Generic medicine Market Is Expected To Grow with a Healthy CAGR During 2021-2027

Despite of pandemic, the generic medicine market is predicted to grow immensely in the forecast period. Increasing healthcare cost is predicted to be the major driving factor for the market in the forecast period. Oncology therapeutic application will be most lucrative in the estimated period. Vaccine segment is predicted to have the highest market share. North America region is predicted grow enormously in the projected time frame.

Generic medicine market is predicted to grow enormously in terms of revenue in the forecast period. Increasing cases of chronic diseases such as cancer, tuberculosis, diabetes, cardiovascular diseases and many other among the population is predicted to be the major driving factor for the global generic medicine market in the forecast period. Moreover, the treatment cost of these diseases in the healthcare is very high, with the help of generic medicines the treatment cost will be very less which is predicted to boost the global generic medicine market in the forecast period. At present majority of the companies are focusing on treating corona patients with the help of generic drugs which is predicted to be boost the market in the forecast period. For instance, Cipla to sell generic version of Remdesivir for 4,000 to Covid-19 patients. Cipla has developed a generic version of Remdesivir, which would be the lowest-priced COVID drug around the world. Adverse effected associated with the drugs on patients is predicted to hinder the market in the forecast period. In addition, the misconception about the drugs among the population is predicted to hamper the market in the forecast period. During this unpredicted situation, we are helping our clients in understanding the impact of COVID19 on the global social commerce market.

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Our report includes:

• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

According to a study conducted by Research Dive, the generic medicine market is expected to register a revenue of $462.1 billion by 2027.

The global market is classified on the basis of type and application. The report offers the complete information about drivers, opportunities, restraints, segmental analysis and major players of the global market.

Factors Affecting the Market Growth-

As per our analyst, increasing healthcare cost is predicted to be the major driving factor for the global generic medicine market in the forecast period. Moreover, the misconception about the drugs among the population is predicted to be the biggest restraints for the market in the estimated period.

Vaccine Segment is Predicted to be the Most Lucrative Segment-

On the basis of product, the generic medicine market is further classified into blood factors, cytokines, immunoglobulin, insulin, monoclonal antibodies, peptide antibiotics, peptide hormones, vaccines and others. Vaccines segment is predicted to grow enormously in the forecast period. Manufacturing of vaccines are comparatively low as the manufacturing cost is low the price of vaccines will be affordable which is predicted to drive the segment in the forecast period.

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Oncology Segment is Predicted to be the Most Profitable Segment-

On the basis of application, the generic medicine market is further classified into cardiovascular diseases, infectious diseases, musculoskeletal diseases, neurology, oncology and others. Oncology segment is predicted to have maximum market share in the forecast period. Treatment cancer are very high. With the help of generic medicine the treatment cost of cancer will be very less. Increasing cases of cancer across the globe is predicted to drive the segment in the forecast period.

Regional Breakdown of the Market-

On the basis of region, the generic medicine market is further classified into North America, Asia-Pacific, Europe and LAMEA. North America is predicted to have maximum market share in the forecast period. Increasing geriatric population along with rise in the chronic disease is predicted to drive the region market in the forecast period. Moreover, rise in the use of generic medicine among the population across the region is predicted to drive the region market in the forecast period.

Top Companies Leading the Market-

The major key player in the market are Pfizer Inc., Teva Pharmaceutical Industries Ltd., Actavis Pharmaceuticals, Mylan N.V., Sandoz International GmbH, Par Pharmaceutical., Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Lupin Pharmaceuticals, Inc. and Endo International plc.

Mr. Abhishek Paliwal
Research Dive
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.