Generic Drugs Market: Global Industry Analysis and Forecast (2022-2029)

Generic Drugs Market size was valued at US$ 414.39 Bn. in 2021 and the total revenue is expected to grow at 6.1 % through 2021 to 2029, reaching nearly US$ 665.48 Bn.
Generic Drugs Market Overview:
A generic drug is one that includes the same active component as the branded drug and has the same therapeutic effect. Safety, quality, dosage, strength, mode of administration, intended use, effect, form, quality, and side effects are all the same. Only once the brand-name drug's patent expires can these drugs be manufactured. Generic medications are less expensive to produce than branded drugs since they do not require the repetition of clinical (human) and animal research to demonstrate the medicine's efficacy and safety. Generics are often marketed at a significantly reduced price in the market due to a reduction in the upfront cost of research.



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Generic Drugs Market Dynamics:
One of the key drivers of the generic medicines market is the increased incidence of chronic diseases. As more people are diagnosed with chronic conditions, they seek out more treatment options. Branded medications are more expensive, but generic drugs are less expensive and have the same chemical composition as branded drugs. Patients prefer generic medications over branded drugs because generic drugs are less expensive and have the same chemical composition and strength. When a patient has a chronic illness, the treatment lasts longer, this leads to a rise in generic medicine sales. According to the WHO (World Health Organization), chronic disease-related fatalities are expected to rise by 17 percent over the next ten years. In addition, chronic diseases will account for nearly three-quarters of all fatalities globally by 2021.

One of the restrictions on the generic pharmaceuticals sector is a lack of knowledge regarding generic drugs. Branded pharmaceuticals' extensive marketing and advertising overshadow the availability of generic drugs, which can be used to replace more expensive branded drugs. As a result, even when generic pharmaceuticals have the same chemical makeup as their counter-branded counterparts, consumers prefer branded drugs. Many doctors and pharmacists prefer to offer branded drugs to their patients over generic drugs.

Patients are less likely to choose generic drugs because they have a preconceived perception that generic drugs are inferior to branded drugs. According to MMR, out of 100 patients and 50 non-medical staff, 95 percent of patients and 60 percent of non-medical staff were unaware of generic medications. As a result, the generic pharmaceuticals business is hampered by a lack of awareness about generic drug availability.

The US Food and Medication Administration (FDA) requires drug producers to follow the CGMP (Current Good Manufacturing Practice) requirements, which include generic drugs. Manufacturers are required to maintain a minimum quality level for the processes, controls, and facilities used in the manufacturing, packing, and processing of drug products under the CGMP standards. Subparts A through H are found in part 99 of chapter 1 of title 21-Food and Drugs of the CFR (Code of Federal Regulations). The entire part-99 outlines the criteria that drug producers must follow when disseminating information on human pharmaceuticals, including biologics and devices.
Generic Drugs Market Segment Analysis:
Based on the Product, the global Generic Drugs market is sub-segmented into Simple Generics, Super Generics and Biosimilars. The Super Generics segment held the largest market share of xx% in 2021. Value added generics, novel therapeutic entities, and hybrids are all terms used to describe super generic drugs. The composition or distribution technique of super generic products differs from that of the original product. Biosimilars have the same clinical impact as generics, but they can only be as close to the original branded medication as validation technology can confirm. Biosimilar developers will be pushed to adhere to established techniques for showing a high degree of similarity as they focus on proteins of greater complexity, which need higher prices and even more sophisticated manufacturing.

Based on the Application, the global Generic Drugs market is sub-segmented into Cardiovascular Products, Anti-Infective Drugs, Anti-Arthritis Drugs, Central Nervous System Drugs, Anti-Cancer Drug, Respiratory Products and Others. The Central Nervous System Drugs segment held the largest market share of xx% in 2021. Some of the main drivers estimated to fuel market growth include increased awareness about mental health, social acceptance of mentally ill individuals, and access to improved healthcare choices. During the forecast period, cost-effective and readily available pharmaceuticals are likely to drive market growth.

Cardiovascular diseases, which include heart failure, circulation disorders, hypertension, cholesterol, dyslipidemia, angina, arrhythmias, and stroke, are among the major causes of death globally. Due to a number of cardiovascular drug patent expirations, the cardiovascular segment accounts for more than 5% of the global generic drug market. The broader healthcare sector, as well as generic medicine makers, are benefiting from rising global population and ageing demographics.


Generic Drugs Market Regional Insights:
North America held the largest market share of xx% in 2021. The existence of many players in North American countries explains the high income, as they continue to focus on the introduction of new goods and the market, as well as the prescription pattern in the United States, which is dominated by branded generic pharmaceuticals. As a result, the global market is estimated to grow during the forecast period.

Asia Pacific is expected to grow at the highest CAGR of 9.42% in the global Generic Drugs market during the forecast period. This can be attributable to Asia's reduced manufacturing prices and highly skilled workforce. According to Maximize research, India has the second-largest number of FDA-approved generic medication manufacturing plants outside of the United States. Additionally, India's production costs are 33% lower than those in the United States, making generics more accessible in these countries. With an exceptionally low percentage of generic drug use, Asia-Pacific has kept a major emphasis on increasing medicine procurement at more affordable prices, even if this involves buying from non-traditional sources. As a result, growing markets like India and China are contributing to the growth of the generics market.

The objective of the report is to present a comprehensive analysis of the global Generic Drugs Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Generic Drugs Market dynamic, structure by analyzing the market segments and project the global Generic Drugs Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Generic Drugs Market make the report investor’s guide.
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Global Generic Drugs Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 414.39 Bn.


Forecast Period 2022 to 2029 CAGR:
6.1 %
Market Size in 2029:
US $ 665.48 Bn.


 Segments Covered:
by Product
• Simple Generics
• Super Generics
• Biosimilars


by Application
• Cardiovascular Products
• Anti-Infective Drugs
• Anti-Arthritis Drugs
• Central Nervous System Drugs
• Anti-Cancer Drug
• Respiratory Products
• Others


by Distribution Channel
• Hospitals
• Pharmacies
• Private Clinics
• Drug Stores
• Retail Pharmacies
• Others



Global Generic Drugs Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Global Generic Drugs Market Key Players
• Teva Pharmaceutical Industries Ltd
• Mylan N.V.
• Actavis Pharmaceuticals
• Sandoz
• Sun Pharma
• Par Pharmaceuticals
• Endo Pharmaceuticals
• Lupin Pharmaceuticals
• Dr Reddy’s
• Pfizer
• ALLERGAN
• STADA Arzneimittel AG
• Baxter International Inc.
• Eli Lilly and Company
• GlaxoSmithKline Plc., and Pfizer Inc.
• ASKA Pharmaceutical Co., Ltd.
• Taisho Pharmaceutical Holdings Co Ltd
• Abbott Laboratories

Frequently Asked Questions:

1] What segments are covered in Generic Drugs Market report?
Ans. The segments covered in Generic Drugs Market report are based on Product, Application, and Distribution Channel.

2] Which region is expected to hold the highest share in the global Generic Drugs Market?
Ans. North America is expected to hold the highest share in the global Generic Drugs Market.

3] What is the market size of global Generic Drugs Market by 2029?
Ans. The market size of global Generic Drugs Market is expected to reach US $ 665.48 Bn. by 2029.

4] Who are the top key players in the global Generic Drugs Market?
Ans. Teva Pharmaceutical Industries Ltd, Mylan N.V., Actavis Pharmaceuticals, Sandoz, Sun Pharma and Par Pharmaceuticals are the top key players in the global Generic Drugs Market.

5] What was the market size of global Generic Drugs Market in 2021?
Ans. The market size of global Generic Drugs Market in 2021 was US $ 414.39 Bn.