New York, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Oncology Drugs Market is likely to grow on a robust note in the next decade. The next decade would be seeing the integration of telehealth services with the physical ones that exist at the moment. Urgent care and primary care are bound to be accessed through virtual visits, along with improvement in collaboration with the clinics, dialysis centres, long-term care facilities, and mental health services. This shifting is to be witnessed in the healthcare vertical shortly.
Sales revenue from oncology drugs market in 2022 was US$ 202.9 Bn, which is expected to surge to US$ 347.3 Bn by the end of 2033. Analysts at Persistence Market Research have also predicted the market to rise at a healthy CAGR of 5.5% over the forecast period (2023-2033).
Instances of cancer cases have risen exponentially across the globe. From diagnosis to treatment, all aspects of the disease are being researched extensively by numerous market players. Oncology treatment and drugs have proven to be very expensive for everyone, and this has been affecting overall treatment of cancer globally.
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“Key players are focusing on diversifying their product portfolios in order to fulfil high demand for generic oncology drugs,” says a Persistence Market Research analyst.
Key Takeaways from Market Study
- The global generic oncology drugs market is predicted to expand at a CAGR of 6% through 2031.
- Generic oncology drugs revenue is anticipated to top US$ 41.5 Bn by the end of the decade.
- The South Asia market is predicted to rise at the fastest CAGR over the decade.
- In 2020, global market revenue totaled a net worth of US$ 23 Bn.
Increasing incidence of cancer across the globe, growing focus on healthcare, rising healthcare expenditure, and advancements in treatment technologies and drugs are some of the major factors influencing industry growth.
Research is focusing on developing new and cost-effective generic oncology drugs that would be helpful in treatment of types of cancers. A major trend to watch out for over the decade would be the use of nanotechnology in the development of generic oncology drugs. With cancer rates surging, the need for a diverse portfolio of generic drugs is being realized, and major as well as new market players are investing in developing a vast portfolio that caters to most needs of patients suffering from different cancer conditions.
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Prime players in the industry are investing in the research & development of new products, which, in turn, is expanding their product portfolios across various cancer types.
- In September 2021, MSN Labs, a pharmaceutical firm based in India, announced the launch of its new generic drug that will be used in treatment of renal cancer. The drug is called Cabolong, which is a branded generic of Cabozantinib. The drug will be available for treatment in three strength factors of 20mg, 40mg, and 60mg.
- In February 2021, Glenmark Pharma, a renowned name in the pharmaceutical industry announced the launch of a new generic cancer drug for the treatment of kidney cancer. This drug is the generic version of FDA approved Suntinib and is named SUTIB.
Company Profiles:
- GlaxoSmithKline plc.
- Astrazeneca
- Merck KGaA
- Johnson & Johnson
- Pfizer, Inc.
- Bayer AG
- Sanofi S.A.
- Boehringer Ingelheim
- Bausch Health Companies Inc.
- Galderma SA
- Novartis AG (Alcon)
- Arbor Pharmaceuticals
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