Brazil Generic Drug Market Estimated to Exceed US$ 30.3 Billion By 2028 | CAGR of 7.53%

According to the recent report by IMARC Group, titled "Brazil Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on Brazil Generic Drug Market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The Brazil generic drug market size reached US$ 19.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.3 Billion by 2028, exhibiting a growth rate (CAGR) of 7.53% during 2023-2028.

A generic drug is a pharmaceutical drug created to be the same as similar to a marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. It works similarly and provides the same clinical benefit as brand-name medicine. It is allowed for sale after the patents on the original drugs expires. The widespread utilization of robotic process automation (RPA) in generic drug manufacturing is creating a positive outlook for the market. After the introduction of generic drugs, Brazil's pharmaceutical industry has undergone a significant transformation.

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Market Trends:

The market in Brazil is majorly driven by the increasing geriatric population that is susceptible to developing chronic diseases. In line with this, the rising prevalence of lifestyle diseases among the masses is significantly contributing to the market growth. Furthermore, significant cost savings achieved from the use of generic drugs is positively influencing the market growth across the region. Apart from this, the growing number of branded medicine patent expiries are catalyzing the market growth across the country. Moreover, the widespread application of robotic process automation (RPA) is creating a positive outlook for the market. Some of the other factors contributing to the market include the widespread awareness regarding the cost-effectiveness of generic drugs and the advent of e-pharmacy solutions in Brazil. Besides this, rapid urbanization and inflating disposable income are propelling market growth. Additionally, increasing consumption of tobacco, physical inactivity, and unhealthy diet are providing an impetus to the market growth. Several manufacturers in Brazil are increasingly focusing on introducing effective generic drugs, thus strengthening the market growth.

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Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, with some of the key players.

• Ache Laboratories
• União Química Farmacêutica Nacional S.A.
• EMS S.A.
• Sanofi Group
• Hypermarcas S.A.
• Sandoz
• Eurofarma Laboratórios S.A.

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.