Global Generic Drugs Market to Reach US$ 460.5 Billion by 2028, Propelled by Favorable Government Initiatives to Reduce Healthcare Costs

March 25, 2022 | Healthcare

The latest report by IMARC Group, titled “Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global generic drugs market size reached US$ 343.6 Billion in 2022. 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. 

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$ 460.5 Billion by 2028, expanding at a CAGR of 6.83% during the forecast period (2023-2028).

Market Summary:

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
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
Five User License: US$ 3499
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)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Generic Drugs Market to Reach US$ 460.5 Billion by 2028, Propelled by Favorable Government Initiatives to Reduce Healthcare Costs
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