Europe and MENA generic oncology drug Market Expected to Achieve a CAGR of 2.1 % Towards US$ 8.2 Billion by 2033. Increasing cancer prevalence, demand for cost-effective treatments, new product launches, and government support will drive generic oncology drug demand in Europe and MENA.
NEWARK, Del, Dec. 06, 2023 (GLOBE NEWSWIRE) — The Europe and MENA generic oncology drug market business revenue is projected to surge from US$ 6.7 billion in 2023 to US$ 8.2 billion by 2033. Over the forecast period, generic oncology drug sales in Europe and MENA are predicted to rise at a 2.1% CAGR.
Several factors are expected to drive demand for generic oncology drugs in Europe and MENA during the assessment period. These include the rising prevalence of cancer, the growing need for cost-effective cancer treatments, new product launches & approvals, and increasing government support.
The pharmaceutical sector is on the brink of transformative shifts, as the imminent expiration of patents for small molecule drugs is projected to nearly double by 2026. This wave of patent expirations ushers in remarkable prospects for generic drug manufacturers.
Generics, known for their bioequivalence to branded medications while offering cost savings, are pivotal contributors to broadening the reach of crucial medicines and curbing healthcare expenditures. The growing popularity of these generics is expected to boost the generic oncology drug revenue in Europe and MENA.
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The expiration of drug patents in the oncology category is expected to encourage competition and the development of cost-effective generic alternatives. This has the potential to enhance patient access to life-saving oncology treatments, reduce healthcare costs, and improve affordability.
The upcoming patent expirations in the field of oncology present significant opportunities for supergenius drug manufacturers, with broad implications for global healthcare accessibility and affordability. It will help the companies to boost their revenue across regions such as Europe and MENA.
According to MJH Life Sciences, by 2023, patents on around 20 oncology biologics will expire, potentially paving the way for more generics in cancer care. This has the potential to significantly reduce costs in the field of oncology treatment. Hence, the Europe and MENA generic oncology drug business will likely expand steadily owing to an increase in patent expiry of oncology drugs.
Key Takeaways from the Report-
- Sales of generic oncology drugs in Europe and MENA are expected to rise at a 2.1% CAGR through 2033.
- Based on molecule, the small molecule segment accounted for US$ 4.8 billion in 2022.
- By route of administration, the oral segment is poised to exhibit a CAGR of 1.5% through 2033.
- By distribution channel, the retail pharmacies segment held about 60.1% value share in 2022.
- Poland held a share of 12.2% in Europe and MENA genetic oncology drug business in 2022.
- Demand for generic oncology drugs in Sudan is set to increase at an 8.8% CAGR.
- Qatar is expected to experience a CAGR of 6.8% between 2023 and 2033.
“The growing focus on cost reduction in healthcare and the pursuit of improved medication quality are key drivers spurring the increased demand for generic oncology drugs in Europe and MENA region,” Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape
Manufacturers of generic oncology drugs in Europe and MENA employ a variety of strategies to maintain their share and boost revenue. These include continuous innovation, significant investments in research and development, and the introduction of new products. These strategies also encompass the launch and approval of new drugs by regulatory bodies such as the European Medicines Agency (EMA).
Top 10 Key Players in the Europe and MENA Generic Oncology Drug Industry
- Cipla
- Eli Lilly & Co.
- GlaxoSmithKline Plc.
- Sanofi S.A.
- Teva Pharmaceutical Industries Ltd.
- Sun Pharmaceutical Industries Ltd.
- Lupin Ltd.
- Hikma Pharmaceuticals PLC
- Viatris Inc. (Mylan N.V)
- Johnson & Johnson
Recent Developments-
- In February 2022, Sandoz introduced a generic oncology medication known as lenalidomide, which is prescribed for the treatment of various hematological malignancies in accordance with the most recent guidelines from the European Society for Medical Oncology (ESMO). This medication will be accessible to patients in 19 countries in Europe.
Get Insights into Europe and Mena Generic Oncology Drug Business Report
Future Market Insights (FMI) offers a unique perspective and actionable insights on the Europe and MENA generic oncology drug business in its latest study, presenting a historical demand assessment of 2018 to 2022 and projections for 2023 to 2033. The report is segmented in detail to cover every aspect of the business and present a complete intelligence approach to the reader
The analysis is based on the molecule (large molecule and small molecule), route of administration (oral {tablet and capsule} and parenteral), and distribution channel (hospital pharmacies, retail pharmacies, online pharmacies, and managed care institutions) across key countries in Europe and MENA.
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Europe and MENA Generic Oncology Drug Industry Analysis by Category
By Molecule:
- Large Molecule
- Small Molecule
By Route of Administration:
- Oral
- Tablet
- Capsule
- Parenteral
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Managed Care Institutions
By Region:
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- BENELUX
- Nordics
- Poland
- Hungary
- Romania
- Czech Republic
- Rest of Europe
- Middle East and North Africa
- Saudi Arabia
- Egypt
- Algeria
- United Arab Emirates
- Kuwait
- Jordan
- Türkiye
- Iran
- Morocco
- Qatar
- Oman
- Bahrain
- Israel
- Sudan
- Libya
- Rest of MENA
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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