Generic Drugs

Generic Drugs Market Size To Touch $ 574.63 Billion By 2030 Generic Drugs Market Analysis, Market Size, Share, Growth, Trends, Region Outlook, And Segment Forecasts, 2021 - 2030

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As per the experts, the generic drugs market is predicted to record a growth rate of 5.59% from 2021-2030 and is projected to reach US$ 574.63 billion by 2030.

The study provides the overall revenue of the global generic drugs market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year. Generic Drugs smashes the drug industry market with record growth and sustainable market trend making it a lucrative area to operate in.

A generic drug comprises the same chemical substance as a drug that was previously protected by a chemical patent. After the patents on the original pharmaceuticals expire, generic drugs can be sold. The medical profile of generics is thought to be equal in performance because the active chemical ingredient is the same. Generic medicine contains the same active pharmaceutical ingredient (API) as the brand-name drug, but it may change in terms of manufacturing technique, formulation, excipients, color, taste, and packaging. The cost effectiveness of generic drugs has contributed for a competitive advantage over the branded drugs is the prime factor adding boost to the market growth.

The global generic drugs market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the generic drugs industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

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Crucial factors accountable for market growth are:

  • The low cost of generics as an alternative to branded drugs
  • A large number of patents expired branded drugs
  • Initiatives by governments and other regulatory bodies across the globe

Patent expiry of branded drugs to open up novel avenues for generic drug players to penetrate in the market

The patent expiry of branded drugs is continuously increasing providing huge potential opportunities in the drugs market. The manufacturers of generic drugs have persistently focused on development and launch of different innovative medication as well as formulation such as biosimilars that is adding traction to the market growth. Additionally, the government initiatives to promote manufacturing of generic drugs against fatal chronic diseases have further propelled the market growth in emerging economiesspecifically. Furthermore, the growing ageing populations across the globe, who are more prone to various diseases have added fuel to the market growth.

Global Generic Drugs Market Size and Estimations, By Brand, 2021-2027 (USD Billion)

Brand Segment 2021 2023 2025 2027 CAGR (2021-27)
Branded Generics 200.60 234.66 272.41 313.86 7.75 %
Pure Generics 213.96 230.32 246.06 260.77 3.35 %
Total 414.56 464.98 518.45 574.63 5.59 %

Oral generics seeking advantage owing to its most prevalent way of drug administration

The key advantages associated with oral generics such as the comfort of drug administration via the oral route, patient preference, cost-effectiveness, and ease of large-scale manufacture of oral dosage forms, oral medication is the most prevalent way of drug administration. Approximately 65 percent of commercially available generic medication medicines are taken orally. Oral formulations account for around 90% of the global market share of all pharmaceutical formulations intended for human use, according to current estimates. Orally administered pharmaceuticals account for about 84 percent of the top-selling pharmaceuticals. They are the key contributor for the market growth owing to the favored as well as cheap option. Also, they are patient-friendly, especially in the geriatric and pediatric populations, and are comparatively easy to create in comparison to their big molecule rivals.

KEY HIGHLIGHTS OF THE STUDY

  • The oral segment of route of administration is estimated to grow at the remarkable rate and accounted the largest share throughout the study period.
  • Branded generics dominate the generic drugs market in 2020, however pure generics is anticipated to surpass branded generics by 2027.
  • Asia Pacific region is projected to grow at the fastest CAGR during the forecast period owing to the rapid penetration of local players in the market.
  • North America dominated the generic drugsmarket and is projected to retain its trend throughout the forecast period.
  • Cardiovascular of the therapeutic application segment exhibited major revenue share in the year 2020, whereas, oncology segment poised to grow at the fastest rate during the foresee future.
  • Retail pharmacy holds the leading position in distribution channel segment; however, online distribution is growing at the significant pace during the forecast period.

Asia Pacific region to gain traction in global generic drugs market owing to the lower manufacturing cost and high skilled workforce

Asia Pacific is expected to show a significant traction in the market over the forecast period. This is attributed to lower manufacturing costs and high skilled workforce in the Asian countries. According to India Brand Equity Foundation, India has the second largest number of U.S. FDA manufacturing plants outside the U.S. that are involved in generic drugs manufacturing. Additionally, the cost of manufacturing is 33% lower in India than that in the U.S., increasing accessibility to generics in these countries.

Global Generic Drugs Market Size and Estimations, By Region, 2021-2027 (USD Billion)

Region 2021 2024 2027 CAGR (2021-27)
North America 149.46 165.00 178.77 3.03 %
Europe 121.34 136.67 151.47 3.77 %
Asia Pacific 98.08 130.01 168.14 9.40 %
Latin America 29.99 38.88 49.36 8.66 %
Middle East & Africa 15.69 20.79 26.89 9.40 %
Total 414.56 491.35 574.63 5.59 %

Asia-Pacific has placed a strong emphasis on boosting medicine procurement at more inexpensive prices, even if this necessitates buying from non-traditional sources, with a historically low rate of generic drug use. Therefore, emerging nations such as India and China is supplementing the growth of generics market.

In 2019, generic and biosimilar pharmaceuticals saved the US healthcare system $313 billion, including $96 billion in Medicare savings and $48.5 billion in Medicaid savings. Generics fill 90% of prescriptions in the United States for only 20% of the cost, at a time when access to reliable, inexpensive, and high-quality prescription medication is more critical than ever. In 2019, the average generic primary copay was $6.97 versus average primary copay for brand-name drugs of $56.32. These supporting factors are expected to drive generic drug sales over the next few years.

Market Competitiveness and Business Outlook

The global generic drugs market is fragmented owing to the presence of several large and small scale firms spread across the globe. The leading players in the market are adopting novel strategies to gain market attractiveness.The report provides an extensive competitive analysis and profiles of the key market players, such as 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. Theother players operating in the value chain are AurbindoPharma, Sun Pharmaceutical Industries Ltd., Aspen Pharmacare, Fresenius Kabi Ag, Lupin, Novartis, Glenmark, Sawai, PiramalPharma Solutions, Hikma, Cipla, Dr. Reddy’s, Endo, Stada and Mallinckrod among others.

Major Market Segments Covered:

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

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Some of the key highlights of the report are:

  • Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
  • Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
  • Competitive Landscape Analysis – Some of the leading companies operating in the generic drugs market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Why should you invest in this report?

If you are aiming to enter the global generic drugs market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for generic drugs are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions& Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Generic Drugs Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope

Chapter 5. COVID 19 Impact on Generic Drugs Market

5.1. Covid-19: generic drugs Industry Impact
5.2. generic drugs Business Impact Assessment: Covid-19
5.2.1. Services Challenges/Disruption
5.2.2. Market Trends and generic drugs Opportunities in the COVID-19 Landscape for Major Markets
5.3. Strategic Measures against Covid-19
5.3.1. Government Support and Initiative to Combat Covid-19
5.3.2. Proposal for generic drugs Market Players to deal with Covid-19 Pandemic Scenario

Chapter 6. Generic Drugs Market Dynamics Analysis and Trends

6.1. Market Dynamics
6.1.1. Market Drivers
6.1.1.1. The low cost of generics, as an alternative to branded drugs
6.1.1.2. Large number of patent expired branded drugs
6.1.1.3. Initiatives by governments and other regulatory bodies
6.1.2. Market Restraints
6.1.2.1. Stringent governmental regulations and adverse effects associated with drugs
6.1.3. Market Opportunities
6.1.3.1. Use of RPA to ensure regulatory and standards compliance

Chapter 7. Global Generic Drugs Market: Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis
7.1.1.1. generic drugs Market Revenue by Market Players (2017 – 2020)
7.1.1.2. generic drugs Market Revenue Market Share by Market Players (2017 – 2020)
7.1.2. Key Organic/Inorganic Strategies Adopted by Players
7.1.2.1. Product Portfolio Expansion, Geographic Expansion, Product Innovation
7.1.2.2. Merger and Acquisition, Collaboration and Partnerships
7.1.3. Market Players Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of End-users

Chapter 8. Global Generic Drugs Market, By Drug Type

8.1. generic drugs Market, by Drug Type, 2017-2030
8.1.1. Simple Generics
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Super Generics
8.1.2.1. Market Revenue and Forecast (2017-2030)

Chapter 9. Global Generic Drugs Market, By Brand

9.1. generic drugs Market, by Brand, 2017-2030
9.1.1. Pure generic drugs
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Branded generic drugs
9.1.2.1. Market Revenue and Forecast (2017-2030)

Chapter 10. Global Generic Drugs Market, By Route of Drug Administration

10.1. generic drugs Market, by Route of Drug Administration, 2017-2030
10.1.1. Oral
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Topical
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Parental
10.1.3.1. Market Revenue and Forecast (2017-2030)
10.1.4. Others
10.1.4.1. Market Revenue and Forecast (2017-2030)

Chapter 11. Global Generic Drugs Market, By Therapeutic Application

11.1. generic drugs Market, by Therapeutic Application, 2017-2030
11.1.1. Central nervous system (CNS)
11.1.1.1. Market Revenue and Forecast (2017-2030)
11.1.2. Cardiovascular
11.1.2.1. Market Revenue and Forecast (2017-2030)
11.1.3. Dermatology
11.1.3.1. Market Revenue and Forecast (2017-2030)
11.1.4. Oncology
11.1.4.1. Market Revenue and Forecast (2017-2030)
11.1.5. Respiratory
11.1.5.1. Market Revenue and Forecast (2017-2030)
11.1.6. Others
11.1.6.1. Market Revenue and Forecast (2017-2030)

Chapter 12. Global Generic Drugs Market, By Distribution Channel

12.1. generic drugs Market, by Distribution Channel, 2017-2030
12.1.1. Hospitals Pharmacies
12.1.1.1. Market Revenue and Forecast (2017-2030)
12.1.2. Retail Pharmacies
12.1.2.1. Market Revenue and Forecast (2017-2030)
12.1.3. Others
12.1.3.1. Market Revenue and Forecast (2017-2030)

Chapter 13. Global Generic Drugs Market, Regional Estimates and Trend Forecast

13.1. North America
13.1.1. Market Revenue Forecast by Drug Type(2017-2030)
13.1.2. Market Revenue Forecast by Brand (2017-2030)
13.1.3. Market Revenue Forecast by Route of Drug Administration (2017-2030)
13.1.4. Market Revenue Forecast by Therapeutic Application (2017-2030)
13.1.5. Market Revenue Forecast by Distribution Channel (2017-2030)
13.1.6. U.S
13.1.6.1. Market Revenue Forecast (2017-2030)
13.1.7. Canada
13.1.7.1. Market Revenue Forecast (2017-2030)
13.2. Europe
13.2.1. Market Revenue Forecast by Drug Type (2017-2030)
13.2.2. Market Revenue Forecast by Brand (2017-2030)
13.2.3. Market Revenue Forecast by Route of Drug Administration (2017-2030)
13.2.4. Market Revenue Forecast by Therapeutic Application (2017-2030)
13.2.5. Market Revenue Forecast by Distribution Channel (2017-2030)
13.2.6. UK
13.2.6.1. Market Revenue Forecast (2017-2030)
13.2.7. Germany
13.2.7.1. Market Revenue Forecast (2017-2030)
13.2.8. France
13.2.8.1. Market Revenue Forecast (2017-2030)
13.2.9. Rest of EU
13.2.9.1. Market Revenue Forecast (2017-2030)
13.3. Asia Pacific (APAC)
13.3.1. Market Revenue Forecast by Drug Type (2017-2030)
13.3.2. Market Revenue Forecast by Brand (2017-2030)
13.3.3. Market Revenue Forecast by Route of Drug Administration (2017-2030)
13.3.4. Market Revenue Forecast by Therapeutic Application (2017-2030)
13.3.5. Market Revenue Forecast by Distribution Channel (2017-2030)
13.3.6. China
13.3.6.1. Market Revenue Forecast (2017-2030)
13.3.7. India
13.3.7.1. Market Revenue Forecast (2017-2030)
13.3.8. Japan
13.3.8.1. Market Revenue Forecast (2017-2030)
13.3.9. Rest of APAC
13.3.9.1. Market Revenue Forecast (2017-2030)
13.4. LATAM
13.4.1. Market Revenue Forecast by Drug Type (2017-2030)
13.4.2. Market Revenue Forecast by Brand (2017-2030)
13.4.3. Market Revenue Forecast by Route of Drug Administration (2017-2030)
13.4.4. Market Revenue Forecast by Therapeutic Application (2017-2030)
13.4.5. Market Revenue Forecast by Distribution Channel (2017-2030)
13.4.6. Brazil
13.4.6.1. Market Revenue Forecast (2017-2030)
13.4.7. Rest of LATAM
13.4.7.1. Market Revenue Forecast (2017-2030)
13.5. Middle East and Africa (MEA)
13.5.1. Market Revenue Forecast by Drug Type (2017-2030)
13.5.2. Market Revenue Forecast by Brand (2017-2030)
13.5.3. Market Revenue Forecast by Route of Drug Administration (2017-2030)
13.5.4. Market Revenue Forecast by Therapeutic Application (2017-2030)
13.5.5. Market Revenue Forecast by Distribution Channel (2017-2030)
13.5.6. GCC
13.5.6.1. Market Revenue Forecast (2017-2030)
13.5.7. North Africa
13.5.7.1. Market Revenue Forecast (2017-2030)
13.5.8. South Africa
13.5.8.1. Market Revenue Forecast (2017-2030)
13.5.9. Rest of MEA
13.5.9.1. Market Revenue Forecast (2017-2030)

Chapter 14. Company Profiles

14.1. Abbott Laboratories
14.1.1. Company Overview, Business Information, Regional Presence
14.1.2. Product Portfolio Analysis
14.1.2.1. Product Details, Specification, Application
14.1.3. Revenue, Price, and Gross Margin (2017-2020)
14.1.4. Recent Developments and Strategies
14.2. Teva Pharmaceutical Industries Ltd.
14.2.1. Company Overview, Business Information, Regional Presence
14.2.2. Product Portfolio Analysis
14.2.2.1. Product Details, Specification, Application
14.2.3. Revenue, Price, and Gross Margin (2017-2020)
14.2.4. Recent Developments and Strategies
14.3. ALLERGAN
14.3.1. Company Overview, Business Information, Regional Presence
14.3.2. Product Portfolio Analysis
14.3.2.1. Product Details, Specification, Application
14.3.3. Revenue, Price, and Gross Margin (2017-2020)
14.3.4. Recent Developments and Strategies
14.4. Sandoz International GmbH
14.4.1. Company Overview, Business Information, Regional Presence
14.4.2. Product Portfolio Analysis
14.4.2.1. Product Details, Specification, Application
14.4.3. Revenue, Price, and Gross Margin (2017-2020)
14.4.4. Recent Developments and Strategies
14.5. Mylan N.V.
14.5.1. Company Overview, Business Information, Regional Presence
14.5.2. Product Portfolio Analysis
14.5.2.1. Product Details, Specification, Application
14.5.3. Revenue, Price, and Gross Margin (2017-2020)
14.5.4. Recent Developments and Strategies
14.6. STADA Arzneimittel AG
14.6.1. Company Overview, Business Information, Regional Presence
14.6.2. Product Portfolio Analysis
14.6.2.1. Product Details, Specification, Application
14.6.3. Revenue, Price, and Gross Margin (2017-2020)
14.6.4. Recent Developments and Strategies
14.7. Baxter International Inc.
14.7.1. Company Overview, Business Information, Regional Presence
14.7.2. Product Portfolio Analysis
14.7.2.1. Product Details, Specification, Application
14.7.3. Revenue, Price, and Gross Margin (2017-2020)
14.7.4. Recent Developments and Strategies
14.8. Eli Lilly and Company
14.8.1. Company Overview, Business Information, Regional Presence
14.8.2. Product Portfolio Analysis
14.8.2.1. Product Details, Specification, Application
14.8.3. Revenue, Price, and Gross Margin (2017-2020)
14.8.4. Recent Developments and Strategies
14.9. GlaxoSmithKline Plc.
14.9.1. Company Overview, Business Information, Regional Presence
14.9.2. Product Portfolio Analysis
14.9.2.1. Product Details, Specification, Application
14.9.3. Revenue, Price, and Gross Margin (2017-2020)
14.9.4. Recent Developments and Strategies
14.10. Pfizer Inc.
14.10.1. Company Overview, Business Information, Regional Presence
14.10.2. Product Portfolio Analysis
14.10.2.1. Product Details, Specification, Application
14.10.3. Revenue, Price, and Gross Margin (2017-2020)
14.10.4. Recent Developments and Strategies

Chapter 15. Appendix

15.1. About Us
15.2. Glossary of Terms

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Precedence Research

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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