Global Generic Oncology Drugs Market Will Reach USD 27,815 Million By 2025: Zion Market Research
Thursday, 18 July 2019 According to the report, the global generic oncology drugs market was USD 18,190 million in 2018 and is expected to generate around USD 27,815 million by 2025, at a CAGR of 6.3% between 2019 and 2025.
New York, NY, July 18, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled *“Generic Oncology Drugs Market by Molecule (Large and Small), by Administration Route (Oral and Parenteral), and by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy): Global Market Perspective, Comprehensive Analysis, and Forecast, 2018–2025”*. According to the report, the global generic oncology drugs market was USD 18,190 million in 2018 and is expected to generate around USD 27,815 million by 2025, at a CAGR of 6.3% between 2019 and 2025.
Branded oncology drugs are bioequivalent to generic drugs in dosage form, quality, strength, intended use, and administration route. After the expiry of the specific patent, any other manufacturer can copy and produce the same branded drugs at an affordable cost. Generic oncology drugs are widely used in the healthcare industry to treat cancer. Notable improvements in data mixing technology are anticipated to accelerate the pace of market development for generic oncology medicines and the price of cancer therapy. Advanced technologies, such as real-world information, mobile apps, and artificial intelligence, have succeeded in achieving a high patient engagement rate, resulting in the increased patient awareness about different kinds of cancer treatment options.
*Browse through 54 Tables & 19 Figures spread over 120 Pages and in-depth TOC on “Global Generic Oncology Drugs Market: Industry Type, Size, Share, Trends, Segments, Analysis and Forecast, 2018–2025”.*
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The global generic oncology drugs market is fragmented on the basis of the molecule, administration route, and distribution channel. By molecule, the global generic oncology drugs market includes small and large molecules. Small molecules accounted for the major share in the global generic oncology drugs market in 2018, as they have excellent pharmacodynamics and pharmacokinetic profile. Large molecules consist of biologics that are gaining enormous momentum in the current situation, as they resemble biomolecules present in the human body.
Based on the administration route, the global market includes oral and parenteral. The parenteral segment accounted for a significant share of the global generic oncology drugs market in 2018 and is expected to remain dominant over the forecast time period as well. The distribution channel segment of the generic oncology drugs market comprises hospital pharmacy, retail pharmacy, and online pharmacy. Hospital pharmacies accounted for a notable share in the global generic oncology drugs market. Online pharmacies are expected to register the highest CAGR in the future globally.
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North America accounted for the major share of the global generic oncology drugs market in 2018 and is expected to remain dominant over the forecast time period as well. Launch of new generic oncology drugs, the growing rate of strategic partnerships and collaborations across the region due to personalized medicines, and increasing awareness of new cancer treatment technologies and therapies are expected to drive the regional market for generic oncology drugs. The Center for Disease Control and Prevention (CDC) study findings show that the percentage of adolescents diagnosed with cancer in the U.S. alone is 9.4%. The drivers connected with its dominance are increasing cancer incidences and rising preference for generic drugs over branded drugs, it is state-specific in the U.S. and Canada-specific provinces. Moreover, the presence of advanced healthcare infrastructure and favorable reimbursement policies are also propelling the generic oncology drugs market in North America.
Europe has experienced substantial developments in the generic oncology drugs market, owing to the growing awareness of generic cancer therapy oncology drugs. The European Medical Agency (EMA)'s supportive regulations for generic oncology drugs are driving this regional market. Moreover, the presence of a large number of leading companies, such as Mylan, Teva Pharmaceutical Industries, Novartis, and Merck, is also boosting the European generic oncology drugs market.
Browse the full *“Generic Oncology Drugs Market by Molecule (Large and Small), by Administration Route (Oral and Parenteral), and by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy): Global Market Perspective, Comprehensive Analysis, and Forecast, 2018–2025” *Report at https://www.zionmarketresearch.com/report/generic-oncology-drugs-market
The Asia Pacific generic oncology drugs market is expected to register a high rate of growth in the future. Increasing research and development activities related to biological and targeted drug therapies, early expiry of patents, rising awareness about generic oncology drugs, and rising concentration on personalized therapy medication are some key factors contributing to the Asia Pacific market for generic oncology drugs. India is expected to register the highest CAGR in the Asia Pacific generic oncology drugs market, owing to the increasing footprints of global companies in the country and rising cancer prevalence.
Latin America and the Middle East and Africa accounted for least shares in the global generic oncology drugs market. The unfavorable reimbursement policies, less cancer awareness, and low affordability of these drugs are some factors restraining the market growth in these regions. Alternatively, the growing government support to increase the drugs awareness in these regions and growing per capita income are likely to boost the market significantly in both regions.
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Some major companies in the global generic oncology drugs market are Amgen, Bayer Healthcare, Teva Pharmaceutical, Boehringer Ingelheim, Pfizer, AstraZeneca, Eli Lily and Company, Hoffmann-La Roche, ARIAD Pharmaceuticals, CELGENE Corporation, GlaxoSmithKline, Novartis, Johnson and Johnson, Merck, AbbVie, and Sanofi.
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*This report segments the global generic oncology drugs market into:*
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