The latest report by IMARC Group, titled “Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global generic drugs market size reached US$ 320 Billion in 2021. A generic drug is medicine containing the same active pharmaceutical ingredient (API) and has an equivalent therapeutic effect as the branded drug. It is also identical to branded drugs in terms of quality, safety strength, dosage, route of administration, intended use, effect, form, quality, and side effects. However, it differs in certain characteristics such as color, shape, and flavoring. Compared to patented drugs, generic drugs are cost-effective as manufacturers do not have to invest in clinical trials and research and development (R&D) activities to prove the effectiveness of the medicine. As a result, these drugs are gaining traction among individuals across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Generic Drugs Market Trends:
In recent years, governments of developed countries have introduced various initiatives to reduce healthcare costs by promoting the production of generic medicines. Besides this, hospitals, institutions, and various organizations are addressing the shortage of generic drugs across the globe. For instance, a coalition of seven hospitals and three philanthropies in the US declared that they would launch a generic drug company named Civica Rx to meet the drug shortage. Moreover, the governing authorities of numerous countries have introduced several programs to offer incentives to physicians and pharmacists for promoting generic substitution. This, coupled with the growing prevalence of chronic diseases such as diabetes, dyslipidemia, hypertension, and metabolic syndrome, on account of sedentary lifestyles, hectic work schedules, and changing dietary patterns, are creating a positive market outlook across the globe. Furthermore, various branded drugs are set to lose their patent protection in the coming years, which will continue to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 482.5 Billion by 2027, expanding at a CAGR of 7% during the forecast period (2022-2027).
- Based on the therapy area, the market has been classified into the central nervous system, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, oncology, and others. At present, central nervous system disease represents the leading therapy area.
- On the basis of drug delivery, the market has been segmented into oral, injectables, dermal/topical, and inhalers. Presently, oral medicines account for the majority of the global market share.
- Based on the distribution channel, the market is bifurcated into retail and hospital pharmacies. Amongst these, retail pharmacies exhibit a clear dominance in the market.
- Country-wise, the market has been segregated into the United States, the United Kingdom, Canada, China, Brazil, Germany, France, India, Japan, Italy, and others. Amongst these, the United States holds the leading position in the market .
- The competitive landscape of the market has been examined, with some key players being 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.
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