OTTAWA, Feb. 10, 2021 (GLOBE NEWSWIRE) -- The global generic drugs market is expected to grow at a compound annual growth rate (CAGR) of 5.7% over forecast period 2021 to 2030 and was valued at USD 387.92 billion in 2020.
Why generic drugs?
Generic drugs refer to the drugs with a chemical make-up of a drug a like an existing branded drug. These medications are inexpensive and similar to branded drugs in power, and route of delivery, consistency, efficiency, and usage. These are subject to administration regulations in different nations, rather than associated with a particular company. These drugs are proven to be as safe and effective as their brand name formulation, which has already been marketed. While other features, such as color, form and flavoring that do not influence the health and efficacy of pharmaceutical products that vary from the original edition; generic versions are formulated with the same active ingredients as their advertised counterparts when operating in the same manner and quantity of the time.
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Growth Factors:
The low price of generic drugs as substitute to branded drugs is the supreme crucial factor in the growth of the global market for generic drugs. Generic drug firms do not have to experience high drug improvement costs and so cost is 85% less than branded drugs. The costs of research and development, as well as drug discovery, are not included in the case of generic drugs. A very small amount is to be invested in the collection of pre-marketing data for generic medicines. The companies rely on the clinical evidence provided by the business of the innovators for the health and effectiveness of the drug. In addition, generic drug claimants do not need to repeat the animal and clinical (human) studies needed to demonstrate the safety and efficacy of brand name medicines. As a result, generic drugs, with similar active ingredients having the same strength, stability, purity, effectiveness and protection as branded drugs, are available at a lower price than branded drugs. Such advantages lead patients to opt for generics as alternatives to costly branded medications. Increasing number of patent expired branded drugs is another major factor expected to boost growth of the target market in the near future. Drug prices decline considerably when patents expire. The degree of price reduction varied critically between products and nations. Increasing prevalence of chronic diseases, diabetes & cardiovascular diseases are creating huge demand for the drugs. However, the numbers of patent expired branded drugs is constantly increasing in the North America region which is providing huge potential opportunities to the generic drugs industry as the generic drugs offer various advantages over the non-generic drugs. For instance in 2019 FDA approved approximately 108 generic patents only in U.S.A.
Report Highlights:
- On the basis of drug type, simple generic drugs segment is expected hold largest revenue share in the forecast period of time 2021-2030. This growth is mostly attributed to low cost associated with the generic drugs over super generic drugs. Further super generics of drug type segment are expected to resister noteworthy growth rate over the forecast period.
- On the basis of therapeutic application, oncology therapeutic application segment accounted for the largest revenue with weighty share in 2020. This is attributed to increasing demand for the treatment of oncology disorders worldwide. The cardiovascular segment is anticipated to grow at reasonable CAGR over the forecast period.
- Teva Pharmaceutical Industries Ltd. foremost player in the global industry estimated for the remarkable share of the global market. The growth is accredited to various commercial strategies adopted by the company.
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Regional Analysis:
The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America conquered the global market with a market share of more than 30%. U.S. signified as the highest share holding country in the North America region primarily due to advanced healthcare infrastructure, increasing prevalence of chronic diseases, and presence of leading layers in the countries of the North America. Asia Pacific generic drugs industry market is estimated to grow at noteworthy rate of growth in the next 10 years. The China generic drugs industry market is anticipated to dominate in terms of revenue in the Asia Pacific region. Increasing the prevalence of chronic diseases among the population along with increasing initiatives by the regulatory bodies to control them in the countries of the region is a main driver growth of the APAC. Nevertheless, emerging markets in the AAC region is creating growth opportunities in the target market.
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Key Market Players and Strategies:
The key companies functioning in the worldwide generic drugs are Mylan N.V. Abbott Laboratories, ALLERGAN, Teva Pharmaceutical Industries Ltd. Eli Lilly and Company, STADA Arzneimittel AG, GlaxoSmithKline Plc. Baxter International Inc. Pfizer Inc. Sandoz International GmbH among others. Investment in the research and development of the generic drugs along with strategic collaborations are the crucial business strategies undertaken by the major players operating in the generic drugs market.
Market Segmentation
- Drug Type: Simple Generics and Super Generics
- By Brand: Pure generic drugs and Branded generic drugs
- By Route of Drug Administration: Oral, Topical, Parental, and Others
- By Therapeutic Application: Central nervous system (CNS), Cardiovascular, Dermatology, Oncology, Respiratory, and Others
- By Distribution Channel: Hospitals Pharmacies, Retail Pharmacies, and Others
- By Regions: North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
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