Overview and Scope
Generic pharmaceuticals refer to a drug that was developed to have the same dosage form, safety, strength, mode of administration, quality, performance attributes, and intended use as an already marketed brand-name drug. The action and clinical benefits of a generic drug are identical to those of a brand-name drug.
Sizing and Forecast
The generic pharmaceuticals market size has grown strongly in recent years. It will grow from $381 billion in 2023 to $402.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to rise in healthcare awareness and expenditure, patent expiration of drugs, increased prevalence of respiratory diseases, changes in lifestyles, increased number of surgical procedures, strong economic growth in emerging markets, increase in insurance coverage, rapid growth in elderly population, increased number of approvals..
The generic pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $514.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing rising incidence of chronic diseases, rising regulators support, new methods for drug discovery, new methods for drug delivery and monitoring, rise in healthcare expenditure, increasing geriatric population, and major drug patents. . Major trends in the forecast period include increasing use of 3d printing, adopting the use of artificial intelligence (ai), using biomarkers for drug development, collaborations for driving innovation, combination drug therapy, modification of existing epilepsy drugs, and rise of generic respiratory drugs..
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Segmentation & Regional Insights
The generic pharmaceuticals market covered in this report is segmented –
1) By Type: Biosimilars, Generics
2) By Drug Delivery: Oral, Injectables, Dermal/Topical, Inhaled
3) By Therapy: CNS, Cardiovascular, Dermatology, Genitourinary/Harmonal, Respiratory, Rheumatology, Diabetes, Oncology, Biosimilars, Others
4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, And Online Pharmacies
North America was the largest region in the generic pharmaceuticals market in 2023. Middle East is expected to be the fastest-growing region in the generic pharmaceuticals market report during the forecast period. The regions covered in the generic pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising incidence of chronic diseases is one of the major drivers of the generic pharmaceuticals market. As more individuals are diagnosed with chronic diseases, they look for more medicines for treatment. Branded drugs come at a premium price, while generic drugs are available at a lower cost and have the same chemical composition as branded drugs. The low cost and same chemical composition and strength of generic drugs make a patient buy generic drugs instead of branded drugs. If it is a chronic disease, the treatment goes on for a longer period, and hence, the sales of generic drugs also increase. For instance, according to the WHO (World Health Organization), over the next 10 years, the number of deaths due to chronic disease is projected to increase by 17%.
Key Industry Players
Major companies operating in the generic pharmaceuticals market report are Teva Pharmaceutical Industries Ltd., Novartis AG, Sun Pharmaceutical Industries Ltd., Fresenius Kabi, Aurobindo Pharma Limited, Cipla Limited, Stada Arzneimittel AG, Lupin Pharmaceuticals, Inc., Dr. Reddy’s Laboratories, Mylan Inc., Shanghai Generic Pharmaceuticals, Shanghai Acebright Generic Pharmaceuticals Group Co., Ltd., Sandoz, Glenmark, Kent Pharma, GlaxoSmithKline (GSK), Zentiva, Sanofi, Merck & Co., Apotex, Pfizer, Gilead Sciences, Roche, Bayer, AbbVie Inc., AstraZeneca, Amgen, Abbott Laboratories, Janssen Pharmaceutica, Accord Healthcare Inc., Acerus Pharmaceutical Drugs Corporation, AA Pharma Inc, Sanfer, LABORATORIOS SENOSIAIN SA DE CV (Senosiain), Siegfried Rhein, Johnson and Johnson, Bristol Myers Squibb, Eli Lilly & Company, Biogen, EMS Pharma, Hypermarcas, Eurofarma, Teuto Brasileiro, Biolab Farmaceutica, Cristalia, União Quimica, Boehringer Ingelheim, Mantecorp Farmasa, Libbs, Cimed, FQM Grupo, Spimaco, Jamjoom Pharma, Tabuk Pharmaceutical Manufacturing, Jazeera Pharmaceutical Industries, Adcock Ingram, Eurolab, Ranbaxy (Pty) Ltd, Aspen
The generic pharmaceuticals market report table of contents includes:
1. Executive Summary
2. Generic Pharmaceuticals Market Characteristics
3. Generic Pharmaceuticals Market Trends And Strategies
4. Generic Pharmaceuticals Market – Macro Economic Scenario
5. Global Generic Pharmaceuticals Market Size and Growth
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32. Global Generic Pharmaceuticals Market Competitive Benchmarking
33. Global Generic Pharmaceuticals Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generic Pharmaceuticals Market
35. Generic Pharmaceuticals Market Future Outlook and Potential Analysis
36. Appendix
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