According to the latest report by IMARC Group, titled Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026, the global generic drugs market size reached US$ 386 Billion in 2020. Generic drugs are identical to branded drugs in terms of safety, dosage, form, strength, quality, performance, characteristics, and route of administration. They have the same active ingredients, offer an equivalent therapeutic effect and are proven safe as the branded drug. They are also cost-effective as manufacturers do not have to invest in research and development (R&D) and marketing activities. At present, generic drugs are gaining immense popularity across the world.
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:
The rising prevalence of chronic diseases, such as dyslipidemia, diabetes, hypertension, and metabolic syndrome, on account of sedentary lifestyles, hectic work schedules and changing dietary patterns, have increased the uptake of medicines across the world. This represents one of the primary factors facilitating the global generic drugs market growth. Additionally, the rising patent expiration of branded drugs, in confluence with increasing initiatives by governing authorities, is encouraging key manufacturers to introduce effective generic drugs, which, in turn, is significantly contributing to the market growth. For instance, seven hospitals and three philanthropies in the United States launched a generic drug company named Civica Rx in 2018 to address the shortage of drugs and the high cost of essential medication, producing fourteen short-supply, FDA-approved drugs. Looking forward, the market value is projected to reach US$ 517 Billion by 2026, expanding at a CAGR of 4.9% during the forecast period (2021-2026).
- 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, cardiovascular diseases hold the largest market share.
- 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 total market share.
- Based on the distribution channel, the market is bifurcated into retail and hospital pharmacies. Retail pharmacies currently dominate the market as most of the generic drugs are over the counter (OTC) medicines.
- Country-wise, the market has been segregated into the United States, the United Kingdom, China, Brazil, Germany, France, India, Japan, Italy, and others. Amongst these, the United States enjoys the leading position in the market on account of numerous initiatives undertaken by the US Government.
- 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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