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Generic Oncology Drugs Market

Rising Cases of Cancer and the Cost Effectiveness of Generic Oncology Drugs will Propel Market Growth over the Forecast Period

Generic Oncology Drugs Market Segmented By Large Molecules, Small Molecules Types in Oral and Parenteral Generic Oncology Drugs

Generic Oncology Drugs Market Outlook (2023-2033)

Worldwide revenue from the generic oncology drugs market stands at US$ 24.4 Bn in 2022, with the global market estimated to surge ahead at a CAGR of 6.5% to reach a valuation of US$ 48.9 Bn by the end of 2033.

Attributes Key Insights

Generic oncology drugs Market Size (2022)

US$ 24.4 Bn

Projected Market Value (2033)

US$ 48.9 Bn

Global Market Growth Rate (2023-2033)

6.5% CAGR

Market Share of Top 5 Countries

56.8%

As assessed by Persistence Market Research, parenteral route is expected to hold a largest market share of 53.2% by 2023. Overall, generic oncology drugs market sales account for approximately 7.3% revenue share in the global oncology drugs market, which was valued at around US$ 333.5 Bn at the end of 2022.

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Sales Analysis of the Global Market from 2013 to 2022 Vs Market Outlook for 2023 to 2033

The global market for generic oncology drugs recorded a historic CAGR of 5.8% in the last 9 years from 2013 to 2022.

Globally, there has been a significant increase in cancer cases over the past ten years, which has led to a surge in demand for cancer treatments and oncology medications. Increased elderly population, enhanced cancer medicines, and increased R&D by key companies are some of the primary drivers driving the market potential for generic oncology pharmaceuticals.

The popularity and sales of antineoplastic and other anticancer medications have increased along with cancer awareness, and major pharmaceutical companies are working to address the affordability of these medications by marketing generic oncology medications, which are much less expensive and have powerful therapeutic potential.

The increase in R&D activity for the launch of novel medications and therapies has been brought on by the growing consumer awareness of early cancer diagnosis. Other variables influencing market dynamics include the rise in smokers and the expanding use of biotechnology.

The lengthy drug approval processes and the ongoing concerns regarding the efficacy and bioequivalence of generic medications may to some extent negatively affect the market's expansion. The burgeoning older population, the rising government healthcare spending, and the growing preference for generic medications will all stimulate increased product demand.

The market, on the other hand, will see positive growth because to the much enhanced cost-effectiveness and cost-utility afforded by generic versions of expensive oncology medications in developed countries.

According to macroeconomic and industrial norms, the market is prone to changes based on clinical, policy, regulatory, and patient safety issues. The emergence of the cancer medicine Ibrance for targeted therapy is a significant market development.

The global market is thus likely to show high growth over the coming years at a CAGR of 6.5% and reach a global market size of US$ 48.9 Bn by 2033.

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What Factors Will Drive the Market to Grow Over Forecast Period?

Lower Price of Generic Drug Treatments, and Growing FDA Approvals

Oncology medications are typically more expensive and difficult for the general public to afford, making the market for them exclusive and with restricted accessibility. The treatment of cancer patients is hampered by the high cost of oncology medications. This is where generic oncology meds come into play, as they have a good level of therapy effectiveness and cost roughly 80% less than branded cancer drugs.

For instance, Pemetrexed (500 mg) (trade name: Pemxcel), a chemotherapeutic injection used to treat lung cancer, is now available for Rs 2,800 instead of Rs 22,000.

In comparison to expensive drugs, using generic oncology medications makes the treatment of cancer far more inexpensive and enhances the likelihood that patients will receive better care. These significant costs are eliminated from treatment costs thanks to the sales of generic injectable pharmaceuticals and off-label medications.

For instance, opposed to the previous price of Rs 6,600, erlotinib tablets, marketed under the brand name Erlotaz, will now cost Rs 1,840 for a pack of 10 of 100mg strength.

Numerous governments are taking steps to promote generic medications. Research and development (R&D) operations are ongoing, and the goal is to lower healthcare costs associated with cancer treatment so that everyone may access and afford the healthcare facility. Such activities are accelerating the release of numerous new generic medications.

The market is expanding due to a number of other factors, including growing public awareness of the advantages of early cancer detection and a growing propensity for preventative measures.

For instance, Alembic Pharma gained final FDA approval for its generic version of Paclitaxel injection used in the treatment of specific forms of cancer in October 2022. This generic injection is used to treat cancer.

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Is There any Impact on the Growth of the Generic Oncology Drugs Market?

Strict Rules Have Limited Market Growth”

The FDA scrutinises the accuracy, side effects, and other substances used in generic pharmaceuticals, which is one of the main constraints restricting the expansion of generic drugs. The pharmaceuticals are typically recalled if the producers don't follow the regulatory requirements. Due to the low cost of generic drugs in emerging economies like China and India, there is enormous potential for market expansion in these regions.

Despite its upbeat outlook, the worldwide generic oncology pharmaceuticals market is confronted with a number of hurdles that are limiting its growth to a certain extent. Some of these causes include uncertainty about the efficacy of generic cancer treatments, a longer approval process, and an increase in the use of alternatives cancer drugs.

The key elements that influence the quality of generic drugs must be very efficient and these should be managed within an appropriate limit, range, or distribution to obtain the desired drug quality. As a result of the strict governmental rules, approval is needed for generic pharmaceuticals, which is projected to hinder market expansion.

The negative effects of many generic oncology medications vary depending on the drug.

Redness and skin irritation are the side effects of cancer medications that are most frequently experienced. These side effects typically worsen as the body gets used to the medication. There may be more severe side effects with oral medications. The side effects of antibiotics might include nausea, fainting, and vertigo. The effectiveness of birth control pills to prevent conception is lowered by several antibiotics.

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Country-wise Insights

Why is the U.S. Market Booming?

“Growing Generic Suppliers of Oncology Products”

The U.S. is set to account for around 88.9% market share in the North America in generic oncology drugs market in 2023.

Annual cancer incidences in the United States have been significantly rising, and this trend is anticipated to continue for the next ten years. The country's enormous potential for healthcare spending makes it a very profitable market for generic oncology medications.

Favourable government initiatives and policies are also enhancing the capability of various market participants' factories. All of these elements create an advantageous environment for American generic cancer medicine suppliers.

For instance, in November 16, 2022, Medicines for Europe (MFE), a generics organisation, has urged for EU and state measures to improve medicines supply security. This would include addressing whether impacts the security of key medicines supplies by adopting smart medical supply procurement rules.

What does India Contribute to the Market for Generic Oncology Drugs?

“New Suppliers with Quality Generic Products”

With a 42.4% market share, India will dominate the market in South Asia in 2023.

The pharmaceutical and healthcare sectors in India are developing and increasing their capacity for exporting medicines and other medical supplies. New pharmaceuticals are being introduced by domestic manufacturers at incredibly low prices, and they are exporting them to various countries. This is a significant trend in the market for generic cancer medications in India.

Factors such as simple labour availability, low manufacturing costs, and supporting government initiatives are enticing generic cancer medication makers to establish bases in India. During the forecast period, this will reflect positively for the India Generic anticancer medications market.

The commercial potential for generic oncology treatments in India is greatly aided by low manufacturing costs, supportive government policies, simple access to raw materials, and inexpensive research and development.

For instance, the Indian Drug Manufacturers' Association (IDMA) has been contacted by Saudi Arabia in an effort to ensure drug security for the Gulf country's supply of life-saving and cancer-fighting medications.

Category-wise Insights

Which Segment of the Market for Generic Oncology Drugs will Contribute the Most?

“Increasing Demand for Large Molecules”

The worldwide generic oncology drugs market is divided into small and large molecule generic oncology pharmaceuticals based on the kind of molecular structure. The market for generic cancer medications is set to be dominated by the large molecules segment, which account for 52.6% of the market in 2023.

The large molecule generic oncology drugs segment is expanding to grow at a high CAGR during the forecast period due to growing personalized medication development, and large molecule therapies, which are being preferred by patients because of their range of advantages.

Due to their improved safety, low side effects, and great treatment efficacy, large molecule generic oncology medications are steadily growing in popularity. They are able to easily access target areas due to the size and complexity of their molecules. Moreover, the growing adoption of monoclonal antibodies will further expand the share of the large molecules segment within the global market.

A significant success rate in molecular development, new molecule launches, and treatment approvals are further key factors supporting the growth of the molecule category.

Which Route of Administration is Preferred the Most in the Global Market?

“Greater Bioavailability and Ease of Administration through Parenteral Route"

Parental route of administration is highly preferred for the oncology patients, thereby contributing the dominating share in the global market. In 2023, the segment is set to hold nearly 53.2% of the global value share.

The fastest and second-most popular method of drug administration is parenteral formulation development for pharmaceuticals administered by injection or infusion for cancer therapy. The most popular parenteral method of giving medications to children is intravenous injection, which has the advantage of avoiding the liver's first-pass processing. Peripheral veins are frequently used in the parenteral administration of drugs because of their convenient access to the circulatory system and superficial position on the skin. These factors propel the adoption of the parenteral route for the administration of generic oncology drugs.

Which Distribution Channel Has Dominated the Generic Oncology Drugs Market Globally?

“Wide Availability, Easy Access of Generic Oncology Drugs”

Hospital pharmacies will hold a major market share of around 34.6% in 2023.

Owed to the growing burden of chronic diseases, there has been a large patient inflow into hospitals and other medical institutional settings. Hospital pharmacies provide generic medications for oncologic disease indications at subsidized prices. Moreover, hospitals have tie-ups with local vendors and distributors for generic oncology drugs.

Additionally, the availability and accessibility of different therapeutic modalities within institutional settings will further propel the hospital pharmacies segment within the global market over the forecast period.

Rising rates of inpatient admissions, owed to the advancing healthcare structure, as well as the provision of comprehensive healthcare services, are factors, which have further promoted the rise in the segment share for hospital pharmacies.

Competition Landscape

Taking about competitive efforts in the worldwide industry, mergers and acquisitions have been one of the primary growth methods adopted by market companies.

A number of well-known corporations are diversifying their product ranges through acquisitions and engaging in both existing and emerging areas.

Key instances include:

  • Revlimid (lenalidomide capsules), Celgene's best-selling cancer medication, was made available on the US market as a first-generation generic, according to a March 2022 announcement from Natco Pharma and its marketing partner Arrow International.
  • Gland Pharma introduced Bortezomib for Injection, a generic cancer therapy medicine, to the US market in May 2022.

Similarly, the team at Persistence Market Research has tracked recent developments related to companies in the generic oncology drugs market, which are available in the full report

Industry Report Scope

Attribute Details

Forecast Period

2023-2033

Historical Data Available for

2013-2022

Market Analysis

USD Million for Value

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Argentina
  • Mexico
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Russia
  • BENELUX
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Turkey
  • GCC
  • North Africa
  • South Africa

Key Market Segments Covered

  • Molecule
  • Route of administration
  • Distribution Channel
  • Region

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Key Companies’ Profile

  • Novartis
  • Pfizer
  • GSK
  • Celgene
  • Teva Pharmaceuticals
  • Merck & Company
  • Aurobindo Pharma
  • Hikma Pharmaceuticals
  • Mylan
  • Gland Pharma
  • NATCO Pharma

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Key Segments Covered in Generic Oncology Drugs Industry Research

Molecule:

  • Large Molecule
  • Small Molecule

Route of Administration:

  • Oral
  • Parenteral

Distribution Channel:

  • Hospital Pharmacy
  • Retail Pharmacy
  • Online Pharmacies
  • Managed Care Institutions

Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

- Companies Covered in This Report -

  • Bausch Health Companies Inc.
  • Novartis
  • Pfizer
  • GSK
  • Celgene
  • Teva Pharmaceuticals
  • Merck & Company
  • Aurobindo Pharma
  • Hikma Pharmaceuticals
  • Mylan
  • NATCO Pharma

- Frequently Asked Questions -

The global market is currently valued at around US$ 24.4 Bn in 2022.

Sales of the market are set to witness growth at a CAGR of 6.5% and be valued at around US$ 48.9 Bn by 2033.

Demand for the market increased at a 5.8% CAGR from 2013 to 2022.

U.S., Japan, China, Canada and Germany accounted for the major share in the global market as of year 2022, holding around 56.8% market share.

The U.S. will account for around 88.9% share of the North American market in 2023.

Latin America is set to account for around 5.1% share of the global market in 2023.

Japan will hold a market share of about 46.7% of the East Asia market in 2023.

Germany will hold about 14.7% of the regional market share by the end of 2023.

Brazil is estimated to grow at a CAGR of 6.6% over the forecast period.

India will expand at CAGR of close to 9.7% during the forecast period.

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