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
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 Forecast Period 2019-2027 Base Year 2019
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Generic Oncology Drugs Market: Strategic Insights
| 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 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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