, Route of Administration, Distribution Channel, Region |
| Key regions covered | North America(USA, Canada, Rest of North America); Latin America(Brazil, Argentina, Mexico, Rest of Latin America); Western Europe( Germany, UK, France, Rest of Western Europe, Eastern Europe, Russia, Spain, Rest of Eastern Europe); South Asia Pacific( China, India, Japan, Malaysia, Thailand, Indonesia, South Korea, Rest of South Asia & Pacific); Middle East & Africa,(GCC Countries, Turkey, Israel, Rest of MEA); Rest of the World(Oceania, Africa, South America); |
| Distribution Channel | Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Managed Care Institutions |
| Key companies profiled | Novartis AG, CELGENE CORPORATION, Merck & Company Inc., Pfizer Inc., GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., NATCO Pharma Limited, Aurobindo Pharma, Hikma Pharmaceuticals PLC, and Mylan N.V. |
| Customization & pricing | Available upon request |
The global generic oncology drugs market reached a valuation of USD 24.5 Billion in 2022.
Demand for generic oncology drugs is expected to rise at 6% CAGR during the forecast period, totaling USD 34.8 Billion by 2028.
Currently, large molecule generic oncology drugs segment leads the market with around 53.1% share.
Increasing prevalence of cancer, growing awareness about cancer and its various treatments, and continuous new product launches are some of the key factors shaping the growth of generic oncology drugs market.
Novartis AG, GlaxoSmithKline plc, CELGENE CORPORATION, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Aurobindo Pharma, and Merck & Company Inc. are some of the prominent players operating in generic oncology drugs market.
1. Executive Summary 2. Market Introduction 3. Market Opportunity Analysis 4. Market Background 5. Key Inclusions 6. North America Market Analysis 2013 t o 2021 and Forecast 2022 to 2028 7. Western Europe Market Analysis 2013 to 2021 and Forecast 2022 to 2028 8. Eastern Europe Market Analysis 2013 to 2021 and Forecast 2022 to 2028 9. Latin America Market Analysis 2013 to 2021 and Forecast 2022 to 2028 10. Asia Pacific Excluding China & Japan Market Analysis 2013 to 2021 and Forecast 2022 to 2028 11. China Market Analysis 2013 to 2021 and Forecast 2022 to 2028 12. Japan Market Analysis 2013 to 2021 and Forecast 2022 to 2028 13. Middle East and Africa Market Analysis 2013 to 2021 and Forecast 2022 to 2028 14. Forecast Factors: Relevance and Impact 15. Forecast Assumptions 16. Competition Analysis 16.1. Novartis AG 16.2. Pfizer Inc. 16.3. GlaxoSmithKline plc 16.4. CELGENE CORPORATION 16.5. Teva Pharmaceutical Industries Ltd. 16.6. Merck & Company, Inc 16.7. Aurobindo Pharma. 16.8. Hikma Pharmaceuticals PLC 16.9. Mylan N.V. 16.10. NATCO Pharma Limited 17. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028 By Region 17.1. North America 17.2. Western Europe 17.3. Eastern Europe 17.4. Latin America 17.5. Asia Pacific Excluding Japan 17.6. Japan 17.7. China 17.8. Middle East and Africa 18. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028, By Molecule Type 18.1. Large Molecule 18.2. Small Molecule 19. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028, By Route Of Administration 19.1. Oral 19.2. Parenteral 20. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028, By Distribution Channel 20.1. Hospital Pharmacy 20.2. Retail Pharmacy 20.3. Online Pharmacy 20.4. Managed Care Institutions 21. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028 22. Assumptions and Acronyms Used 23. Research Methodology
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Generic Oncology Drugs Market
