The global generic drugs market size was valued at US$ 387.92 Billion in 2020 and is projected to reach US$ 675.29 Billion by 2030, rising at a market growth (CAGR) of 5.7% during the forecast period.
Precedence Research’s latest report on the global generic drugs market provides an analysis for the period of 2017 to 2030, wherein, 2020 is the base year, 2017 and before is historical data, and 2021 to 2030 is the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for generic drugs market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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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.
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.
- On the basis of drug type, simple generic drugs segment is expected hold largest revenue share in the forecast period of time 2021-2030. This growth is mostly attributed to low cost associated with the generic drugs over super generic drugs. Further super generics of drug type segment are expected to resister noteworthy growth rate over the forecast period.
- On the basis of therapeutic application, oncology therapeutic application segment accounted for the largest revenue with weighty share in 2020. This is attributed to increasing demand for the treatment of oncology disorders worldwide. The cardiovascular segment is anticipated to grow at reasonable CAGR over the forecast period.
- Teva Pharmaceutical Industries Ltd. foremost player in the global industry estimated for the remarkable share of the global market. The growth is accredited to various commercial strategies adopted by the company.
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 of the global generic drugs market are:
- Mylan N.V.
- Abbott Laboratories
- Teva Pharmaceutical Industries Ltd.
- Eli Lilly and Company
- STADA Arzneimittel AG
- GlaxoSmithKline Plc.
- Baxter International Inc.
- Pfizer Inc.
- Sandoz International GmbH
Segments Covered in the Report:
By Drug Type
- Simple Generics
- Super Generics
- Pure generic drugs
- Branded generic drugs
By Route of Drug Administration
By Therapeutic Application
- Central nervous system (CNS)
Key Distribution Channel
- Hospitals Pharmacies
- Retail Pharmacies
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina