Generic Pharmaceutical Market 2022, SWOT Analysis, Key Development Forecasts Till 2028

According to Precision Business Insights (PBI), the latest report, the generic pharmaceutical market is expected to be worth USD 459.68 billion in 2021, growing at a 5.5% CAGR from 2022 to 2028. The primary driver of the expansion of the global market includes the low cost of generic drugs, prescription patterns filled with generic drugs, the expiry of a large number of branded drugs, and the prevalence of chronic diseases.

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Cardiovascular Diseases to Dominate the Generic Pharmaceutical Market:
Based on application, the cardiovascular diseases segment held a considerable market share during the estimated period. Cardiovascular diseases (CVDs) are a general term for all types of diseases that can affect the heart or blood vessels like coronary heart disease, stroke, peripheral arterial disease, and aortic disease. It's usually associated with an increase of fatty deposits inside the arteries and blood clots. Cardiovascular diseases (CVDs) are one of the major causes of death worldwide. For instance, according to the Centers for Disease Control and Prevention (CDC), one person dies every 34 seconds in the United States from cardiovascular disease and around 697,000 people in the United States died from heart disease in 2020. Heart disease cost the United States about $229 billion each year from 2017 to 2018. Heart attacks and strokes became the most common cardiovascular diseases due to unhealthy food, lack of physical exercise, intensive smoking, and alcohol consumption.

Asia Pacific Generic Pharmaceutical Market:
The Asia Pacific market is expected to increase in the global generic pharmaceutical market over the forecast period. It is projected to grow at a CAGR of 8.4% in the coming years. The Asia Pacific market is expanding as a result of a large number of pharmaceutical companies, and government initiatives. Global pharma key players including Sun Pharma and Lupin Pharmaceuticals are increasing their investments and R&D regarding generic medicines in the Asia Pacific region. North America held a considerable market share during the estimated period due to heavy investment, and innovative technology. Therefore, the global market of generic pharmaceutical products will grow prodigiously due to the demand for low-cost generic drugs as a replacement for brand-name drugs.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global generic pharmaceutical market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In Aug 2022, Amgen announced that It will Acquire Chemocentryx in a $4 Billion Deal.

The generic pharmaceutical market is segmented based on brand, route of drug administration, application, distribution channel, and geography:
Based on the brand:
• Pure Generic Drugs
• Branded Generic Drugs

Based on the route of drug administration:
• Oral
• Topical
• Parental
• Others

Based on the application:
• Central Nervous System (CNS)
• Cardiovascular Disease (CVDs)
• Infectious Disease
• Musculoskeletal Disease
• Dermatology
• Oncology
• Respiratory
• Others

Based on the distribution channel:
• Hospital Pharmacies
• Retail Pharmacies
• Others

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Key players' profiles in the Generic Pharmaceutical Market report are Abbott Laboratories, Amgen, Apotex, Mylan, Pfizer, ASKA Pharmaceutical, AstraZeneca, Baxter International, Dr. Reddy's Laboratories, Eli Lilly and Company, Endo International, GlaxoSmithKline, H. Lundbeck A/S, Hospira, Lupin Pharmaceuticals, Novartis International, Sanofi-Aventis, Sun Pharma, and Teva Pharmaceutical Industries.

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