Patient's Genetic Profile will now Offer Personalize Medicine
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Personalize medicine is a new approach but is a rapidly expanding field in healthcare sector where a medical doctor can select a treatment on the basis of a patient's genetic profile which may not only minimize harmful side effects but also may lead to a successful result in short time.
Moreover, Cancer personalize medicine involves the study of individuals genetic make up for tumor growth. By studying patient’s genetic make-up, the oncologist may customize the treatment depending on the patient’s genetic mutations.
The key factors such as increasing prevalence of cancer across the globe, growing generic drug launches and benefits offered by the generic drugs are likely to boost the market growth, whereas, inclination towards the personalized medicine for cancer is likely to be a prevalent trend in the future years. Asia Pacific generic oncology drugs market is expected to grow at highest rate during the forecast period.
The growth is contributed by the key driving factors such as development of generics at mass scale, increasing exports by Indian manufacturers, new trade agreements by Asian companies with international players for sales, distribution as well as research collaborations as well as launch of innovative and novel generics for cancer treatment. The market for generic oncology drugs in the Asia Pacific region is expected to reach US$ 7,692.32 Mn in 2027 from US$ 4,299.63 Mn in 2018. The growth rate of the market in the region is estimated to be 6.9% during the forecast period.
Product launches, agreements, and acquisitions were observed as the most adopted strategy in the global generic oncology drugs market industry. For instance, in July 2019, Sandoz announced the launch of the generic oncology medicine gefitinib indicated for adult patients with locally advanced or metastatic non-small cell lung cancer with activating mutations of EGFR-TK, which is recommended by ESMO as first-line treatment.
Moreover, in September 2016, Glenmark Pharmaceuticals entered into an agreement with US-based Particle Sciences Inc. to develop and market a generic version of Celgene's ABRAXANE which is used in treatments of breast and lung cancers.