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The global generic drugs market reached a value of US$ 320 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 482.5 Billion by 2027, exhibiting at a CAGR of 7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Generic drugs are bioequivalent of branded medicines with the same active ingredients and equivalent therapeutic effects. They also have similar dosages, risks, consequences, side effects, strengths, intended use, and route of administration. They are relatively less expensive than branded drugs, as the production does not require extensive research. Besides this, the production of these drugs does not involve the repetition of clinical and animal studies to measure the effectiveness and safety of the medicine. As a result, generic drugs are gaining immense traction across the globe.
Generic Drugs Market Trends:
The growing global geriatric population and the rising occurrence of chronic medical disorders, such as cancer, diabetes, and cardiovascular diseases, represent one of the key factors positively influencing the market. In addition, changing dietary patterns and hectic schedules of individuals are leading to various conditions, which, in turn, is catalyzing the demand for generic drugs worldwide. Along with this, increasing efforts by governments of various countries to reduce healthcare costs and promote the manufacturing and uptake of generics are contributing to the market growth. They are also encouraging key players to introduce effective generic drugs and provide easy availability. Apart from this, the low production cost of generic medicines is creating a positive outlook for the market. Additionally, the expansion of the pharma companies and medical stores across the globe is further augmenting the market growth. Furthermore, the rising focus of leading manufacturers on partnership strategies to launch new products is propelling the market growth. Moreover, increasing investments in extensive research and development (R&D) activities and technological advancements in medicine formulation are anticipated to drive the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global generic drugs market, along with forecasts at the global and country-level from 2022-2027. Our report has categorized the market based on therapy area, drug delivery, and distribution channel.
Breakup by Therapy Area:
The central nervous system (CNS) represents the leading therapy area due to the rising prevalence of brain and spinal cord ailments across the globe.
Breakup by Drug Delivery:
Oral medicines are the most preferred form of drug delivery due to their convenient administration, which requires minimal to no medical assistance.
Breakup by Distribution Channel:
Presently, the majority of generic drugs are distributed through retail pharmacy stores as most generic medications are over-the-counter (OTC) medicines and require no prescription.
Breakup by Region:
The United States exhibits a clear dominance in the market on account of numerous initiatives undertaken by governing authorities to improve generic drug manufacturing and access in the country.
The market is fragmented in nature with the presence of various small and large manufacturers. Some of the leading players operating in the market include Teva Pharmaceuticals Industries Ltd., Mylan N.V., Novartis AG, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Fresenius SE & Co., Lupin Limited, Endo Pharmaceuticals Inc., Aurobindo Pharma Limited, and Aspen Pharmacare Holdings Limited.
|Base Year of the Analysis||2021|
|Segment Coverage||Therapy Area, Drug Delivery, Distribution Channel, Country|
|Countries Covered||United States, China, Brazil, Germany, France, India, United Kingdom, Japan, Canada, Italy, Others|
|Companies Covered||Teva Pharmaceuticals Industries Ltd., Mylan N.V., Novartis AG, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Fresenius SE & Co., Lupin Limited, Endo Pharmaceuticals Inc., Aurobindo Pharma Limited and Aspen Pharmacare Holdings Limited|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
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Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global generic drugs market was valued at US$ 320 Billion in 2021.
We expect the global generic drugs market to exhibit a CAGR of 7% during 2022-2027.
The high prevalence of numerous chronic diseases, such as diabetes, dyslipidemia, hypertension, etc.,
owing to the sedentary lifestyles, hectic work schedules, and changing dietary patterns of the
consumers is primarily driving the global generic drugs market.
The sudden outbreak of the COVID-19 pandemic has led to a significant rise in the R&D activities
pertaining to launch of generic drugs to combat the spread of the coronavirus infection.
Based on the therapy area, the global generic drugs market can be segregated into central nervous
system, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes,
oncology, and others. Currently, central nervous system exhibits a clear dominance in the market.
Based on the drug delivery, the global generic drugs market has been bifurcated into oral, injectables,
dermal/topical, and inhalers. Among these, oral medicines hold the largest market share.
Based on the distribution channel, the global generic drugs market can be categorized into retail
pharmacies and hospital pharmacies. Currently, retail pharmacies account for the majority of the total
On a regional level, the market has been classified into United States, China, Brazil, Germany, France,
India, United Kingdom, Japan, Canada, Italy, and others, where the United States currently dominates
the global market.
Some of the major players in the global generic drugs market include Teva Pharmaceuticals Industries
Ltd., Mylan N.V., Novartis AG, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Fresenius SE & Co., Lupin
Limited, Endo Pharmaceuticals Inc., Aurobindo Pharma Limited, and Aspen Pharmacare Holdings
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