Press release
Generic Pharmaceuticals Market Value is Expected To Reach $296.2 Billion By 2023 | Covid 19 Impact and Recovery
Generic Pharmaceuticals Market
The global generic pharmaceuticals market is expected to decline from $237.1 billion in 2019 to $229 billion in 2020 at a compound annual growth rate (CAGR) of -3.4%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. India manufactures almost 60% of generic drugs across the world. China is the main supplier of API`s to India for generic drug manufacturing. Amid the pandemic, the movement of people is restricted which unabled the manufactures to launch a product or conduct clinical trials. The supply chain is also disrupted due to COVID 19 and cash flow from new generic drugs has been wiped out. The market is then expected to recover and grow at a CAGR of 9.3% from 2021 and reach $296.2 billion in 2023.
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The generic pharmaceuticals market consists of sales of generic pharmaceuticals and related services. A generic medicine is a medication designed to be identical as branded drugs marketed by private companies in dosage form, strength, safety, route of administration, performance characteristics, quality, and intended use. Generic drugs work in the same way as branded drugs in terms of clinical benefits. Generic drugs are manufactured after the expiration of the exclusive rights or patent of the branded drugs. For example, some of the generic drugs in the generic pharmaceuticals market include metformin, metoprolol, acarbose, acebutolol, aztreonam and many more.
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 the treatment. Branded drugs come at a premium price, while generic drugs are available at a lower cost having the same chemical composition of branded drugs. The low cost and same chemical composition and strength of generic drugs make a patient buy generic drugs instead of branded drugs.
Generic Pharmaceuticals Market Segmentation: -
By Therapy
CNS
Cardiovascular
Dermatology
Genitourinary/Harmonal
Respiratory
Rheumatology
Diabetes
Oncology
By Distribution Channel
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
By Type
Biosimilar
Simple Generic
Super Generic
By Drug Delivery
Oral
Injectable
Dermal/Topical
Inhaler
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Few Points From Table Of Content
1. Executive Summary
2. Generic Pharmaceuticals Market Characteristics
3. Generic Pharmaceuticals Market Size And Growth
4. Generic Pharmaceuticals Market Segmentation
5. Generic Pharmaceuticals Market Regional And Country Analysis
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25. Generic Pharmaceuticals Market Competitive Landscape And Company Profiles
26. Key Mergers And Acquisitions In The Generic Pharmaceuticals Market
27. Generic Pharmaceuticals Market Trends And Strategies
28. Generic Pharmaceuticals Market Future Outlook and Potential Analysis
29. Appendix
The report covers the trends and market dynamics of the Generic Pharmaceuticals Market in major countries - Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The report also includes consumer surveys and various future opportunities for the market.
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Some of the key players involved in the Generic Pharmaceuticals Market are Teva Pharmaceuticals, Mylan NV, Sandoz International GmbH, Hospira (Pfizer Inc.), Sun Pharmaceutical, Lupin Limited.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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