Generic Oncology Drugs Market

Generic Oncology Drugs Market Outlook (2022-2028)

[200 Pages Report] The worldwide generic oncology drugs market was valued at US$ 24.5 billion in 2022 and is predicted to increase at a 6% CAGR between 2022 and 2028, totalling more than US$ 34.8 billion by the end of 2028.

Rising generic oncology drugs sales are being attributed to:

• Growing awareness of the benefits of generic oncology drugs, such as their low cost, is likely to drive the growth of the generic oncology drugs market over the forecast period.
• Growing demand for specialty generics, as well as increased government efforts and funding, will generate possibilities for makers of generic oncology drugs in the future.
• With cancer therapy expenses climbing and a growing demand for high-quality medical solutions, interest in generic oncology drugs has grown all across the world.

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.

Development of Generic Oncology Drugs Market in the North America

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 U.S. 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.

Opportunities abound in the Small Molecule Generic Oncology Drugs Segment

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.

Sabyasachi Ghosh

Principal Consultant

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How The Market Progressed Till June 2022?

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.

Demand Analysis Of Generic Oncology Drugs (2013 To 2021) Vs Industry Outlook (2022 To 2028)

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.

Which Factors Are Restraining The Growth Of Generic Oncology Drugs Market?

“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.

Country-Wise Analysis

What is the Demand Outlook for the India Generic Oncology Drugs Market?

“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 U.S., Russia, and the U.K. Africa. According to the India Brand Equity Foundation (IBEF), the country (India) exported pharma products worth US$ 24.62 billion during 2021 –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.

How Will Growth Unfold in the U.S. Generic Oncology Drugs Market?

“Rising Incidence of Cancer and Increase in Generic Drug Launches and Approvals Spurring Growth of Generic Oncology Drugs Market in the U.S.”

The U.S. 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 U.S. 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 U.S. 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.

Category-Wise Analysis

Which Molecule Type Segment Will Contribute Most to the Generic Oncology Drugs Market?

“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.

Which Distribution Channel Dominates the Global generic oncology drugs market?

“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.

Who Are The Top Players In Generic Oncology Drugs Market?

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.

For instance,

• In February 2021, Glenmark Pharmaceuticals, a research-led, global integrated pharmaceutical company, launched SUTIB, the generic version of Sunitinib oral capsules to treat kidney cancer in India. The new generic drug is priced 96% lower than the innovator brand to make it affordable to maximum patients.
• In February 2022, Sandoz, a pharmaceutical company headquartered in Switzerland, launched generic oncology medicine lenalidomide in 19 countries across Europe to provide patients access to affordable, high-quality medicines.
• In June 2022, NATCO Pharma Limited announced the launch of the first generic version of Nexavar (Sorafenib) tablets in the U.S. market.

Key Segments Of Generic Oncology Drugs Industry Survey

Generic Oncology Drugs Market by Molecule Type:

• Large Molecule Generic Oncology Drugs
• Small Molecule Generic Oncology Drugs

Generic Oncology Drugs Market by Route of Administration:

• Oral Generic Oncology Drugs
• Parenteral Generic Oncology Drugs

Generic Oncology Drugs Market by Distribution Channel:

• Generic Oncology Drugs Sold at Hospital Pharmacies
• Generic Oncology Drugs Sold at Retail Pharmacies
• Generic Oncology Drugs Sold at Online Pharmacies
• Generic Oncology Drugs Sold at Managed Care Institutions

Generic Oncology Drugs Market by Region:

• North America Generic Oncology Drugs Market
• Latin America Generic Oncology Drugs Market
• Europe Generic Oncology Drugs Market
• East Asia Generic Oncology Drugs Market
• South Asia & Pacific Generic Oncology Drugs Market
• Middle East & Africa (MEA) Generic Oncology Drugs Market

Generic Oncology Drugs Market Scope

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:

• A 6-year realistic sales forecast of generic oncology drugs across multiple end use verticals
• Key market dynamics including drivers, restraints, and emerging opportunities
• Generic oncology drugs market segmentation and information about leading segments
• Insights into latest generic oncology drugs market trends
• Details of leading generic oncology drugs manufacturers and their respective growth strategies to penetrate attractive markets
• Opportunity assessment
• The winning imperatives in generic oncology drugs market
• Supply chain analysis
• Pricing analysis