Generic Drugs Market: Opportunities, Size and Growth Projections in Upcoming Years

TechSci Research report states that the Generic Drugs Market reached USD 416.06 billion in 2022 and is expected to grow at a CAGR of 6.51% during the forecast period 2024-2028. The market's growth can be attributed to the rising demand for affordable healthcare options, including low-cost drugs as compared to branded drugs, and the increasing prevalence of chronic diseases like cancer, cardiovascular diseases, diabetes, etc. Additionally, the growing adoption of generic drugs in developing and developed economies is likely to boost market growth. The entry of new players in the biosimilar and generic drug market is expected to further drive growth. The availability of healthcare professionals and technological advancements is also likely to contribute to market growth over the years.

Although the generic drugs market is expanding rapidly, it faces several challenges that need to be addressed to sustain this growth. These challenges include the high cost of drugs, regulatory hurdles, intense competition, and quality concerns when compared to branded drugs.

Browse over 189 market data Figures spread through 266 Pages and an in-depth TOC on "Global Generic Drugs Market”- https://www.techsciresearch.com/report/generic-drugs-market/7332.html

Global Generic Drugs Market can be categorized by type, application, drug delivery, form, source, distribution channel, and region. The market can be divided into Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, and Others based on application. 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. Furthermore, many top-selling brand-name drugs for CVD have recently lost or will soon lose their patents, providing an opportunity for generic drug manufacturers to offer cheaper alternatives.

The market can be differentiated by drug delivery into Oral, Topical, Parenteral, and Others. The Oral drug delivery segment is expected to lead the market during the forecast period. The increased demand for chronic disease treatments, such as cardiovascular disease, diabetes, and hypertension, has resulted in 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 is likely to increase. Additionally, most drugs currently available on the market are administered orally, and their patents are expected to expire soon, paving the way for the development and sale of generic versions.

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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About TechSci Research:

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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