Generic Drugs Market

Global Generic Drugs Market:

Generic Drugs Market- By Brand, Route of Drug Administration, Therapeutic Application, Key Distribution Channel, and Region.

Market Synopsis:

The Global Generic Drugs Market is valued at USD 392.4 Billion in the year 2021 and is expected to reach a value of USD 531.8 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.2% over the forecast period.

According to the US Food and Drug Administration (FDA), a generic drug is "designed to be the same as an existing approved brand-name drug in dosage form, security, strength, and method of administration, grade, and performance characteristics”. The cost savings associated with generic use do not materialize immediately after a drug's patent expires. Generic pharmaceuticals, like branded treatments, require generic market competition before prices fall; two to three years after losing exclusivity, generic drug prices typically fall by 60–70 percent compared to their branded counterparts.

The rising prevalence of chronic diseases, diabetes, and cardiovascular diseases, as well as the growing geriatric population, rising healthcare expenditure, high demand for generic medicines, and a large number of patent-expired branded drugs, are all contributing to the growth of the Generic Drugs Market. However, the market is projected to be stifled by government rules and medical side effects. The rising demand for newer generic pharmaceuticals, the increased number of clinical studies, and the vast number of licensing and partnering tactics used by leading vendors to introduce new products all contribute to significant demand for Generic Drugs in the forecasted period.

Market Segmentation:

The Generic Drugs Market is segmented on the basis of brand, route of drug administration, therapeutic application, and key distribution channel. Based on the brand, the market is segmented as pure Generic Drugs and Branded Generic Drugs. Based on the route of drug administration, the market is segmented as Oral, Topical, Parental, and Others. Based on therapeutic application, the market is segmented as Central nervous system (CNS), Cardiovascular, Dermatology, Oncology, Respiratory, and Others. Based on key distribution channels, the market is segmented as Hospitals Pharmacies, Retail Pharmacies, and Others.

Based on Therapeutic Application:

Based on therapeutic application, the market is segmented as Central nervous system (CNS), Cardiovascular, Dermatology, Oncology, Respiratory, and Others. Cardiovascular disease, which includes heart failure, circulation problems, high blood pressure, cholesterol, dyslipidemia, angina, arrhythmias, and stroke, is one of the main causes of death globally. More than four out of every five CVD deaths are caused by heart attacks and strokes, with one-third of these deaths happening before the age of 70. The most significant behavioral risk factors for heart disease and stroke are unhealthy eating, physical inactivity, cigarette smoking, and problematic alcohol intake. Due to a series of cardiovascular medicine patent expirations, the cardiovascular segment accounts for more than 6% of the worldwide generic drug market. Furthermore, global population growth and population aging benefit the healthcare industry in general, as well as generic medicine makers.

Based on Route of Drug Administration:

Based on the route of drug administration, the market is segmented as Oral, Topical, Parental, and Others. Due to various advantages of oral dosage over other forms, such as the convenience of administration and no nursing requirements, oral dosage accounted for the greatest revenue share of 59.25 percent in the branded generics market in 2021, resulting in improved patient acceptability and compliance.

The parenteral segment, on the other hand, is predicted to grow at the quickest Compound Annual Growth Rate (CAGR) throughout the projection period. The increased demand for generic injectables is due to a growth in the prevalence of target diseases such as cancer, hepatitis C, multiple sclerosis, and others. Chemotherapy agents, small molecule antimicrobials, insulin, and peptide hormones are among the topics covered in this section.

North America is Projected to Grow at the Highest CAGR During the Forecast Period

North America has dominated the generic medicines market, due to subsidies and other regulatory actions, a growing elderly population, an increasing prevalence of chronic diseases, and an increase in the number of patent-expired branded drugs. The market growth in the region is majorly due to prescription patterns, which are largely covered by branded generic medications. As a result, the market is in high demand in this area. Moreover, The United States is the largest market, with the largest share of the market. The US government's multiple attempts to improve generic medicine manufacturing and access in the country are driving this increase.

Competitive Landscape:

The key players in the Global Generic Drugs Market include- Mylan N.V., Abbott Laboratories, ALLERGAN, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, STADA Arzneimittel AG, GlaxoSmithKline PLC., Baxter International Inc., Pfizer Inc., Sandoz International GmbH and others.

Segmentation of the Global Generic Drugs Market: