Dublin, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The "Generic Oncology Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global generic oncology drugs market achieved a size of US$ 27.7 Billion in 2022, and it is projected to expand further, reaching US$ 37.1 Billion by 2028, with a Compound Annual Growth Rate (CAGR) of 5.7% during 2023-2028.
Overview of Generic Oncology Drugs
Generic oncology drugs play a crucial role in controlling, shrinking, and destroying cancer cells in the human body. These drugs are often prescribed by doctors to manage cancer symptoms, including pain. They contain the same active ingredients as branded cancer care medications. Although they might differ in color or flavor, their quality, performance, strength, dosage form, intended use, and route of administration remain identical. Despite these differences, generic drugs provide equivalent clinical benefits and the same therapeutic effects as their brand-name counterparts, at a more affordable cost.
Market Growth Drivers
The increasing prevalence of cancer is a major driver for the market's growth. Factors such as growing numbers of smokers, sedentary lifestyles, and excessive UV ray exposure have led to a significant rise in cancer cases globally. The expensive nature of full-length cancer treatments has also led patients to opt for cost-effective generic drugs over brand-name alternatives.
Furthermore, the expiration of patents on key blockbuster drugs has propelled market growth. Governments of various countries are initiating efforts to promote generic drugs, conducting research and development to reduce cancer treatment costs and enhance accessibility. Rising awareness about early cancer diagnosis and preventive measures also contribute to market expansion.
Market Segmentation and Regional Insights
The report delves into key trends within sub-segments of the global generic oncology drugs market, providing forecasts for 2023-2028 on a global and regional scale. The regions covered include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these, North America holds a dominant market position due to a rising number of cancer patients and increased awareness about early cancer detection.
Competitive Landscape
The competitive landscape is thoroughly examined, featuring detailed profiles of key market players operating in this sector.
Key Questions Addressed
- The global generic oncology drugs market size in 2022?
- Expected growth rate of the global generic oncology drugs market from 2023-2028?
- Impact of COVID-19 on the global generic oncology drugs market?
- Key factors driving the global generic oncology drugs market?
- Key regions in the global generic oncology drugs market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $27.7 Billion |
| Forecasted Market Value (USD) by 2028 | $37.7 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/kqr2ge
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
