Generic Oncology Drugs Market
Market Study on Generic Oncology Drugs: Market Players to Benefit from Diversification of Product Portfolio
Generic Oncology Drugs Market Segmented By Large Molecules, Small Molecules Types in Oral and Parenteral Generic Oncology Drugs
- November-2021
- PMRREP25480
- 176 Pages
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- Generic Oncology Drugs Market
Market Snapshot
This updated industry analysis on generic oncology drugs by Persistence Market Research predicts the global market to rise at a healthy CAGR of 6% through the decade. The detailed analysis places generic oncology drugs market valuation at around US$ 23 Bn in 2020, which is predicted to rise to US$ 41.5 Bn by the end of 2031.
Generic oncology drug sales accounted for around 17% of the global oncology drugs market value, which was worth US$ 130 Bn in 2020. Chemotherapy drugs demand has seen an increase as the prevalence of cancer has risen across the world as the years have gone by.
Generic Oncology Drugs Market Revenue for 2020 |
US$ 23 Bn |
Sales Forecast for Generic Oncology Drugs by 2031 |
US$ 41.5 Bn |
Global Market Growth (2021-2031) |
6% CAGR |
Fastest-Growing Regional Market |
South Asia |
Find Out More about the Report Coverage
Companies
Company Profiles
- Novartis AG
- Pfizer Inc.
- GlaxoSmithKline plc
- CELGENE CORPORATION
- Teva Pharmaceutical Industries Ltd.
- Merck & Company, Inc
- Aurobindo Pharma.
- Hikma Pharmaceuticals PLC
- Mylan N.V.
- NATCO Pharma Limited.
- Others.
Consumption Analysis of Generic Oncology Drugs from 2016 to 2020 Vs Market Outlook for 2021 to 2031
The past decade saw a major rise in instances of cancer across the globe, which subsequently has also increased demand for oncology drugs and cancer therapies. Rise in cancer prevalence, increasing geriatric population, advanced cancer therapies, and increasing research & development by key players are some of the major factors that are drive generic oncology drugs market potential.
Rise in cancer awareness has also led to an increase in the popularity and sales of antineoplastic drugs and other anticancer drugs, and the affordability of these drugs is a challenge that key manufacturers are trying to overcome through the sales of generic oncology drugs that cost much less and have effective treatment capability.
With off-label drugs and generic oncology drugs gaining traction due to their cost effective nature, we are expecting to see modest growth in the sales of overall generic cancer drug formulations. As per this survey, over the decade, the market is expected to rise at a CAGR of around 6%.
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What is Fuelling Demand for Generic Oncology Drugs?
Oncology drugs are generally priced higher and are not easily affordable by the general population, which makes the market these drugs an exclusive one with limited accessibility. High costs of oncology drugs hinder the treatment of cancer patients. This is where generic oncology drugs come into the picture, as they cost around 80% less than branded oncology drugs and have good treatment effectiveness as well.
Using generic oncology drugs makes the treatment of cancer much more affordable and increases the chances of patients getting better treatment, especially as opposed to chemotherapy drugs that are highly priced. Sales of off-label drugs and generic injectable drugs cut down these huge expenses from the treatment expenditure.
These benefits of generic drugs make them a hit across regions in the world, and this is why the scope of generic drugs is expanding across the globe. From exports to collaborations between various manufacturers to develop and launch novel antineoplastic drugs and anticancer drugs, these factors will positively impact the growth potential of the generic oncology drugs market.
Demand for small molecule antineoplastic drugs and chemotherapy drugs is expected to be prominent over the forecast period due to the various benefits attributed to small molecules.
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Which Factors Could Restrain the Sales of Generic Oncology Drugs?
While the cost-effective nature of oncology generic medicines is a major factor favoring their sales, there are some other factors that come into play and restrain the potential of these drugs.
Majorly, concerns from oncologists on the effectiveness of these generic drugs is hindering their adoption. Approval of these generic drugs takes a huge of amount of time, which also hinders the growth of the market substantially.
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How is Demand for Generic Oncology Drugs Shaping Up on a Regional Basis?
This research details the global generic oncology drugs industry landscape across regions such as North America, Latin America, Western Europe, Eastern Europe, Asia and MEA.
North America is the leading market for generic oncology drugs and is expected to follow the same trend over the next ten years as well. Growth of this regional market can be attributed to increasing number of cancer cases and rising awareness about cancer diagnosis. Demand for generic oncology drugs in Europe is also expected to follow a similar trend as the region sees a rise in the number of cancer cases recorded per year.
Sales of generic oncology drugs in the South Asian region are anticipated to progress at the highest CAGR. Demand in this region can be attributed to increasing incidence of cancer and rising awareness of cancer treatment and cancer therapies. The market in the MEA region is also expected to record steady growth over the decade.
Country-wise Analysis
What is the Contribution of India to the Generic Oncology Drugs Space?
The Indian healthcare and pharmaceutical industry is growing and expanding its potential in exporting drugs and other healthcare products. Domestic manufacturers are launching new drugs with extremely competitive pricing and exporting them to different nations at reasonable prices. This is a major trend observed in the Indian generic oncology drugs industry.
Low cost of manufacturing, favourable government policies, easy availability of raw materials, and low cost of research & development are some of the factors that are majorly favouring the generic oncology drugs industry potential in India.
What Makes the U.S. a Highly Lucrative Market for Generic Oncology Drugs?
The U.S. has been seeing a major increase in cancer cases recorded each year, and this trend is expected to be followed through the decade. The nation has tremendous healthcare spending potential, which makes it a highly lucrative market for generic oncology drugs.
Favourable government policies and initiatives are also helping boost the manufacturing capacity of various market players. All these factors provide a lucrative setting for generic oncology drug suppliers in the U.S.
Category-wise Insights
Which Distribution Channel Leads the Sales of Generic Oncology Drugs?
Generic oncology drug sales via online pharmacies are expected to rise at the fastest CAGR over the forecast period. This can be attributed to rise in the popularity of e-Commerce over the past decade, user-friendly interfaces, convenience of purchase, organized drug purchase records, etc. Rising use of technology and connected interfaces across various healthcare institutions is also a factor that will benefit sales via online channels.
The various sales channels provide both, oral generic oncology drugs and parenteral generic oncology drugs across regions.
How Did COVID-19 Impact Demand for Generic Oncology Drugs?
The pandemic of 2020 had a substantial impact on every aspect of healthcare across the globe, and cancer treatment was also affected by this global event. Cancer care was greatly impacted by the COVID-19 pandemic as it disrupted the supply chain for many major treatment drugs and immensely affected research & development in the healthcare industry.
Sales of generic oncology drugs took a major hit in 2020 due to lockdown restrictions and disruptions to supply and distribution chains. Administration of oncology drugs is mostly done in clinics or at least requires regular clinical consultation, and this was not possible due to pandemic restrictions. As such, cancer treatment was hindered substantially.
However, the situation is changing as the world returns to normalcy from 2021 onwards in the post-pandemic era.
Competitive Landscape
Key market participants are focusing on mergers & collaborations to increase their geographical presence. Research & development of novel generic oncology drugs is also a prime area of focus for major market players.
- In October 2021, Biocon Ltd., an Indian biopharmaceutical firm, announced the expansion of its generic formulations portfolio in the U.S. Expansion was marked by the launch of Everolimus tablets, which are a generic version of Afinitor. The drug was approved by the FDA in February 2021 and was launched commercially in October.
- Ayana, an Israel-based company, got approval for its cancer-killing drug from the FDA. Generic drug Doxorubicin-HCI Liposomal Injection will now be available in the U.S.
- In October 2021, with the launch of Abiraterone Acetate, Dr. Reddy’s Laboratories became the first Indian pharmaceutical firm to launch an anti-cancer drug in China.
More recent developments related to key generic oncology drug manufacturers have been also been tracked by analysts at Persistence Market Research, which will be accessible in the full report.
Generic Oncology Drugs Industry Report Scope
Attribute |
Details |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Market Analysis |
US$ Mn for Value |
Key Regions Covered |
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Key Countries Covered |
|
Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
Key Segments Covered in Generic Oncology Drugs Industry Research
By Molecule Type
- Large Molecules
- Small Molecules
By Route of Administration
- Oral Generic Oncology Drugs
- Parenteral Generic Oncology Drugs
By Distribution Channel
- Generic Oncology Drugs from Hospital Pharmacies
- Generic Oncology Drugs from Retail Pharmacies
- Generic Oncology Drugs from Online Pharmacies
- Generic Oncology Drugs from Managed Care Institutions
Media Release
- FAQs -
In 2020, net worth of the global generic oncology drugs industry was US$ 23 Bn.
Generic oncology drug sales via online pharmacies are expected to increase at the fastest CAGR over the next ten years.
The generic oncology drugs market is predicted to rise at a CAGR of around 6% over the decade.
Rising incidence of cancer cases, increasing geriatric population, rising healthcare expenditure, and government initiatives to increase cancer treatment scope are some of the factors driving market expansion.
Sales revenue from generic oncology drugs is anticipated to be worth around US$ 41.5 Bn by 2031.
The small molecules segment is expected to rise at a noteworthy CAGR and be crucial to the overall growth of the market for generic oncology drugs.
Key generic oncology drug manufacturers such as Novartis AG, Pfizer Inc., GlaxoSmithKline plc, Celgene Corporation, Teva Pharmaceutical Industries Ltd., and Merck & Company Inc. have been profiled in this analysis.
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