According to Nova one advisor, the global Generic Pharmaceuticals Contract Manufacturing market was valued at USD 63.18 billion in 2021 and it is expected to hit around USD 107.9 billion by 2030 with a CAGR of 5.17% during the forecast period 2022 to 2030.
According to Nova one advisor, the global Generic Pharmaceuticals Contract Manufacturing market was valued at USD 63.18 billion in 2021 and it is expected to hit around USD 107.9 billion by 2030 with a CAGR of 5.17% during the forecast period 2022 to 2030.
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Cost-saving and time-saving benefits associated with the implementation of outsourcing is responsible for driving the industry. A significant number of people globally suffer from chronic diseases. For instance, the CDC states that 6 in 10 adults in the U.S. suffer from at least one chronic disease and 4 in 10 adults suffer from two or more chronic diseases. Chronic diseases are required to be treated for a long time. The high cost of medicines is increasing the demand for cost-effective generic drugs for the treatment of chronic diseases.
This is expected to support the industry’s growth post-pandemic. There is an improvement in the regulatory approval of generic drugs. For instance, in 2021, the FDA approved 93 generic drugs, and by October 2022, the regulatory authority approved over 95 generic drugs. Such improvements are expected to have a positive impact on the manufacturing of generic drugs and; thus, support the industry growth. The Japanese government is constantly trying to improve the generic pharmaceuticals market in the country. The government is also taking measures to improve the supply of generics in the country and is also encouraging medical institutes to promote the use of generic drugs.
This is expected to improve CMO activities for generics in the coming years. Global spending on medicines is also on the rise. According to the data provided in a report published by IQVIA in April 2021, global spending on medicine is expected to increase in the next 4-5 years. The report states that global spending on medicine accounted for USD 1, 265 billion in 2020 and is going to reach USD 1,580-1,610 billion by 2025. This is also expected to improve the demand for generic drugs owing to their cost efficiency, thereby supporting the industry in growth.
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Key Takeaways:
- The branded generics segment held the largest share in 2021due to the preference for branded generics among physicians. Some branded generic manufacturers offer benefits and gifts to physicians for boosting their product sales. This further contributes to the demand for branded generic manufacturing in the market
- The API product segment held the largest share in 2021. The growing demand for generic drugs is supporting the demand for generic API contract manufacturing
- The parenteral route of administration segment is expected to grow at the fastest CAGR over the forecast period due to the bioavailability of parenteral drugs over other formulations
- The oncology segment is expected to register the fastest CAGRfrom 2022 to 2030 owing to the high cost of cancer drugs contributing to the demand for cost-effective generic medicines
- Asia Pacific is expected to record the highest CAGR over the forecast period mainly due to the low cost of generic drug manufacturing
Regional Insights
The Asia Pacific region dominated the global industry in 2021 and accounted for the maximum share of more than 38.00% of the overall revenue. The region is estimated to expand further at the fastest growth rate maintaining its dominant position in the global industry throughout the forecast period as countries in the region have a GMP-regulated infrastructure for manufacturing drugs. Furthermore, the low costs of manufacturing eventually encourage various pharmaceutical companies in developed economies, such as the U.S., to outsource their manufacturing activities in this region.
This factor also helps boost the market growth in the Asia Pacific region. The North America region also accounted for a considerable share in 2021 and will grow further at a steady CAGR from 2022 to 2030. This can be attributed to the growth of the pharmaceutical industries in the U.S. and Canada. The presence of a large number of major players in this region is expected to contribute significantly to its growth. The growing focus of pharmaceutical companies in the region to outsource non-core operations, such as manufacturing, is further supporting the region’s growth.
Some of the prominent players in the Generic Pharmaceuticals Contract Manufacturing Market include:
- Jubilant Generics Ltd.
- Recipharm AB
- Siegfried Holding AG
- Aurobindo Pharma
- Cambrex Corp.
- Alcami Corp., Inc.
- Catalent, Inc.
- Acme Generics Pvt Ltd.
- Syngene International Ltd.
- Pfizer CentreOne
- Curia Global, Inc.
- Metric Contract Services
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Generic Pharmaceuticals Contract Manufacturing market
- Drug Type
- Branded Generics
- Unbranded Generics
- Product
- API
- Drug Product
- Route of Administration
- Oral
- Parenteral
- Topical
- Others
- Application
- Oncology
- Immunology
- Antidiabetic
- Neurology
- Anticoagulants
- Cardiovascular
- Respiratory
- Pain
- HIV antivirals
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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