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Generic Drugs Market Size is Projected to Hit US$ 574.63 Billion by 2027

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The global generic drugs market size is predicted to hit around US$ 574.63 billion by 2027, growing at a CAGR of 5.59% from 2021 to 2027.

In 2022, the generic drugs market study provides crucial information on market share, market size, growth rate analysis Y-O-Y, production, consumption, and sales analysis for the forecast period 2021 to 2027. The report contains 150+ pages with detailed analysis.

Why generic drugs?

Generic drugs refer to the drugs with a chemical make-up of a drug a like an existing branded drug. These medications are inexpensive and similar to branded drugs in power, and route of delivery, consistency, efficiency, and usage. These are subject to administration regulations in different nations, rather than associated with a particular company. These drugs are proven to be as safe and effective as their brand name formulation, which has already been marketed. While other features, such as color, form and flavoring that do not influence the health and efficacy of pharmaceutical products that vary from the original edition; generic versions are formulated with the same active ingredients as their advertised counterparts when operating in the same manner and quantity of the time.

Growth Factors:

The low price of generic drugs as substitute to branded drugs is the supreme crucial factor in the growth of the global market for generic drugs. Generic drug firms do not have to experience high drug improvement costs and so cost is 85% less than branded drugs. The costs of research and development, as well as drug discovery, are not included in the case of generic drugs. A very small amount is to be invested in the collection of pre-marketing data for generic medicines. The companies rely on the clinical evidence provided by the business of the innovators for the health and effectiveness of the drug. In addition, generic drug claimants do not need to repeat the animal and clinical (human) studies needed to demonstrate the safety and efficacy of brand name medicines.

As a result, generic drugs, with similar active ingredients having the same strength, stability, purity, effectiveness and protection as branded drugs, are available at a lower price than branded drugs. Such advantages lead patients to opt for generics as alternatives to costly branded medications. Increasing number of patent expired branded drugs is another major factor expected to boost growth of the target market in the near future. Drug prices decline considerably when patents expire. The degree of price reduction varied critically between products and nations. Increasing prevalence of chronic diseases, diabetes & cardiovascular diseases are creating huge demand for the drugs. However, the numbers of patent expired branded drugs is constantly increasing in the North America region which is providing huge potential opportunities to the generic drugs industry as the generic drugs offer various advantages over the non-generic drugs. For instance in 2019 FDA approved approximately 108 generic patents only in U.S.A.

Report Scope of the Generic Drugs Market

Report Highlights Details
Market Size US$ 574.63 Billion by 2027
Growth Rate CAGR of 5.7% From 2021 to 2027
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2027
Segments Covered Drug, Brand, Route of Drug Administration, Therapeutic Application, Distribution Channel
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

COVID-19 Impact:

The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The generic drugs report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.

Regional Analysis:

The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America conquered the global market with a market share of more than 30%. U.S. signified as the highest share holding country in the North America region primarily due to advanced healthcare infrastructure, increasing prevalence of chronic diseases, and presence of leading layers in the countries of the North America. Asia Pacific generic drugs industry market is estimated to grow at noteworthy rate of growth in the next 10 years. The China generic drugs industry market is anticipated to dominate in terms of revenue in the Asia Pacific region. Increasing the prevalence of chronic diseases among the population along with increasing initiatives by the regulatory bodies to control them in the countries of the region is a main driver growth of the APAC. Nevertheless, emerging markets in the AAC region is creating growth opportunities in the target market.

Key Players:

The generic drugs market is consolidated with a major number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report. Primary research represents a bulk of research efforts, supplemented by extensive secondary research.

Some of the prominent players in the 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

Market Segmentation

By Drug Type

  • Simple Generics
    • Super Generics

By Brand

  • Pure generic drugs
    • Branded generic drugs

By Route of Drug Administration

  • Oral
    • Topical
    • Parental
    • Others

By Therapeutic Application

  • Central nervous system (CNS)
  • Cardiovascular
  • Dermatology
  • Oncology
  • Respiratory
  • Others

Key Distribution Channel

  • Hospitals Pharmacies
  • Retail Pharmacies
  • Others

Regional Segmentation

  • North America (U.S. and Canada)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Find More Press Releases at https://www.globenewswire.com/en/search/organization/Precedence%2520Researchv

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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