Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Generic Oncology Drugs Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global market for generic oncology drugs is witnessing a steady surge, with significant growth drivers identified in the increased incidences of cancer and advancements in drug formulations. As healthcare professionals and patients seek cost-effective and high-quality alternatives to branded medications, the industry is responding with innovative solutions that maintain therapeutic efficacy while improving patient compliance.
The comprehensive analysis of the generic oncology drugs market offers key insights into its current standing and future outlook. It highlights the market's expected climb from $23.79 billion in 2022 to a projected $33.18 billion in 2027 at a CAGR of 6.7%. The compound growth rate underscores the market's rapid expansion in the face of economic fluctuations and external challenges stemming from geopolitical conflicts.
Within the market's dynamics, novel drug delivery systems and modified-release formulations have been identified as current trends. These enhance patient experiences and uphold the competitive positioning of key market players. A landmark example highlighting this trend is the release of Palborest by MSN Laboratories Private Limited, signifying the world's first generic launch of Palbociclib tablets, a game-changer in the treatment of advanced breast cancer.
Significant Market Development
In a notable industry movement, Pfizer Inc.'s acquisition of Seagen Inc. stands out as a strategic endeavor to augment its oncology portfolio. The $43 billion deal emphasizes the implicit value and growth potential within the oncology sector, which technology and innovations continually drive.
Market Insights and Spurred Growth
- The report delves into varying types of molecules, including the increasing scope for large molecule-based generics, such as biosimilars, and small molecule generics.
- The rise in cancer cases is a principal factor propelling the demand for generic oncology drugs, facilitating access to affordable treatment across diverse populations.
- The North American region emerges as a key contributor to the market's growth, reflecting the effectiveness of its healthcare policies and the strong presence of pharmaceutical heavyweights.
Moreover, the market report offers a granular analysis of distribution channels like hospital pharmacies, retail pharmacies, and online platforms, emphasizing the critical role these play in making generic oncology drugs widely accessible.
The market includes a range of treatments such as paclitaxel, cyclophosphamide, gemcitabine, and fluorouracil, offered by leading companies recognized for their contributions to improving cancer treatment outcomes.
The documented findings present invaluable data for enterprises, healthcare professionals, policymakers, and stakeholders looking to navigate the market's terrain and leverage opportunities for growth and innovation.
In summary, the generic oncology drugs market report encapsulates the multifaceted nature of the industry, offering a roadmap for enduring the challenges and seizing the prospects innate to the constantly evolving realm of generic oncology treatments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $25.64 billion |
| Forecasted Market Value (USD) by 2027 | $33.18 billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Pfizer Inc.
- AbbVie
- Novartis AG
- Bristol-Myers Squibb Company
- AstraZeneca Plc
- Abbott Laboratories
- Fresenius Kabi AG
- GlaxoSmithKline PLC
- Eli Lilly and Company
- Merck & Co. Inc.
- Becton Dickinson and Company
- Baxter International Inc.
- Mylan N.V.
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Dr. Reddy's Laboratories Ltd.
- Aurobindo Pharma Limited
- Cipla Inc.
- Hikma Pharmaceuticals
- Endo Pharmaceuticals Inc.
- Aspen Pharmacare Holdings Limited
- Lupin Limited
- Towa Pharmaceutical Co Ltd
- Torrent Pharmaceuticals Ltd.
- Cadila Healthcare Ltd.
- Accord Healthcare
For more information about this report visit https://www.researchandmarkets.com/r/4k2txu
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