Generic Oncology Drugs Market: Inclination towards Personalized Medicine

The generic oncology drugs market is expected to reach US$ 36,029.60 Mn in 2027 from US$ 21,200.00 in 2018. The market is estimated to grow with a CAGR of 6.3% from 2019-2027.

The key factors such as increasing prevalence of cancer across the globe, growing generic drug launches and benefits offered by the generic drugs are likely to boost the market growth, whereas, inclination towards the personalized medicine for cancer is likely to be a prevalent trend in the future years. Asia Pacific generic oncology drugs market is expected to grow at highest rate during the forecast period. The growth is contributed by the key driving factors such as development of generics at mass scale, increasing exports by Indian manufacturers, new trade agreements by Asian companies with international players for sales, distribution as well as research collaborations as well as launch of innovative and novel generics for cancer treatment. The market for generic oncology drugs in the Asia Pacific region is expected to reach US$ 7,692.32 Mn in 2027 from US$ 4,299.63 Mn in 2018. The growth rate of the market in the region is estimated to be 6.9% during the forecast period.

Request for sample at:

Key Findings from The generic oncology drugs Market

  • The global generic oncology drugs market, based on the molecule type was segmented into small molecule and large molecule.
  • In 2018, the small molecule segment held a largest market share of the generic oncology drugs market, by molecule type. The advantages of small molecules in terms of their complexity and molecular size that can traverse throughout reach to target site and show its effective action as well as advent of personalized drug development are the major factors to likely account for the growth of the segment over the years to come. However, the same segment is expected to witness the highest CAGR of 6.6% over the coming years.
  • Product launches, agreements, and acquisitions were observed as the most adopted strategy in the global generic oncology drugs market industry.
  • For instance, in July 2019, Sandoz announced the launch of the generic oncology medicine gefitinib indicated for adult patients with locally advanced or metastatic non-small cell lung cancer with activating mutations of EGFR-TK, which is recommended by ESMO as first-line treatment. Moreover, in September 2016, Glenmark Pharmaceuticals entered into an agreement with US-based Particle Sciences Inc. to develop and market a generic version of Celgene's ABRAXANE which is used in treatments of breast and lung cancers.
  • Some of the prominent players operating in the generic oncology drugs market are Teva Pharmaceutical Industries Ltd., Sandoz International GMBH, Glenmark, Sun Pharmaceutical Industries Ltd, MSN Laboratories, Aurobindo Pharma, Intas Pharmaceuticals, Zydus Cadila, Mylan N.V., Cipla Inc., Fresenius Kabi AG, and Dr. Reddy’s Laboratories Ltd., among others.
  • The market players are focused on bringing new and innovative products and services through various inorganic strategies such as acquisitions and mergers to sustain their position in the market. Recently in July 2019, Drug maker Pfizer Inc. has agreed to spin off its generic drugs business and combine it with Mylan, a move that leaves Pfizer with more profitable innovative drugs, including cancer drug Ibrance and pneumonia vaccine Prevnar.

New Drug Launches

The market for generic cancer drugs is driven by frequent drug launches. Most of the major market players are involved in the manufacturing wide range of generic cancer drugs that help in reducing cost of cancer care. For instance, in May 2019, Mylan N.V., a global pharmaceutical company announced the U.S. launch of Erlotinib Hydrochloride Tablets, 25 mg, 100 mg and 150 mg, a generic version of Genentech's Tarceva. Erlotinib Hydrochloride tablets are used for the treatment of patients with metastatic non-small cell lung cancer whose tumors have epidermal growth factor receptor (EGFR) exon 19 deletions or exon 21 (L858R) substitution mutations as identified by an FDA-approved test receiving first-line, maintenance, or second or greater line treatment after advancement following at least one earlier chemotherapy. Similarly, in January 2019, Wockhardt received United States Food & Drug Administration (USFDA) approval for 100 mg and 400 mg tablets of Imatinib Mesylate, a generic version of Gleevec, marketed in USA and other countries by Novartis. Thus, the constant developments in generic oncology drugs accelerate the market growth during the forecast period. Thus, the constant developments in generic oncology drugs accelerate the market growth during the forecast period.

Inclination towards Personalized Medicine

Personalize medicine is a new approach but is a rapidly expanding field in 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 personalize medicine involves the study of individuals genetic make up for tumor growth. By studying patient’s genetic make-up, 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 personalize 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 basis of his/her genetic make-up. Patient’s tissue is excised to carry out the genetic diagnosis process. Due to these advantages of tailoring the treatment based on individuals genetic profile, the personalize medicine approach is likely to create many opportunities for the generic oncology drugs market.

Cancer is one of the leading cause of deaths across the globe and is extremely affecting the quality of life. Thus, cancer will be burden on society if not diagnosed and treated on time. According to the World Health Organization in 2018, approximately, 9.6 million deaths across the globe were due to cancer. Furthermore, the National Cancer Institute predicted that in 2018, approximately 1,735,350 new cancer cases will be diagnosed in the US. Furthermore, Asia Pacific region is also facing the problem of growing prevalence of cancer. The top 15 countries with Cancer prevalence are: Japan, Taiwan, Singapore, South Korea, Malaysia, Thailand, China, Philippines, Sri Lanka, Vietnam, Indonesia, Mongolia, India, Laos, and Cambodia. According to the National Institute of Cancer Prevention and Research (NICPR), in 2018, in India total deaths due to cancer were 784,821. These statistics determine an increase in the demand for advanced cancer diagnostics in various regions across the globe. Thus driving the growth of generic oncology drugs during the forecast period.

Place an Order Now:

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

We are committed to provide highest quality research and consulting services to our customers. We help our clients understand the key market trends, identify opportunities, and make informed decisions with our market research offerings at an affordable cost.

Contact Us

Contact Person: Sameer Joshi

Phone: +1-646-491-9876

Email- sales@theinsightpartners

Back to news