WASHINGTON, Aug. 23, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, The Global Generic Drugs Market is projected to reach a value of USD 613.34 Billion by 2030 and is expected to exhibit a CAGR of 5.10% from 2023 to 2030. The global Generic Drugs Industry is valued at USD 411.99 Billion in 2022.
The Generic Drugs Market is witnessing substantial growth driven by various factors such as the increasing prevalence of chronic diseases like diabetes and cardiovascular disorders. Additionally, the expanding geriatric population, augmented healthcare expenditure, and a strong demand for generic medications have all propelled this market's upward trajectory. The landscape is further influenced by the presence of a considerable number of patent-expired branded drugs.
Moreover, key players in the pharmaceutical industry are employing a variety of strategies to introduce innovative products to the market. These strategies include extensive licensing agreements and partnerships, which not only aid in the introduction of new offerings but also contribute to the overall demand for Generic Drugs in the projected period.
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Key Highlights:
- The largest segment of the generic drugs market in 2022 was the oncology segment, with a revenue share of 26.2%.
- The second largest segment of the generic drugs market in 2022 was the cardiovascular segment, with a revenue share of 19.5%.
- The increasing demand for generic drugs due to the expiry of patents of branded drugs and the rising cost of healthcare are the key factors driving the growth of the market.
- North America is expected to be the largest market for generic drugs, followed by Europe and Asia Pacific.
Top Companies in Global Generic Drugs Market
- Mylan N.V.
- Abbott Laboratories
- ALLERGAN
- GlaxoSmithKline PLC.
- Baxter International Inc.
- Teva Pharmaceutical Industries Ltd.
- Eli Lilly and Company
- STADA Arzneimittel AG
- Pfizer Inc.
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Market Dynamics: Generic Drugs Market
In the present day, there has been a notable increase in the prevalence of chronic diseases among the population, primarily attributed to the widespread adoption of unhealthy lifestyle habits. Sedentary routines and poor dietary choices, characterized by the escalated consumption of processed and fast foods, are significant driving forces behind the surge in chronic ailments such as diabetes, cardiovascular diseases, and specific types of cancers.
Additionally, the excessive use of alcohol and tobacco is playing a pivotal role in the escalation of various chronic disorders, including hypertension and complications related to the cardiovascular system. Moreover, the prevalence of chronic stress, often stemming from the contemporary fast-paced lifestyle, has the potential to contribute to a range of health issues, spanning from heart ailments to mental health disorders.
In the current landscape, there is a notable surge in research endeavors within the pharmaceutical industry, primarily focused on the creation of treatments and vaccines for emerging diseases. Concurrently, the global increase in the geriatric population is generating a heightened demand for medications worldwide. This, in turn, is driving innovation and expansion within the pharmaceutical sector.
Furthermore, recent advancements in scientific disciplines such as genomics, proteomics, and bioinformatics are ushering in fresh opportunities for drug discovery and development. Breakthroughs in these fields are enabling researchers to explore novel pathways and methodologies, enhancing their ability to identify potential therapeutic solutions. This paradigm shift is particularly evident in the molecular manipulation of genes and proteins, which has become a pivotal technique in drug development. The deepening comprehension of disease mechanisms at the molecular and genetic strata is setting the stage for the creation of precise and targeted therapies, thereby revolutionizing the landscape of medical treatment.
Top Trends in Generic Drugs Market
A prevailing trend in the generic drug market is the emergence of hospital-owned generics. A considerable number of hospitals are proactively venturing into the establishment of generic drug companies, aiming to address the challenges posed by drug shortages and exorbitant pricing. The scarcity of essential medications often compels hospitals to allocate substantial funds for procuring medicines at inflated costs.
Within the generic drug sector, pricing strategies have sometimes been marked by irrationality and arbitrariness, leading to artificial scarcities that serve to maximize profits. In response to this landscape, hospitals are increasingly adopting a novel approach: forming consortia to develop and produce their own generic drugs. This strategic shift allows hospitals to gain a degree of control over drug supply and pricing, ultimately enabling them to manage costs more effectively.
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Global Generic Drugs Market Segmentation
By Brand:
- Branded Generic Drugs
- Pure Generic Drugs
By Route of Drug Administration
- Topical
- Oral
- Parental
- Others
By Therapeutic Application
- Central Nervous System (CNS)
- Respiratory
- Oncology
- Dermatology
- Cardiovascular
- Others
By Distribution Channel
- Retail Pharmacies
- Hospitals Pharmacies
- Others
Generic Drugs Market Segment & Revenue Share (2022)
| Segment | Revenue Share (2022) |
| Oncology | 26.2% |
| Cardiovascular | 19.5% |
| Central nervous system | 13.8% |
| Respiratory | 12.4% |
| Musculoskeletal | 10.1% |
Challenges: Generic Drugs Industry
A significant hurdle obstructing the expansion of the generic drug market is the presence of stringent regulations. This is primarily attributed to the potential risks associated with counterfeit or fake generic drugs. The utilization of counterfeit medications can result in a cascade of adverse consequences, ranging from treatment failure and deterioration of the underlying condition to the emergence of drug resistance and even fatal outcomes. Moreover, these incidents erode trust in various facets of the healthcare ecosystem, including healthcare systems, medical professionals, pharmaceutical manufacturers, and distributors.
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Exploring Opportunities:
To foster the growth of the generic drug market, governments can take strategic measures aimed at encouraging global pharmaceutical companies to establish new generic production facilities. One effective approach involves incentivizing such endeavors through joint ventures by offering attractive tax incentives. These initiatives can serve to attract investment and bolster the expansion of generic drug manufacturing capabilities.
In line with this, regulatory amendments like the US Generic Drug User Fee Act can have a transformative impact. These amendments are projected to enhance the emphasis on product quality while streamlining the approval process for generic medications. Initiatives like these are instrumental in expediting the availability of high-quality generics to the public.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Generic Drugs Market Forecast Report (2023-2030).
Recent Development
- June 2023: Teva Pharmaceutical Industries announced that it has received FDA approval for its generic version of Humira, the world's best-selling drug. This is a major development for the generic drugs market, as Humira is a highly expensive drug.
- May 2023: Mylan N.V. announced that it has acquired Ascendant Pharma, a generic drug company. This acquisition will strengthen Mylan's position in the generic drugs market.
- April 2023: Novartis International AG announced that it has launched a new generic version of Lipitor, the world's former best-selling drug. This is a major development for the generic drugs market, as Lipitor is a highly expensive drug.
Key Questions Answered in Generic Drugs Market Report
- What is the current market size and projected growth rate of the generic drugs market?
- What are the major drivers and challenges influencing the growth of the generic drugs industry?
- How is the regulatory landscape affecting the generic drugs market and its future trends?
- What are the various types of generic drugs and their market share?
- Who are the leading players in the generic drugs market and what are their competitive strategies?
- What are the key therapeutic areas where generic drugs are widely used?
- How is the adoption of generic drugs impacting healthcare cost savings and accessibility?
- What are the latest technological advancements and innovations in the generic drugs manufacturing process?
- What is the market segmentation based on product type, distribution channel, and geography?
Regional Analysis
The global generic drugs market is categorized into distinct regions, including North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. As of 2016, North America assumed a dominant position within the global generic drugs market. This can be attributed to the presence of favorable regulatory policies that have been consistently revised and updated to stimulate the growth of the generic drugs sector in the region.
An illustrative example of such policies is the Generic Drug User Fee Amendment (GDFUA), initiated by the FDA in 2012 and subsequently reauthorized in 2017. This amendment is designed to enhance consumer access to safe, high-quality, and affordable drugs. Such regulatory initiatives contribute to the thriving environment for generic drugs businesses in North America.
The Asia Pacific region is anticipated to experience substantial growth in the market throughout the forecast period. This growth is primarily fueled by the combination of lower manufacturing costs and a highly skilled workforce in various Asian countries. Notably, India stands out in this regard, with the second largest number of U.S. FDA manufacturing plants outside of the United States, specifically dedicated to generic drugs manufacturing.
Furthermore, India's competitive edge lies in its manufacturing costs, which are approximately 33% lower than those in the United States. This cost advantage significantly enhances accessibility to generic medications in these regions, facilitating broader patient reach and affordability.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 411.99 Billion |
| Revenue Forecast by 2030 | USD 613.34 Billion |
| CAGR | 5.10% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Mylan N.V., Abbott Laboratories, ALLERGAN, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, STADA Arzneimittel AG, GlaxoSmithKline PLC |
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