According to IMARC Group’s latest report, titled “Generic Oncology Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026.’ the global generic oncology drugs market reached a value of US$ 27.3 Billion in 2020.A generic drug refers to a pharmaceutical medication with the same chemical substances as a drug that was earlier protected by chemical patents, which have since expired. Generic oncology drugs assist in controlling, shrinking, and destroying the cancer cells present in the human body. They include the same active ingredients as the branded drug and also offer the same performance, quality, strength, etc. Generic oncology drugs are utilized by hospitals and patients across the globe to yield the same therapeutic effects at a fraction of the branded price.
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The growing prevalence of cancer is one of the key factors driving the generic oncology drugs market. In line with this, increasing awareness about the benefits of early cancer diagnosis and adopting preventive measures is further catalyzing the market growth. Moreover, the inflating need for affordable and cost-effective drugs, on account of the high healthcare expenses associated with full-length cancer treatment, is acting as another significant growth-inducing factor. Besides this, the accelerating trend of patent expiration of key blockbuster drugs is augmenting the global market. Additionally, the launch of favorable initiatives by government bodies aimed at developing and promoting improved and effective generic drugs is also positively influencing the market growth. Apart from this, the rising investments in research and development (R&D) activities to reduce the cost of cancer treatments and enable cancer diagnosis at earlier stages are anticipated to fuel the generic oncology drugs market over the forecasted period. Looking forward, IMARC Group expects the market to reach a value of US$ 46.8 Billion by 2026.
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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