According to the latest report by IMARC Group, titled “Generic Drug Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global generic drug market size reached US$ 367 Billion in 2019, registering a CAGR of 5.7% during 2014-2019. Generic drugs are bioequivalent of brand-name drugs in terms of safety, strength, quality, dosage form, stability, impact, intended use and the route of administration. These drugs are proven to be as safe and effective as their already marketed brand-name formulation. Although certain characteristics, such as color, shape and flavoring, that do not affect the safety and effectiveness of the medicines can differ from the original version, generic variants are prepared from the same active ingredients as their branded counterparts while working in the same manner and amount of time. Generic drug manufacturers do not have to invest in marketing, drug research or drug development, which makes these medicines cost-effective, thus contributing to their widespread preference.
Global Generic Drugs Market Trends:
The global market is primarily driven by a significant increase in cardiometabolic risk factors among the masses. In line with this, there is an increasing prevalence of hypertension, diabetes, dyslipidemia, metabolic syndrome and obesity, owing to the confluence of various factors, including sedentary lifestyles, changing dietary patterns and hectic working schedules. This has contributed to a significant increase in the uptake of medicines, thereby facilitating the growth of the market. In addition to this, the high costs associated with the medication of several chronic and lifestyle diseases have increased the consumer inclination toward affordable variants, which is boosting the demand for generic drugs. Moreover, the patent expiration of key blockbuster drugs, coupled with numerous favorable initiatives undertaken by the governments of various countries to promote the use of generic drugs, is expected to provide a thrust to the market growth. Several regulatory bodies are conducting rigorous reviews to ensure optimal standards during the manufacturing of these drugs. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 497 Billion by 2025, growing at a CAGR of 5.2% during 2020-2025.
- Based on the therapy area, cardiovascular diseases represent the largest segment. Other major segments include central nervous system, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, oncology and others.
- On the basis of the drug delivery, the market has been classified into oral, injectables, dermal/topical and inhalers. At present, oral generic drugs account for the majority of the total market share.
- Based on the distribution channel, the market has been bifurcated into retail and hospital pharmacies, wherein retail pharmacies exhibit a clear dominance in the market.
- On the geographical front, the United States holds the leading position in the market. Some of the other major regions include China, Brazil, Germany, France, India, the United Kingdom, Japan, Canada and Italy.
- The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market. Some of the leading players include Teva Pharmaceuticals Industries Ltd., Mylan N.V., Novartis International AG, Pfizer Inc., Sun Pharmaceutical Industries Limited, Fresenius SE & Co. KGaA, Lupin Limited, Endo Pharmaceuticals Inc., Aurobindo Pharma Limited, and Aspen Pharmacare Holdings Limited.
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