Generic Oncology Drugs Market Developments and Forecast by 2031

The Generic Oncology Drugs Market size was estimated to be US$ 24.78 billion in 2022 and US$ XX billion in 2023 and is expected to reach US$ 42.43 billion by 2031; it is estimated to record a CAGR of 6.3% by 2031. Government initiatives for the treatment of cancer are likely to remain key Generic Oncology Drugs Market trends.

Generic Oncology Drugs Market Analysis

According to a report released by VOXEU, with healthcare budgets worldwide under pressure, switching to branded generics seems a natural cost saver. Oncology generics are cheaper alternatives to branded medicines, offering efficiency gains to any healthcare system. With shrinking oncology drug pipelines and the impending expiration of many oncology drug patents, the production of oncology generics has increased rapidly.

Generic drugs are important in oncology as some anticancer drugs are only offered as generics. In most 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. Thus, the rising penetration of generic oncology drugs is fueling the growth of the market. 

Generic Oncology Drugs Market Overview

A Scientific Electronic Library Online (SciELO) report states that promoting branded generics constitutes a core instrument for countries' national pharmaceutical policies, ultimately reducing drug expenditure by expanding healthcare access. For example, to make quality generic medicines available at affordable prices, Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) was launched by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India in November 2008. The scheme focused on dedicated outlets known as Janaushadhi Kendras, offering generic medicines at affordable prices. Till 2021, 8,012 Janaushadhi Kendras were functional across the country. The increasing focus of the Indian Government on providing generic drugs for treatment of various diseases including cancer is fueling the growth of the Indian generic oncology drugs market.

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Generic Oncology Drugs Market: Strategic Insights

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Generic Oncology Drugs Market Drivers and Opportunities

Increasing Burden of Cancer

Cancer is one of the leading causes of death across the globe and is extremely affecting the quality of life. Thus, cancer will be a burden on society if not diagnosed and treated on time. According to the World Health Organization (WHO), in 2022, ~20 million new cancer cases were diagnosed and about 9.7 million deaths were registered due to cancer. As per the same source, about 53.5 million people were alive within 5 years following a cancer diagnosis. To control and manage cancer, the companies are focusing on developing generic oncology drugs. Thus, the increase in the prevalence of cancer and the increase in the number of people dying due to cancer is fueling the growth of the generic oncology drugs market.

Inclination Towards Personalized Medicine – An Opportunity for Generic Oncology Drugs Market

Personalized medicine is a new approach but is a rapidly expanding field in the healthcare sector where a medical doctor can select a treatment on the basis of a patient's genetic profile which may not only minimize harmful side effects but also may lead to a successful result in short time. Cancer personalized medicine involves the study of individuals' genetic makeup for tumor growth. By studying a patient’s genetic makeup, the oncologist may customize the treatment depending on the patient’s genetic mutations. For instance, Mutations in ALK, KRAS, and EGFR lead to lung cancer. However, identifying the type of mutation in the lung cancer patient provides crucial information for the type of treatment.  Prior to personalized medicine, all patients received the same treatment for a particular type of cancer. However, with the advent of personalized medicine, the patient is given treatment on the basis of his/her genetic makeup. The patient’s tissue is excised to carry out the genetic diagnosis process. The patient’s tissue sample is checked for gene mutations, further depending on the type of mutation, chemotherapy is carried out. This allows the right treatment at the right time, which reduces the mortality rate. Due to these advantages of tailoring the treatment based on an individual's genetic profile, the personalized medicine approach is likely to create many opportunities for the generic oncology drugs market.

Generic Oncology Drugs Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Generic Oncology Drugs Market analysis are solutions, mode of delivery, application, and end user.

• Based on molecular type, the Generic Oncology Drugs Market is segmented into large molecules and small molecules. The small molecule segment held a larger market share in 2023.
• By 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, and others. The stomach cancer segment held the largest market share in 2023.

Generic Oncology Drugs Market Share Analysis by Geography

The geographic scope of the Generic Oncology Drugs Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the Generic Oncology Drugs Market. The demand for the market in the region is anticipated to witness growth at a significant rate during the forecast period owing to various factors such as, rising prevalence of cancer, along with increasing awareness regarding the medical condition as well as the presence of supportive associations in the region. Furthermore, the US government is opting for cheaper version of a brand-name drug, which is likely to influence the generic oncology drugs market.

Generic Oncology Drugs Market Regional Insights

The regional trends and factors influencing the Generic Oncology Drugs Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Generic Oncology Drugs Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Generic Oncology Drugs Market Report Scope

Generic Oncology Drugs Market Players Density: Understanding Its Impact on Business Dynamics

The Generic Oncology Drugs Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Generic Oncology Drugs Market are:

1. Teva Pharmaceutical Industries LTD.
2. Sandoz International GMBH
3. Glenmark Pharmaceuticals LIMITED
4. Sun Pharmaceutical Industries LTD
5. MSN Laboratories
6. Aurobindo Pharma

Disclaimer: The companies listed above are not ranked in any particular order.

Generic Oncology Drugs Market News and Recent Developments

The Generic Oncology Drugs Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for neuro-interventional devices and strategies:

• Zydus Lifesciences launched olaparib, a PARP inhibitor, under the brand name IBYRA in India, making advanced cancer treatment accessible to all. PARP (poly-ADP ribose polymerase) is a protein that helps damaged cells to repair themselves. As a cancer treatment, PARP inhibitors block the PARP from doing its repair work in cancer cells and the cell dies. (Source: Economic Times, Press Release, 2024)
• Gland Pharma launched the cancer treatment drug Bortezomib for Injection in the US market. The company has launched the product in the US market through its partner which received approval from the US Food & Drug Administration. (Source: Economic Times, Press Release, 2022)

Generic Oncology Drugs Market Report Coverage and Deliverables

The “Generic Oncology Drugs Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles