Generic Drugs Market Size to Rake US$ 565.13 BN by 2027

According to Report, the global generic drugs market size is expected to rake US$ 565.13 billion by 2027 and expanding growth at a CAGR of 8.02% from 2021 to 2027.

The Global Generic Drugs Market is driven by rising prevalence of chronic diseases across the globe. Moreover, availability of generic drugs at a lower cost and having the same chemical composition of branded drugs is one of the key factors which is positively impacting the growth of the market during the forecast period. Also, increasing count of drug patent expirations is further expected to bolster the growth of the market over the next few years.

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The Global Generic Drugs Market is segmented based on type, application, drug delivery, form, source, distribution channel, company, and region. In terms of application, the market can be categorized into cardiovascular diseases, diabetes, neurology, oncology, anti-inflammatory diseases, others. Out of which, the cardiovascular diseases segment dominated the market by holding 35.05% market share in 2020 and the segment is expected to maintain its leading position in the market during the forecast period as well. This can be ascribed to majority of population dealing with cardiovascular diseases across the globe. On the contrary, the diabetes segment is anticipated to register the highest growth in the coming years which can be attributed to ever increasing prevalence of diabetes predominantly in Asia-Pacific region. Also, growing use of metformin generic drug for the treatment of diabetes owing to its effectiveness is further contributing to the segmental growth.

Key Market Trends

Injectable Segment is Expected to Witness a Major Share in the Studied Market over the Forecast Period

Tablets, capsules, pills are not the only way to administer the drug in the body, the injectable is another way of administration of the drug, and this is considered to be the most effective way, as the bioavailability of the drug through this route is higher than the other routes. Nowadays, new advancements are happening in this injectable segment. Through this route, the drug takes less time to react. Recent developments in needle-free injectors have helped its growth. For instance, In November 2021, Bespak Europe Limited worked closely with its biopharmaceutical partners to develop a customized device for the needs of specific patient groups. Moreover, the prevalence of diabetes, cardiovascular problems, cancer, and several other chronic diseases will help the injectables to grow more in the forecast period.

Furthermore, rising intravenous generic product launches are further expected to drive the growth of this segment during the forecast period. For instance, in July 2021, Generic Ferumoxytol, an injectable drug used to treat iron deficiency anemia (IDA), was launched in the United States by Sandoz, a global leader in generic and biosimilar medicines. The rise in product launches of injectable generic products in developed countries is further expected to drive the growth of this segment in the near future.

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Asia-Pacific is the Fast Growing Region in the Overall Market

Asia-Pacific has shown the fastest growing trend in the global generic market owing to increased awareness among the people related to any disorder. The rise in population can also be attributed to the increase in demand for generic drugs. Countries like India and China in Asia-Pacific contribute more than the other nations.

According to the Indian Pharmaceutical Industry Report published in November 2021 by India Brand Equity Foundation, India is the world’s top supplier of generic pharmaceuticals. The Indian pharmaceutical industry supplies more than half of the global demand for vaccines, 40% of generic demand in the United States, and 25% of all pharmaceuticals in the United Kingdom. India has many pharmaceutical companies that manufacture generic drugs, e.g., Alkem Laboratories, Sun Pharma, Aurobindo Pharma Limited, etc. Hence, the market for global generic drugs is likely to grow during the forecast period.

Furthermore, according to the news published in September 2021, India is open to working with East Asian partners on the development of generic pharmaceuticals and medical technology for the treatment of COVID-19 patients and vaccine development. This will further lead to an increase in the production of generic drugs in collaboration with other East Asian companies, thereby expected to propel the market growth over the forecast period.

Moreover, the rising approvals of generic drugs in China are further expected to drive this region’s growth. For instance, in October 2021, The Yangtze River Pharmaceutical Group in China submitted the first marketing application for eslicarbazepine acetate, a class 3 generic medication used to treat epileptic patients.

Some of the prominent players in the Generic Drugs Market include: Teva Pharmaceutical Industries Ltd, Mylan NV, Sandoz International GmbH (Novartis AG), Lupin Limited, Pfizer Inc., Sun Pharmaceutical Industries Limited, Endo Pharmaceuticals Inc., Aurobindo Pharma Limited, Dr Reddy’s Laboratories Ltd., Fresenius Kabi AG, Aspen Pharmacare Holdings Limited, Sanofi S.A., Cipla Ltd., Novo Nordisk A/S, Abbott Laboratories Inc., and others.

Market Segmentation

Generic Drugs Market, By Type:

• Small Molecule Generics
• Biosimilars

Generic Drugs Market, By Application:

• Cardiovascular Diseases
• Diabetes
• Neurology
• Oncology
• Anti-Inflammatory Diseases
• Others

Generic Drugs Market, By Drug Delivery:

• Oral
• Topical
• Parenteral
• Others

Generic Drugs Market, By Form:

• Tablet
• Capsule
• Injection
• Others

Generic Drugs Market, By Source:

• In House
• Contract Manufacturing Organizations

Generic Drugs Market, By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Others

By Geography

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

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