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Generic Oncology Drugs Global Market to Reach $36.9 Billion by 2027 | ||
By: PR Newswire Association LLC. - 24 Nov 2022 | Back to overview list |
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DUBLIN, Nov. 24, 2022 /PRNewswire/ -- The "Generic Oncology Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
These drugs can be characterized by a different color or flavor than that of the original drug but their quality, performance, intended use, strength, dosage form and route of administration remain the same. Consequently, these drugs efficiently deliver equivalent clinical benefits and yield the same therapeutic effect as their brand-name counterparts at a lower cost. In addition to this, the high costs associated with a full-length cancer treatment have led a majority of the patients to opt for these drugs as they are much more cost-effective as compared to their brand-name counterparts. Moreover, patent expiration of key blockbuster drugs is also a significant factor that is providing a boost to the market growth. Along with this, governments of several countries are undertaking initiatives to promote generic drugs. They are continually engaging in research and development (R&D) activities to reduce healthcare expenses related to cancer treatment, thus making the healthcare facility accessible and affordable for all. Such initiatives are augmenting the introduction of several new generic drugs. Other factors such as rising awareness about the benefits of early cancer diagnosis and growing inclination toward preventive measures are contributing to the market growth.
Amongst these, North America holds the leading position in the market, owing to an increasing number of cancer patients and rising awareness about early cancer diagnosis. Media Contact: Research and Markets Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/generic-oncology-drugs-global-market-to-reach-36-9-billion-by-2027--301686947.html SOURCE Research and Markets |
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