What is the generic drug market?
Generic Drugs Market Dynamics:
The growth of Generic Drugs Market Size is majorly driven by rise in prevalence of chronic diseases such as hypertension, asthma and COPD. For instance, according to American Lung Association, in 2020, 12.5 million people, reported a diagnosis of chronic obstructive pulmonary disease (COPD), chronic bronchitis, or emphysema. Moreover, rise in number of patients suffering from cardiovascular diseases is expected to creates remunerative opportunities for the expansion of the Generic Drugs Industry. In addition, key players are adopting various strategies such as product launch, product approval, agreements, partnerships, and collaborations to strengthen their foothold in the market. For instance, in May 2023, Lupin, approval from U.S. FDA for its Abbreviated New Drug Application for Obeticholic Acid Tablets, 5 mg and 10 mg, a generic equivalent of Ocaliva Tablets, 5 mg and 10 mg, of Intercept Pharmaceuticals, Inc.
An increase in the prevalence of chronic diseases, the patent expiry of multiple branded drugs, and new generic drugs approvals drive the growth of the global Generic drugs market. However, a concern related to efficiency of generic drugs may restrict the market growth. Moreover, a rise in the number of key players and developing economies presents new opportunities in the coming years.
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Generic Drugs Market Segmental:
A generic drug is a medication created to be the same as an already marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. These similarities help to demonstrate bioequivalence, which means that a generic medicine works in the same way and provides the same clinical benefit as the brand-name medicine. These generic drugs are cost effective as compared to branded medication.
Based on the therapeutic application, the others segment held the highest market share in 2022, accounting for nearly one-third of the global generic drugs market and is estimated to maintain its leadership status throughout the forecast period. The increase in the prevalence of chronic disorders such as COPD and asthma and growing use of generic pain killer drugs is the major factor that propels the growth of the spirometer segment across the globe. In addition, an increase in the number of key players drives the growth of the market. However, the cancer segment is projected to manifest the highest CAGR of 9.7% from 2023 to 2032. Emerging countries such as Brazil, Russia, India, and China offer promising opportunities for the pulse oximeter segment market.
Based on route of administration, the Oral segment held the highest market share in 2022, accounting for nearly three-fifths of the global Generic drugs market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the others segment is projected to manifest the highest CAGR of 8.8% from 2023 to 2032, owing to the advancements in generic drugs administration.
Based on distribution channel, the retail pharmacies segment held the highest market share in 2022, accounting for nearly three-fifths of the global Generic drugs market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the online providers segment is projected to manifest the highest CAGR of 9.3% from 2023 to 2032, owing to the rise in the adoption of online sites to buy generic drugs.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global Generic drugs market revenue and is likely to dominate the market during the forecast period. The increase in the adoption of generic drugs contributes to the growth of the Generic drugs market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.4% from 2023 to 2032. The growing awareness about generic drugs, and the presence of high-potential markets such as India and China, is expected to drive the growth of the Generic drugs market.
Leading Market Players: –
- Aurobindo Pharma
- Lupin, GlaxoSmithKline plc
- Hikma Pharmaceuticals PLC
- Viatris Inc.
- Teva Pharmaceutical Industries Limited
- Novartis AG
- Amneal Pharmaceuticals, Inc.
- Cipla Ltd
- Sun Pharmaceutical Industries Ltd
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