Generic Drugs Market Future Trend Size and Analysis By Top Key Players Teva Pharmaceutical, Mylan N.V., Novartis International Ag. Pfizer, Allergan, Sun Pharmaceuticals

Coherent Market Insights has announced the addition of the “Generic Drugs Market Size Status and Forecast 2026”, The report classifies the global Generic Drugs Market in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth.

This report studies the global Generic Drugs Speaker market, analyzes and researches the Generic Drugs Speaker development status and forecast in North America, Europe, Asia Pacific, Latin America and Rest of the World. This report focuses on the top players in global market, like Teva Pharmaceutical, Mylan N.V., Novartis International Ag. Pfizer, Allergan, Sun Pharmaceuticals

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Patent expiry of branded drugs is a factor expected to boost growth of the global generic drugs market

Manufacturers of generic drugs are focusing on development and introduction of various innovative medication and formulation such as biosimilars. According to IMS Health data, generic drugs accounted for over 80% of the prescriptions dispensed in the U.S. in 2013. The number of patents expiring in the near future serves to be a major driver for growth of generic drugs market. For instance, Cetuximab (Erbitux) is an epidermal growth factor receptor inhibitor that is indicated in the treatment of metastatic colorectal cancer and head and neck cancer. It is manufactured under the patent by Bristol-Myers Squibb and Eli Lily Company in Europe. The drug’s patent expires in 2018 and thus, is expected to provide opportunity for a large number of market players to manufacture its generic version. Furthermore, supportive initiative by FDA to promote development of biosimilars is encouraging manufacturers to focus towards its development. For instance, the Biologics Price Competition and Innovation Act in the U.S. gr ants 12 months patent exclusivity with higher profit margins to the first manufacturer than the conventional generic manufacturers bringing the drugs in market later. Various other factors contributing to growth of generic drugs market include rampant growth in incidence of chronic diseases. However, shortage of active pharmaceutical ingredients leading to unavailability of generics in the market and increasing FDA pressure on manufacturers regarding manufacturing quality of these drugs are hindering the market growth.

The market for the generic drug has been accelerated by increasing number of patent expiration of branded drugs and government initiatives. Moreover, increasing the prevalence of chronic diseases and emerging markets are responsible for the growth of generic drugs market. Furthermore, decreased the cost of the drug is acting as a most important factor for the growth of generic drug market. However, high competition and the shortage of drugs can restrict the growth of generic drug market. In addition, prescription of doctors is largely affecting the growth of generic drug market because doctors are prescribing branded drugs to their patient. However, an untapped and emerging market like India and China are expected to generate more opportunities for generic drug market in the forecast period.

On the basis of Drug Type, the global generic drugs market is segmented into:

Monoclonal Antibodies
Cytokines
Vaccines
Insulin
Peptide Hormones
Immunoglobulin
Peptide Antibiotics
Blood Factors
Others

On the basis of Therapeutic Application, the global generic drugs market is segmented into:

Oncology
Cardiovascular Diseases
Neurology
Infectious Diseases
Musculoskeletal Diseases
Others

Based on Route of Administration, the global generic drugs market is segmented into:

Oral
Topical
Injectable
Intra-venous
Others

Generic drugs market growth is buoyed by increasing number of patented expiries for drugs each year. According to the IMS data small-molecule products worth US$ 121 Bn are expected to lose patents in developed markets, such as U.S and Europe between 2014 and 2018. The IMS also forecasts that biologic products valued at US$ 48 Bn are expected to lose patent protection over the next three years i.e from 2017 and 2020, which is expected to drive growth of the generic drugs market. Global generics market is highly competitive with many Asia Pacific companies entering the developed markets such as the U.S., Germany, France, and UK. Recent past has witnessed spurt in mergers and acquisitions between generic drug manufacturers, with major players focusing on enhancing their product portfolio through such inorganic strategies. For instance, Teva Pharmaceutical Industries Pvt. Ltd., Pfizer, Inc., Mylan, Sun Pharmaceutical, and Fresenius Kabi entered into acquisitions to increase their revenue share in the generic drugs market.

Increase in number of competitor’s for generic drugs market put the pressure on manufacturers of pricing. Moreover, price celling actions by respective governments is further aggravating the profit margins of generic drug manufacturers. Considering the challenges of pricing pressure as generics outfits feel the pinch with thin margins, the market is expected to exhibit steady growth in the future.

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This release was published on openPR.