The Generic Drugs Market was valued at approximately USD 250.5 Billion in 2023 and is expected to grow at a robust CAGR of around 6.02% during the forecast period (2024-2032).
A comprehensive overview of the generic drugs market is recently added by UnivDatos to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the generic drugs market. The report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Generic Drugs Market at the regional levels.
Market Overview
The global generic drugs market is expected to witness a robust CAGR of around 7% owing to the increasing aging population coupled with the growing prevalence of acute and chronic diseases and patent expiration of blockbuster drugs. Further, chronic diseases like respiratory diseases, cardiovascular diseases (CADs), herpes, hepatitis, and influenza attack the immune system and cause fever, and headache, especially among the middle-aged population. Furthermore, major players in the market are continuously focusing on the development and launch of new generic drugs in the market. For instance, in 2021, Generic Ferumoxytol, an injectable drug that is used to treat lack of iron deficiency anemia (IDA), was launched by Sandoz, in the U.S.
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COVID-19 Impact
The COVID-19 outbreak has spread to almost every country, due to which the number of infected patients is rising, which is straining the countries’ healthcare ecosystem and resources. This is mainly on account of the intensifying demand for healthcare facilities, workers, and most importantly, medical equipment, devices, drugs, and research studies. However, due to the COVID-19 pandemic, the generic drugs market has been positively impacted. Strategic measures have been taken by key players to ensure the supply of generic drugs in the market. For instance, Sandoz International GmbH has enhanced its manufacturing capacity to maintain the supply of generic medicines for patients.
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Generic Drugs Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on type, the generic drugs market is segmented into simple, super, and biosimilar. In 2020, the biosimilar drug category dominated the market and is expected to maintain its dominance throughout the forecast period. That is mainly used for the treatment of various types of diseases such as chronic diseases, central nervous system (CNS) drugs, cardiovascular diseases, diabetes, etc. Furthermore, the category is expected to witness growth during the forecast period due to the rising geriatric population coupled with unhealthy lifestyle and hormonal imbalances across the globe.
By Application, the market is primarily studied into:
Based on application, the market is bifurcated into neurological diseases, cardiological diseases, metabolic diseases, infectious diseases, orthopedic diseases, genitourinary/hormonal diseases, respiratory diseases, and others. Among these, the cardiovascular diseases segment is accounted for the largest market share. As per the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year.
Based on distribution channel, the market is bifurcated into offline and online. The online segment is expected to witness significant CAGR owing to the growing penetration of e-pharmacy platforms across the world coupled with increasing awareness regarding services offered by e-pharmacy. Furthermore, the growing focus on digitization and rising internet penetration in developing nations are some other key factors driving the market.
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Generic Drugs Market Region Segmentation Includes:
North America
Europe
Asia-Pacific
Rest of World
For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Mexico, Rest of North America); Europe (UK, Germany, France, Italy, Spain, Rest of Europe); Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific); and Rest of World. In 2020, APAC dominated the market on account of the rising research and development initiatives and the presence of a large number of pharmaceutical companies in countries such as India and China of the region. For instance, as per the India Brand Equity Foundation, India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the U.S., and 25% of all medicine in the U.K.
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the generic drugs market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and advancements in the generic drugs market?
Which factors are influencing the generic drugs market over the forecast period?
What are the challenges, threats, and risks in the generic drugs market?
Which factors are propelling and restraining the generic drugs market?
What are the demanding regions of the generic drugs globally?
What will be the market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by the companies?
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