The global generic drugs market was worth US$ 340 Billion in 2018, exhibiting a CAGR of 6.6% during 2011-2018. The market is further projected to reach a value of US$ 475 Billion by 2024, growing at a CAGR of 5.3% during 2019-2024. Generic drugs are bioequivalents of brand-name drugs in terms of strength, quality, dosage, form, effect, side effect, intended use and route of administration. Generally, pharmaceutical companies spend a huge amount of money on the marketing of innovator drugs as they have to educate both the physicians and authorities on the efficacy and safety profile of the new drug. As generics do not require such extensive marketing to establish their safety and efficacy, they offer higher profit margins to the manufacturers.
Global Generic Drugs Market Drivers:
Breakup by Therapy Area:
On the basis of therapy area, the market has been divided into CNS, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes and oncology. Amongst these, cardiovascular diseases hold the largest share, accounting for the majority of total market. This can be accredited to the increasing cases of cardiovascular diseases as a result of sedentary lifestyles and unhealthy eating habits.
Breakup by Drug Delivery:
Based on drug delivery, oral generic drugs represent the most popular segment, holding the largest market share. Oral generic drugs are generally preferred owing to the convenience attached with their administration which requires minimal or no medical assistance. Other major segments include injectables, dermal/topical and inhalers.
Breakup by Distribution Channel:
On the basis of distribution channel, retail pharmacy stores dominate the market, representing the largest segment. Customer-service plays a significant role for a retail pharmacist as patients tend to interact directly with them while purchasing medication. Retail pharmacy stores are followed by hospitals.
On a geographical front, the United States enjoys the leading position in the global generic drugs market on account of favorable regulations by the Government. It is followed by China, Brazil, Germany, France, India, United Kingdom, Japan, Canada and Italy.
On analyzing the competitive landscape, it has been found that the market is highly fragmented with the presence of numerous manufacturers. Some of the largest players operative in the market are:
This report provides a deep insight into the global generic drugs industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a generic drug manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the generic drugs industry in any manner.
Key Questions Answered in This Report:
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