Generic oncology drugs, being able to detect and treat tumors, are utilized extensively in the healthcare industry for treating cancer. Notable enhancements in the technology with the blend of information is expected to accelerate the pace of growth for the generic oncology drugs market and the cost pertaining to the treatment of cancer. Advanced technologies such as real world data, mobile apps, and artificial intelligence have successfully been able to achieve a high engagement rate of the patients, which has resulted in increasing awareness of the cancer treatment among the patients.
A significant increase has been noted in the spending capacity for the development of cancer. More than one-third of the trials proposed by the manufacturers are aimed at offering personalized cancer treatments, which further propels the demand for generic oncology drugs. A host of these factors have contributed massively to the expansion of the generic oncology drugs market at the global level.
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According to a report, the global generic oncology market is poised to surpass a striking CAGR of 6% through 2028. Increasing inclination of individuals towards smoking and tobacco consumption is the chief cause of cancer. Secondary factors such as sedentary lifestyle, genetic causes, viral infections, carcinogens, and high consumption of junk food make the human body susceptible to cancer. Growing concerns of a high number of deaths occurring on the back of cancer have provoked the government authorities to take effective steps for preventing cancer.
Notable Developments in the Generic Oncology Drugs Market
Improvement in the cancer treatment drugs and therapies have been one of the most underlying aims of the pharmaceuticals and medical organizations operating at the global level. Consequently, generic oncology drugs have been utilized for innovating novel therapies and increasing the survival rates of patients.
Blood Cancer Immensely Contributes to the Growth of the Generic Oncology Drugs Market
Amongst the various types of cancer such as skin cancer, bladder cancer, bone cancer, eye cancer, gastrointestinal cancer, gynecological cancer, lung cancer, endocrine cancer, and blood cancer is accounted for generating the largest share for the generic oncology drugs market. Patients diagnosed with blood cancer seek complete treatment to this chronic disease, as a result of which excessive demand for generic oncology drugs is created. In addition to this, the high cost of the therapies and generic oncology drugs play a crucial role in the growing size of the generic oncology drugs market.
Recent Developments to Drive the Growth of the Generic Oncology Drugs Market
The key players involved in transforming the landscape of the generic oncology drugs market include Bayer Healthcare AG, Amgen, Teva Pharmaceutical Industries, Pfizer, Boehringer Ingelheim GmbH, AstraZeneca, Hoffmann-La Roche Ltd., Eli Lily and Company, ARIAD Pharmaceuticals, Inc., GlaxoSmithKline, CELGENE Corporation, Novartis AG, Johnson and Johnson, AbbVie Inc., Merck & Co., and Sanofi, among others.
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Out of these leading players, CELGENE, Novartis, and Roche have been procuring a considerable share in the generic oncology drugs market with a rich product portfolio and pipeline products aimed at treating cancer effectively.
- Novartis AG applied smart strategies for channel integration like eCommerce with mobile application to fuel the sales at the retail stores. In addition to this, the company achieved a CE mark for its gene modifying therapy used for the treatment of blood cancer.
- Pfizer Inc. has been focusing on the over 39 therapies, in order to fortify its product portfolio. In the year 2017, Glasdegib of Pfizer received the priority review from the U.S. FDA to treat myeloid leukemia. Post this, XTANDI of Pfizer as well received the FDA approval.