Generic Oncology Drug Market Expanding at a CAGR of 9.6% during 2019-2024 – IMARC Group

Generic Oncology Drug Market Expanding at a CAGR of 9.6% during 2019-2024 - IMARC Group

“Global Generic Oncology Drug Market to Reach US$ 39.4 Billion by 2024, Stimulated by High Cancer Treatment Cost – IMARC Group”
The global generic oncology drug market is currently being driven by the growing prevalence of cancer and constant government support to promote the adoption of generic oncology drugs.

According to the latest report by IMARC Group, titled “Generic Oncology Drug Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global generic oncology drug market size reached US$ 22.6 Billion in 2018. Cancer is a lifestyle disease which is characterized by the rapid and uncontrolled growth of abnormal cells that invade nearby tissues and result in the formulation of a tumor. Over the years, cancer has emerged as one of the leading causes of mortality worldwide; however, prognosis has improved with advancements in treatment. On account of the complexity of cancer care and high cost associated with cancer treatment, various pharmaceutical companies are taking an interest in the development of generic oncology drugs. These drugs are bioequivalent of brand-name medicines that provide similar pharmacological effects, including safety, efficacy, dosage, intended use, side effect and route of administration. The availability of oncology generics can further improve cancer treatment outcomes by increasing drug adherence among patients.

Global Generic Oncology Market Trends:

Owing to the rising geriatric population and environmental degradation, the prevalence of cancer has increased around the world. As a result, governments in numerous countries are encouraging the adoption of generic oncology drugs as a cost-containment measure. They are also financing cancer-related research and development (R&D) activities and investing in the production of anti-cancer drugs which, in turn, is bolstering the growth of the global generic oncology drug market. Moreover, these drugs play a pivotal role in cancer treatment since some of the anti-cancer drugs are only available in the form of generics. Apart from this, generic drugs generally require low capital investments as the companies only incur the manufacturing cost without any expenditure on drug discovery, drug development, advertising and distribution of free samples. Further, several branded oncology drugs are anticipated to lose patent protection in the upcoming years, which will provide lucrative opportunities to generic oncology drug manufacturers. Looking forward, the market is projected to reach a value of US$ 39.4 Billion by 2024, expanding at a CAGR of around 9.6% during 2019-2024.

Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/generic-oncology-drug-manufacturing-plant/requestsample

Market Summary:

  • Region-wise, the market has been classified into Europe, Asia Pacific, North America, Latin America, and Middle East and Africa. Amongst these, North America represents the leading market for oncology generics, accounting for the majority of the global share.
  • The competitive landscape of the market has been examined in the report, along with a detailed list of the major players operating in the industry.


Browse similar reports by IMARC Group

Global Specialty Generics Market and Forecast: https://www.imarcgroup.com/specialty-generics-market

Global Generic Drug Market and Forecast: https://www.imarcgroup.com/generic-drug-manufacturing-plant

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Media Contact
Company Name: IMARC Group
Contact Person: Richard Lewis
Email: Send Email
Phone: 6317911145
Address:309 2nd St
City: Brooklyn
State: New York
Country: United States
Website: www.imarcgroup.com