The generic drugs market size is expected to hit USD 574.63 billion by 2027 from valued at USD 390.57 billion in 2020, with a CAGR of 5.59% during the forecast period 2021 to 2027.
The generic drugs market size is expected to hit USD 574.63 billion by 2027 from valued at USD 390.57 billion in 2020, with a CAGR of 5.59% during the forecast period 2021 to 2027.
Growth Factors
The generic drugs are drugs that have the same chemical components as an existing branded drug. In terms of strength, dosage, quality, performance, and mode of administration, these pharmaceuticals are less expensive and comparable to branded drugs. Rather than being connected with a specific manufacturer, generic medications are subject to government restrictions in various nations. The governments in wealthy countries have been supporting the manufacturing of generics to cut healthcare expenditure due to an ageing population and rising prevalence of chronic disorders. In contrast, in underdeveloped nations, the healthcare business faces a number of challenges including accessibility and affordability.
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The governments and other regulatory agencies have encouraged manufacturers to create viable generic medications to solve these issues. Despite the quick patent expiration of branded medications, generics have been in short supply. Various initiatives launched by institutions, hospitals, and other organizations around the world are now addressing this issue.
In the generic drugs market, 3D printing technology has the potential to revolutionize drug manufacturing. The drugs manufactured in 3D assist to increase research and development productivity and provide new benefits to patients. The drugs with customized size, texture, and form can be created via 3D printing, which is not achievable with typical generic medication manufacturing. The major market players can use 3D printing to create generic medications with varying looks, release dates, and flavors.
Thus, the rising prevalence of chronic disorders, cardiovascular disorders, and diabetes as well as the growing geriatric population, high demand of generic drugs, and a large number of patents expired branded medications are all contributing to the growth of the generic drugs market over the projection period. On the other hand, the generic drugs market is projected to be stifled by government rules and medicine side effects. The surge in demand for new generic pharmaceuticals, the vast number of clinical studies, increased number of clinical studies, and marketing tactics used by leading market players to introduce new products in the market all contribute to greater demand for generic drugs in upcoming years.
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Report Highlights:
- Based on the drug type, the simple generics segment dominated the global generic drugs market in 2020 with largest market share. The simple generics drugs have the same therapeutic effect and are given in the same dose, intake, quality, and usage methods.
- On the basis of application, the oncology segment holds the largest market share the global generic drugs market in 2020. This is attributed to the growing prevalence of cancer globally.
- North America is the largest segment for generic drugs market in terms of region. The North America region is estimated to be valued at US$ 149.86 billion in 2021 and is projected to increase to US$ 178.77 million by 2027, witnessing a CAGR of 3.03% between 2021 and 2027. The North America government’s multiple attempts to improve generic medicine manufacturing and access in the country are driving the growth of the market.
- Asia-Pacific region is the fastest growing region in the generic drugs market. The North America region is estimated to be valued at US$ 98.8 billion in 2021 and is projected to increase to US$ 168.14 million by 2027, witnessing a CAGR of 9.04% between 2021 and 2027. This is due to increased awareness among people about any disorder. The rise in population can also be linked to the surge in demand for generic drugs.
Future of Generic Drugs Market
One of the key drivers of the generic drugs market is the increased incidence of chronic disorders. As more people are diagnosed with chronic conditions, they seek out more treatment options. The branded drugs are very costly but generic medications are inexpensive and have the same components as branded medicines. The patients prefer generic medications over branded drugs because generic drugs are less expensive and have the same chemical composition and strength. When a patient has a chronic illness, the treatment lasts longer, which leads to a rise in generic medicine sales?
COVID-19 Impact Analysis:
- The COVID-19 pandemic had a significant influence in the generic drugs market during the early stages of the epidemic due to supply chain disruption and lockdowns limitations.
- Furthermore, as the COVID-19 outbreak has created many opportunities for generic drug producers to manufacture medications for the treatment of this infection, there has been a rise in demand for generic drugs.
Key Developments in the Marketplace:
- The FDA approved Centaur Pharmaceuticals Private Limited’s Corlanor Tablets in December 2021 to limit the danger of staying at hospitals for severe heart attack in senior patients with symptomatic chronic heart attack.
- The FDA authorized Eagle Pharmaceuticals Inc’s Vasostrict in December 2021 to raise blood pressure in people with vasodilatory shock who remain hypotensive despite fluids and catecholamines.
- Amerigen Medications Ltd. sold Commercial and Pipeline Generic Products to ANI Pharmaceuticals Inc, an integrated specialty pharmaceutical company focused on manufacturing, developing, and selling high quality branded and generic prescription drugs.
Key Players
- Pfizer Inc.
- Mylan N.V.
- Sandoz International GmbH
- Abbott Laboratories
- ALLERGAN
- GlaxoSmithKline Plc.
- Teva Pharmaceutical Industries Ltd.
- Baxter International Inc.
- Eli Lilly and Company
- STADA Arzneimittel AG
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)
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