Generic Drug Market 2021-2026: Size, Price, Growth, Share, Outlook, and Forecast

According to the latest report by IMARC Group, titled "Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the global generic drugs market size reached a value of US$ 386 Billion in 2020. Looking forward, the market value is projected to reach US$ 517 Billion by 2026, expanding at a CAGR of 4.9% during the forecast period (2021-2026). Generic drugs are identical to branded drugs in terms of safety, dosage, form, strength, quality, performance, characteristics, and route of administration. They have the same active ingredients, offer an equivalent therapeutic effect and are proven safe as the branded drug. They are also cost-effective as manufacturers do not have to invest in research and development (R&D) and marketing activities. At present, generic drugs are gaining immense popularity across the world.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Generic Drugs Market Trends:

The rising prevalence of chronic diseases, such as dyslipidemia, diabetes, hypertension, and metabolic syndrome, on account of sedentary lifestyles, hectic work schedules and changing dietary patterns, have increased the uptake of medicines across the world. This represents one of the primary factors facilitating the global generic drugs market growth. Additionally, the rising patent expiration of branded drugs, in confluence with increasing initiatives by governing authorities, is encouraging key manufacturers to introduce effective generic drugs, which, in turn, is significantly contributing to the market growth. For instance, seven hospitals and three philanthropies in the United States launched a generic drug company named Civica Rx in 2018 to address the shortage of drugs and the high cost of essential medication, producing fourteen short-supply, FDA-approved drugs.

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Key Market Segmentation:

Competitive Landscape:

The competitive landscape of the market has been examined, with some key players being Teva Pharmaceuticals Industries Ltd., Mylan N.V., Novartis AG, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Fresenius SE & Co., Lupin Limited, Endo Pharmaceuticals Inc., Aurobindo Pharma Limited and Aspen Pharmacare Holdings Limited.

Breakup by Therapy Area:
• Central Nervous System
• Cardiovascular
• Dermatology
• Genitourinary/Hormonal
• Respiratory
• Rheumatology
• Diabetes
• Oncology
• Others

Breakup by Drug Delivery:
• Oral
• Injectables
• Dermal/Topical
• Inhalers

Breakup by Distribution Channel:
• Retail Pharmacies
• Hospital Pharmacies

Regional Insights:
• United States
• China
• Brazil
• Germany
• France
• India
• United Kingdom
• Japan
• Canada
• Italy
• Others

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