Latest Study on “generic pharmaceuticals market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2023-2032”.
Latest Study on “generic pharmaceuticals market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2023-2032”.
The global generic pharmaceuticals market size is expected to be worth around USD 812.98 billion by 2032, according to a new report by Nova one advisor.
The global generic pharmaceuticals market size was valued at USD 362.9 billion in 2022 and is anticipated to grow at a CAGR of 8.4 % during forecast period 2023 to 2032.
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Key Pointers:
- North America accounted for the largest revenue share 32.75% of the generic pharmaceuticals market in 2022.
- Asia Pacific, on the other hand, is anticipated to be the fastest-growing region over the forecast period
- The simple generic segment dominated the drugs market with a revenue share of 68.39% in 2022.
- Biosimilars segment is projected to attain the fastest CAGR of 24.2% over the forecast period.
- Cardiovascular diseases accounted for the largest revenue share of the generic pharmaceuticals market in 2022.
- Small molecule segment accounted for the largest revenue share of the generic pharmaceuticals market in 2022.
- The oral segment dominated the generic pharmaceutical market with a revenue share of 61.42% in 2022.
- Retail pharmacy accounted for the largest revenue share of the generic pharmaceuticals market in 2022.
The growth of the generic pharmaceuticals market is largely attributable to the expiry of product patents which clears the way for generic drugs and biosimilar manufacturers to launch products in the market. For instance, in July 2020, Teva Pharmaceutical Industries Ltd. entered into a joint venture with Takeda Pharmaceutical Company Limited aimed to manufacture and commercialize specialty assets, complex generic drugs, and other pipeline opportunities. This joint venture was anticipated to drive the generic pharmaceuticals market.
Furthermore, increasing government initiatives to promote generic drug products for reducing the overall healthcare expenditure on pharmaceuticals and the patent expiry of major products. For instance, the Therapeutic Goods Administration (TGA) Australia aims to offer affordable, efficient, high-quality, and accessible generic drugs to citizens for their treatment. In support of generic drugs, the TGA has been trying to reduce regulatory and reimbursement burdens such as changing the landscape of generic drugs and reducing barriers through international collaboration with manufacturers to launch their generic drugs in the market. Such initiatives of the Australian government open new avenues in the market.
In the U.S., every year millions of Americans use a generic drug for their treatment, hence, generic drugs remain the best bargain in the health care insurance programs, and given the recent enactment of healthcare reform legislation such as the introduction of the Patient Protection and Affordable Health Care Act. P.L. 111-148. Under this act, prescription drug coverage is mandated by the government as part of these new health insurance plans. The introduction of such policies may improve the quality and efficiency of healthcare, thereby, driving market growth.
The rising disease burden of infectious & non-infectious diseases coupled with the increasing geriatric population which is prone to chronic diseases such as diabetes, and hypertension, among others, may positively affect the market growth. According to an article published, in September 2022, around 17.9 million general population suffer from cardiovascular diseases (CVD) every year worldwide. Diseases including TB, diabetes, cardiovascular diseases, and HIV were among the major causes of death. The increasing incidence and prevalence of these diseases is expected to drive the market.
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Regional Insights
North America accounted for the largest revenue share 32.71% of the generic pharmaceuticals market in 2022. An increasing number of favorable government initiatives coupled with the rising number of product launches and demand for generic drugs is a key revenue driver. Furthermore, an increasing number of ANDA approvals and first-to-file benefits such as Paragraph IV (PIV) certification. Key players such as Teva Pharmaceutical Industries Ltd. filed 160 PIVs followed by Mylan N.V. with 81 PIVs. In addition, Apotex, Inc.; Amneal Pharmaceuticals LLC; and Endo International plc filed for 57, 53, and 45 PIV certifications, respectively between 2018 and August 2019.
Asia Pacific, on the other hand, is anticipated to be the fastest-growing region over the forecast period due to the increasing population and growing pharmaceutical industry. In July 2021, Lupin announced the acquisition of southern cross pharma Pty Ltd (SCP) located in Melbourne, Australia. The SCP is specialized in manufacturing generic drugs used for the treatment of various diseases.
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Some of the prominent players in the Generic Pharmaceuticals Market include:
- Teva Pharmaceutical Industries Ltd.
- Viatris Inc.
- Novartis AG
- Sun Pharmaceutical Industries Ltd.
- LUPIN
- AbbVie Inc. (Allergan)
- AstraZeneca
- Sawai Pharmaceutical Co., Ltd.
- Hikma Pharmaceuticals PLC
- Dr. Reddy’s Laboratories Ltd.
- Cipla Inc.
- Sanofi
- Aurobindo Pharma
- Endo International plc.
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 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Generic Pharmaceuticals market.
By Type
- Simple Generics
- Specialty Generics
- Biosimilars
By Application
- Central Nervous System Disorders
- Respiratory Diseases
- Hormones & Related Diseases
- Gastrointestinal Diseases
- Cardiovascular Diseases
- Infectious Diseases
- Cancer
- Diabetes
- Others
By Product
- Small Molecule
- Large Molecule
By Route of Administration
- Oral
- Injectable
- Inhalable
- Others
By Distribution Channel
- Online Pharmacies
- Retail Pharmacies
- Hospital Pharmacies
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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