According to the latest report by IMARC Group, titled "Europe Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the Europe generic drug market reached a value of US$ 56.7 Billion in 2022. A generic drug is a medication produced to be the same as an already marketed brand-name drug in safety, strength, dosage form, administration route, quality, performance features, and intended use. It works similarly and provides the same clinical advantage as the brand-name medicine. It uses the same active ingredients as brand-name medicines. It may have minor differences from the brand-name product, such as color or different inactive ingredients. It is usually much less expensive than brand-name drugs since the drug producer does not have to duplicate the original clinical trials for checking the effectiveness and safety of the medicine, which reduces the overall cost of introducing the drug to the market.
Europe Generic Drug Market Trends:
The market in Europe is primarily driven by the increasing prevalence of chronic diseases, diabetes and cardiovascular diseases. In line with this, the rising geriatric population and the growing healthcare expenditure are significantly contributing to the market growth. Furthermore, a large number of patent-expired branded drugs and the escalating numbers of clinical trials are positively influencing the market. Apart from this, heavy investments in extensive research and development activities and advancements in drug formulation, such as fixed-dose combination and cost-effective treatment, are expected to augment the market expansion. Moreover, numerous government reimbursement programs have favored lower-cost options, thus accelerating the growth of the generic drug market. Besides, the rapid application of robotic process automation is creating a positive outlook for the market. Additionally, new companies are entering into generic drug manufacturing to capture a significant market share. As a result, they are offering cost-effective and efficient generic versions of branded drugs, thereby supporting the market growth. On account of the factors above, the market is anticipated to reach a value of US$ 89.1 Billion by 2028, exhibiting a CAGR of 7.6% during 2023-2028.
- On the basis of the segment, the market has been categorized into unbranded and branded generics.
- Based on the therapy area, the market has been classified into central nervous system, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, oncology, and others.
- Based on the drug delivery, the market has been segmented into oral, injectables, dermal/topical, and inhalers.
- Based on the distribution channel, the market has been categorized into retail and hospital.
- On the basis of the country, the market has been divided into Germany, France, the United Kingdom, Italy, Spain, and others.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
|Base Year of the Analysis
||Segment, Therapy Area, Drug Delivery, Distribution Channel, Country
||Germany, France, United Kingdom, Italy, Spain, Others
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