Increasing incidences of cancer have been detected, ascending from the proclivity for cigarettes and tobacco among individuals. The number of cancer-infected patients is stimulated by viral infections, carcinogens, lack of physical activities, genetic causes, age, and unhealthy eating habits. Recent developments in the healthcare sector have broadened the scope of therapies for the treatment of cancer by leveraging oncology.
Demand for generic oncology drugs has witnessed sheer increase, by dint of its property to treat numerous types of cancer such as colorectal, lung, prostate, and in blood cancer treatment like multiple myeloma. With the ubiquity of cancer, several health organizations across the world are hard pressed to develop a potent cure for the treatment of cancer. In addition to this, a high number of deaths occurring on account of cancer has amplified the research and development endeavors of medical organizations to prevent cancer altogether.
Government initiatives to enhance the medical conditions by encouraging the development of novel drugs has been a crucial factor for the rapid expansion of the generic oncology drugs market. Furthermore, the reimbursement policies of government have equipped the manufacturers of the industry with an attractive opportunity to boost the production of generic oncology drugs, which has been a vital factor for the sustainable growth of the generic oncology drugs market. Analyzing a cohort of these factors, the global generic oncology drugs market is poised to surpass a stunning CAGR of 6.2% through 2028.
North America Enjoys a Dominant Share in the Global Generic Oncology Drugs Market; Europe and Asia-Pacific Next in Rank
Extensive analysis carried out on the generic oncology drugs market has presented region-wise insights on the demand drivers, restraints, and opportunities that influence the growth of the market. Regions analyzed in this report includes North America, Europe Asia-Pacific, and Rest of the World.
Rising awareness of novel innovations and therapies for the treatment of cancer are projected to offer lucrative growth opportunities to the generic oncology drugs market. Increase in the demand for generic oncology drugs is further intensified in North America, on account of personalized medicines, novel branded generics drugs launches and a rising rate of strategic partnerships and collaborations in this region.
Following the footsteps of North America, Europe has witnessed affluent growth in the generic oncology drugs market with the increasing consciousness of the generic oncology drugs for cancer therapies.
Emerging economies of Asia-Pacific like India and China are expected to contribute to the growth of the generic oncology drugs market, owing to the increasing cognizance of the disease and advancements in the development of the generic oncology drugs.
A Look at the Competitive Matrix for the Generic Oncology Drugs Market
The report opines that the burgeoning trend of mergers and acquisitions has been witnessed in the generic oncology drugs market, which is expected to influence the growth of the global generic oncology drugs market. Key players transforming the scenario of the generic oncology drugs market are Bayer Healthcare AG, Amgen, Teva Pharmaceutical Industries, Pfizer, Boehringer Ingelheim GmbH, AstraZeneca, Hoffmann-La Roche Ltd., Eli Lily and Company, ARIAD Pharmaceuticals, Inc., GlaxoSmithKline, CELGENE Corporation, Novartis AG, Johnson and Johnson, AbbVie Inc., Merck & Co., and Sanofi, among others.
The business strategies and recent developments adopted by these players have been incorporated in the report, which will help the stakeholders of this market gain valuable insights into the competitive matrix of the global generic oncology drugs market.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Recent Developments in the Global Generic Oncology Drugs Market
CELGENE, Novartis, and Roche have been significant players in the generic oncology drugs market with their far-reaching product portfolio and pipeline products and they procure a considerable market share. Therapies and generic oncology drugs developed by Roche such as Avastin, Herceptin, and Rituxan witnessed a rapid adoption.
Strategic alliances formed by the companies of the generic oncology drugs market have aided them in intensifying their endeavors towards developing generic oncology drugs with high efficacy. These thoughtful strategies have proved lucrative for these players and helped them retain their supreme position in the generic oncology drugs market.