Publication Month: Aug 2019 | Report Code: TIPRE00006393 | No. of Pages: 152 | Category: Pharmaceuticals | Status: Published
Generic Oncology Drugs in healthcare is the use of machine-learning algorithms and software to analyze, process and present complex medical and health care data. It has been widely used to support clinical decisions, improve workflows and predict health outcomes. Thus, wide application of AI in the healthcare sector is likely to propel the growth of the market. The growth of the Generic Oncology Drugs Market is attributed to the 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.
The Generic Oncology Drugs Market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
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Cancer is one of the leading cause of deaths across the globe and is extremely affecting the quality of life. Thus, cancer will be burden on society if not diagnosed and treated on time. According to the World Health Organization in 2018, approximately, 9.6 million deaths across the globe were due to cancer. Furthermore, the National Cancer Institute predicted that in 2018, approximately 1,735,350 new cancer cases will be diagnosed in the US.
Additionally, cancer is found to be common in European countries as well. As per the Cancer Research UK, in 2016, around 163,444 deaths in UK were due to cancer.
Furthermore, Asia Pacific region is also facing the problem of growing prevalence of cancer. The top 15 countries with
Cancer prevalence are: Japan, Taiwan, Singapore, South Korea, Malaysia, Thailand, China, Philippines, Sri Lanka, Vietnam, Indonesia, Mongolia, India, Laos, and Cambodia. According to the National Institute of Cancer Prevention and Research (NICPR), in 2018, in India total deaths due to cancer were 784,821.
These statistics determine an increase in the demand for advanced cancer diagnostics in various regions across the globe. Thus driving the growth of generic oncology drugs during the forecast period.
The 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 July 2019, Lupin Pharmaceuticals, Inc. launched a generic Imatinib Mesylate tablets used to treat certain types of cancer.
Additionally April 2019, Emcure Pharmaceuticals, a leading pharmaceutical company from India launched world’s first generic Eribulin for treatment of metastatic breast cancer.
Emcure is marketing the drug with brand name ‘Eribilin’, that offers high-quality and cost-effective treatment option to breast cancer patients in India. The medicine Eribilin is Eisai pharmaceutical’s generic version of expired patent product.
Moreover, in January 2019, Hetero Healthcare Ltd launched a new generic Lapatinib tablets, which are used to treat metastatic breast cancer in India. The tablets are consumed along with Capecitabine or Letrozole, that together, inhibit the growth of cancer cells in patients. Thus, the constant developments in generic oncology drugs accelerate the market growth during the forecast period.
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 a 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 has 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 drug.
In terms of molecular type, the Generic Oncology Drugs Market is segmented into large molecule, small molecule. In 2018, the small molecule segment held a largest market share of 87.67% of the generic oncology drugs market, by molecule type.
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Based on indication, the Generic Oncology Drugs Market is 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.
|Market Size Value in||US$ 21,200.00 Million in 2018|
|Market Size Value by||US$ 36,029.60 Million by 2027|
|Growth rate||CAGR of 6.3% from 2019-2027|
|No. of Pages||152|
|No. of Tables||47|
|No. of Charts & Figures||63|
|Historical data available||Yes|
|Segments covered||Molecular Type ; Indication , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The Generic Oncology Drugs Market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
The List of Companies - Generic Oncology Drugs Market