Generic Drugs Market to Grow With a CAGR of 6.51% Through 2028
Rising
demand for generic drugs and its cost effectiveness is driving the growth of
Global Generic Drugs Market in the forecast period, 2024-2028.
According to TechSci Research report, “Generic Drugs Market –Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028F”, Generic Drugs Market stood at USD
416.06 billion in 2022 and is anticipated to grow with CAGR of 6.51% in the
forecast period 2024-2028. This can be ascribed to the growing
demand for affordable healthcare such as low-cost drugs compared to branded
drugs, along with growing prevalence of chronic diseases such as cardiovascular
diseases, cancer, diabetes etc. Similarly, growing adoption of generic drugs in
developing as well as developed economies will further drive the growth of the
market during the forecast period. Similarly, new entrants in the biosimilar
drug and generic drug market will drive the growth of the market during the
forecast period. Also, availability of health care professionals and
technological advancements is expected to drive the growth of the market over
the years.
While the generic drugs market is growing rapidly, there are also
several challenges that need to be addressed to sustain this growth. These
challenges include the high cost of drugs, regulatory hurdle, intense
competition and quality concerns compared to branded drugs.
Browse over 189 market data Figures spread through 266 Pages and an in-depth TOC on "Global Generic Drugs Market”
Global Generic Drugs Market
can be segmented by type, by application, by drug delivery, by form, by source,
by distribution channel and by region.
Based on
Application, Global Generic Drugs Market can be divided into Cardiovascular
Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, and Others.
The Cardiovascular Diseases segment is expected to dominate the market during
the forecast period. Due to the high prevalence of CVD and the increasing
demand for cost-effective treatments, the market for generic drugs to treat CVD
is expected to grow. In addition, many of the top-selling brand-name drugs for
CVD have recently lost or will soon lose their patents, opening the door for
generic drug manufacturers to enter the market and offer cheaper alternatives.
Based on Drug
Delivery, the market can be differentiated into Oral, Topical, Parenteral, and
Others. The Oral drug delivery segment is expected to dominate the market
during the forecast period. The increased demand for chronic disease
treatments, such as cardiovascular disease, diabetes, and hypertension, has led
to the development of many oral medications that are taken on a long-term
basis. As these drugs continue to dominate the market, the demand for generic
oral formulations of these medications will also increase. Similarly, most
drugs that are currently available on the market are administered orally, and
their patents are expected to expire in the coming years, making way for
generic versions of these drugs to be developed and sold.
Major companies operating in Global Generic Drugs Market are:
- Teva
Pharmaceutical Industries Ltd.
- Sandoz International GmbH (Novartis AG)
- Viatris Inc.
- Sun Pharmaceutical Industries Ltd.
- Fresenius Kabi AG
- STADA Arzneimittel AG
- Aurobindo Pharma Limited
- Dr Reddy's Laboratories Ltd
- Cipla Ltd
- Novo Nordisk A/S
- Abbott Laboratories Inc.
- Endo Pharmaceuticals Inc.
- Sanofi SA
- Aspen Pharmacare Holdings Limited
- Lupin Limited
For instance, in June
2021, Teva Pharmaceutical Industries Ltd and Bioeq AG collaborated for the
exclusive commercialization of Bioeq’s FYB201, a biosimilar candidate to
Lucentis in Europe, Canada, Israel and New Zealand.
For instance, Adalimumab
(generic for Humira), was approved in 2020 for the treatment of rheumatoid
arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn's disease,
ulcerative colitis, and plaque psoriasis.
For instance, Rivaroxaban
(generic for Xarelto), was approved in 2019 for the treatment of deep vein
thrombosis and pulmonary embolism.
For instance, in
November 2020, Pfizer and Mylan announced merger of Pfizer’s upjohn generics
unit with Mylan N.V generic unit to form Viatris. Due to this merger, Viatris
will become one of the prominent players in the generic drugs industry.
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“The North
America region will dominate the Generic Drugs market during the forecast
period due to growing well established pharmaceutical industry and growing
number of big pharmaceutical companies in this region. Similarly, growing
approval and regulation of generic drugs which will help in increasing
competition and lower drug price, is anticipated to drive the growth of the
market during the forecast period. Additionally, there has been a trend towards
consolidation in the generic drug industry, with larger companies acquiring
smaller ones to expand their product portfolios and increase their market share,
potentially leading to increased dominance by North American companies in the
generic drugs market. The growing investments in research and development in
this field are contributing to the development of new generic drugs for the
treatment of chronic diseases, which is expected to further drive the growth of
the market. However, the regulatory hurdle,
intense competition and quality and efficacy compared to other brands, pose
challenges to the growth of this market.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Generic Drugs Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” Segmented
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, Competition, Forecast & Opportunities, 2018-2028F”, 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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