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).
The global generic drugs market is expected to witness a robust CAGR of around during the forecast period 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.
According to UnivDatos Market research report “Generic Drugs Market”, the market is expected to witness a CAGR growth of around ~7% during the forecast period. This can be mainly attributed to an increase in government funding coupled with the rising number of research institutes getting involved in discovering new drugs and therapies, including generic drugs.
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.
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.
Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/generic-drugs-market?popup=report-enquiry
APAC is expected to witness the highest growth
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.
According to UnivDatos ’, the key players with a considerable market share in the generic drugs market include Cipla Ltd., Pfizer Inc., Fresenius Medical Care AG & Co. KGaA, Aurobindo Pharma Limited, Amneal Pharmaceuticals Inc., Alkem Laboratories Limited, Teva Pharmaceutical Industries Limited, Mylan N.V., Lupin Limited, and Sanofi S.A. These companies are investing heavily on Generic Drugs reagents and assay kits to help research organizations in their studies.
“Generic Drugs Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Click here to view the Report Description & TOC: https://univdatos.com/reports/generic-drugs-market
Market Segmentation:
By Type (Simple, Super, Biosimilar)
By Application (Neurological Diseases, Cardiological Diseases, Metabolic Diseases, Infectious Diseases, Orthopedic Diseases, Genitourinary/Hormonal Diseases, Respiratory Diseases, and Others)
By Distribution Channel (Offline and Online)
By Region (North America, Europe, Asia-Pacific, Rest of World)
By Company (Cipla Ltd., Pfizer Inc., Fresenius Medical Care AG & Co. KGaA, Aurobindo Pharma Limited, Amneal Pharmaceuticals Inc., Alkem Laboratories Limited, Teva Pharmaceutical Industries Limited, Mylan N.V., Lupin Limited, and Sanofi S.A.)
Key questions answered in the study:
What are the current and future trends of the generic drugs industry?
How the industry has been evolving in terms of distribution channel and route of administration category?
How the competition has been shaping across the countries followed by their comparative factorial indexing?
What are the key growth drivers and challenges for the generic drugs industry?
What is the customer orientation, purchase behavior, and expectations from the generic drugs product suppliers across various countries?
About Us:
UnivDatos Market is a passionate market research firm and a subsidiary of UnivDatos Rigorous secondary and primary research on the market is our USP, hence information presented in our reports is based on facts and realistic assumptions. We have worked with 200+ global clients, including some of the fortune 500 companies. Our clientele praises us for quality of insights, In-depth analysis, custom research abilities and detailed market segmentation.
Contact Us:
UnivDatos
Email: contact@univdatos.com
Contact no: +1 978 7330253
Website: www.univdatos.com
Comments (0)