Fort Collins, Colorado, April 07, 2024 (GLOBE NEWSWIRE) --
Generic medicine, also called generic pharmaceuticals or simply generics, are copies of brand-name drugs. They offer the same active ingredients (APIs), dosage forms, and effectiveness as their brand-name counterparts, but typically at a significantly lower cost. This affordability is a major factor driving the growth of the generic medicine market. One key driver is the rising prevalence of chronic illnesses among the elderly population. The World Health Organization (WHO) projects that the global proportion of people aged 60 and above will nearly double by 2050, with a significant portion residing in low- and middle-income countries. This aging population is more susceptible to chronic diseases, increasing the need for cost-effective treatment options like generic medications.
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Generic Medicine Market Report Highlights:
- The global generic medicine market growth is anticipated at a CAGR of 5.7% by 2032.
- Another factor is the expiration of patents on brand-name drugs. Once a patent expires, generic manufacturers can introduce more affordable versions, making these essential medications more accessible to patients with chronic conditions who may struggle with the high costs of branded drugs. For example, some brand-name medications can cost hundreds of dollars per month, creating a significant financial burden. Generic alternatives offer a solution by reducing healthcare expenses, ultimately propelling growth in the generic medicine market.
- North America continues to hold a dominant market position in the worldwide generic medication market. Due to factors including patent expirations, strong regulatory frameworks, cost-cutting initiatives, growing demand for reasonably priced healthcare, and increased use of generic drugs, the area contributes significantly to revenue share. The market for generic medications is expanding quickly in Europe due to a number of variables, including national health policies, cost-saving measures, and generic prescribing patterns. Market dynamics are impacted by generic substitution strategies and regulatory reforms.
- Some prominent players in the global generic medicine market report include Teva Pharmaceutical Industries Ltd., Novartis AG, Viatris Inc., 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, and Endo International plc.
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Generic Medicine Market Segmentation:
By Route of Administration: Oral, Topical, Injectable, Intra-venous, and Others
By Application: Oncology, Cardiovascular Diseases, Neurology, Infectious Diseases, Musculoskeletal Diseases and Others
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies and Online Pharmacies
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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