Generic Drugs Market to be Dominated by North America Region During the Forecast Period
Increasing demand for
generic medicines is expected to drive the growth of global generic drugs
market during the forecast period.
According
to TechSci Research report, “Global Generic Drugs Market, By Type (Small Molecule Generics vs Biosimilars), By
Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology,
Anti-Inflammatory Diseases, Others), By Drug Delivery (Oral, Topical,
Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By Source
(In house vs Contract Manufacturing Organizations), By Distribution Channel
(Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Region,
By Company, Competition, Forecast & Opportunities, 2026”, Global generic drugs market was valued
at USD371.04 billion in 2020 and is anticipated to reach USD564.43 billion
until 2026 by witnessing a growing CAGR of 7.08% during the forecast period. Rising
healthcare expenditure is
one of the major factors accounting for the growth of global
generic drugs market. Moreover, initiatives taken by the governments of various
countries to promote the use of generic drugs is expected to bode well for the
growth of global generic drugs market through the forecast period. In addition
to this, surging demand for newer versions of generic drugs is positively
influencing the growth of global generic drugs market in the years to come.
Along with this, upsurge in the number of generic drug approvals across the
globe will positively contribute to the market growth in the next 5 years.
However, there are certain factors that might act as major impediments to the
growth of global generic drugs market during the forecast period such as stringent
governmental regulations and adverse effects associated with drugs.
Browse 186 Figures spread through 110 Pages
and an in-depth TOC on "Global Generic Drugs Market"
Global
generic drugs market can be segmented based on type, application, drug delivery, form, source, distribution
channel, company, and region. Considering the distribution
channel, the market is fragmented into hospital pharmacies, retail pharmacies,
online pharmacies, others. The retail
pharmacies segment dominated the global generic drugs market with the market
share of 46% until 2020 and is further anticipated to maintain its dominance
during the forecast period as well. This is because most of the generic drugs
are available over the counter. Based on form, the market is segregated into tablet,
capsule, injection, others. The tablet segment dominated the market by holding major
share in the market on account of certain benefits it offers such as cost
effectiveness and longer shelf life of tablets. Based on source, the market can
be categorized into in-house v/s contract manufacturing organizations. The
in-house segment dominated the market until 2020 as most of the leading
companies focused on in house production. Contract manufacturing organizations
segment is expected to witness high CAGR in the forecast period on account of certain
operational advantages it offers, especially when the demand for a specific
product is high in the market and contract manufacturer provides additional
production capacity to satisfy the customer.
Teva Pharmaceutical Industries Ltd,
Mylan NV, Sandoz International GmbH (Novartis AG), Lupin Limited, Pfizer Inc.,
Sun Pharmaceutical Industries Limited, Endo Pharmaceuticals Inc., Aurobindo
Pharma Limited, Dr Reddy’s Laboratories Ltd., Fresenius Kabi AG, Aspen
Pharmacare Holdings Limited, Sanofi S.A., Cipla Ltd., Novo Nordisk A/S, Abbott
Laboratories Inc., are
the leading players operating in global generic drugs market. The leading
players are adopting several growth strategies to enhance the market scenario
of generic drugs. Other competitive strategies include product launches;
mergers & acquisitions; agreements, partnerships, and collaborations; and
expansions to diverse their product portfolio in order to strengthen their
market position.
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North America is forecasted to dominate the global generic drugs market
in the next 5 years on account of increasing prevalence of diabetes and
cardiovascular diseases in the region. Furthermore, growth in geriatric
population is also contributing to the growing trend. Asia-Pacific region is
forecast to register highest growing CAGR over the years to come, which can be
attributed to the fact that India manufactures around 60% of total generic
drugs across the globe. Additionally, China is the main supplier of Active
Pharmaceutical Ingredients to India for generic drug manufacturing, which is
forecasted to drive the regional growth in upcoming years.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Generic Drugs Market, By Type (Small
Molecule Generics vs Biosimilars), By Application (Cardiovascular Diseases,
Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others), By Drug
Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule,
Injection, Others), By Source (In House vs Contract Manufacturing
Organizations), By Distribution Channel (Hospital Pharmacies, Retail
Pharmacies, Online Pharmacies, Others), By Region, By Company, Competition,
Forecast & Opportunities, 2026” has evaluated the future growth potential of global generic
drugs market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global generic drugs market.
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