Generic oncology market to witness exponential distillation
the Generic Oncology Drugs Market is expected to grow substantially over the next 10 years. All over the world, regions are involved in creating clinical mobility programs, in which there would be appropriate coordination between patients and individuals involved in the healthcare ecosystem. They include radiologists, laboratory technicians, pharmacists, doctors, nurses, etc.
The turnover of generic drugs in oncology in 2020 was US $ 23 billion, who should reach US $ 41.5 billion by the end of 2031. Persistence Market Research analysts also predicted that the market will rise to a healthy level. 6% CAGR over the next ten years.
Cancer cases have increased exponentially across the world. From diagnosis to treatment, all aspects of the disease are the subject of extensive research by many market players. Oncology treatment and drugs have proven to be very expensive for everyone, which has impacted the overall treatment of cancer around the world.
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Research is focused on the development of new, cost-effective generic oncology drugs that would be useful in the treatment of certain types of cancer. A major trend to watch over the decade would be the use of nanotechnology in the development of generic oncology drugs. With soaring cancer rates, the need for a diversified generic drug portfolio is being realized, and major players as well as new market players are investing in the development of a broad portfolio that meets most the needs of patients with different cancers.
Major industry players invest in research and development of new products, which in turn expand their product portfolio for various types of cancer.
In September 2021, MSN Labs, an India-based pharmaceutical company, announced the launch of its new generic drug for use in the treatment of kidney cancer. The medicine is called Cabolong, which is a brand name generic of Cabozantinib. The drug will be available for treatment in three stressors of 20 mg, 40 mg and 60 mg.
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 Suntinib approved by the FDA and is named SUTIB.
- Novartis AG
- Pfizer Inc.
- GlaxoSmithKline plc
- CELGENE SOCIETY
- Teva Pharmaceutical Industries Ltd.
- Merck & Company, Inc
- Aurobindo Pharma.
- Hikma Pharmaceuticals PLC
- Mylan NV
- NATCO Pharma Limited.
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Key points of the market research
The global generic oncology drug market is expected to grow at a CAGR of 6% through 2031.
Generic oncology drug revenues are expected to exceed US $ 41.5 billion by the end of the decade.
The South Asia market is expected to grow at the fastest CAGR during the decade.
In 2020, the global market revenues totaled a net worth of US $ 23 billion.
The growing incidence of cancer across the world, the growing attention to healthcare, increasing healthcare spending, and advancements in treatment technologies and drugs are some of the major factors influencing the growth of industry.
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“Major players focus on diversifying their product portfolios to meet the high demand for generic oncology drugsSays a Persistence Market Research analyst.
Global Generic Oncology Drugs Market has been identified as quite fragmented space due to the presence of high number of market players.
Some of the major market players included in the report are Novartis AG, Pfizer Inc., GlaxoSmithKline plc, CELGENE CORPORATION, Teva Pharmaceutical Industries Ltd., Merck & Company, Inc, Aurobindo Pharma., Hikma Pharmaceuticals PLC, Mylan NV, and NATCO Pharma. Limit.
These are identified as the main manufacturers of generic oncology drugs. They are engaged in market expansion activities and in the research and development of new oncology drugs.
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More valuable information about the offer
Persistence Market Research, a research and consultancy firm, has released a new market research report on the Global Generic Oncology Drugs Market that contains industry analysis for 2016-2020 and assessment of opportunities for 2021- 2031.
The report provides in-depth analysis of the market across different segments namely by Molecule Type, by Route of Administration, by Distribution Channel and by Region. The report also provides supply and demand trends as well as an overview of the parent market.
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