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Generic Drugs Market worth $447.45 billion by 2030, growing at a CAGR of 5.91% - Exclusive Report by 360iResearch
Generic Drugs Market | 360iResearch
The Global Generic Drugs Market to grow from USD 299.16 billion in 2023 to USD 447.45 billion by 2030, at a CAGR of 5.91%.
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The generic drugs are designed to be identical in dosage form, strength, route of administration, quality, performance characteristics, and intended use to their branded counterparts and are sold at a lower price once the patent protection of the original brand-name drug has expired. These products offer a vital cost-saving advantage to consumers and healthcare systems worldwide. Generic drugs find their application across a broad spectrum of therapeutic areas, including cardiovascular, diabetes, neurology, oncology, and infectious diseases, among others. The end-users of generic drugs are primarily healthcare providers such as hospitals, clinics, and pharmacies, and they are sold directly to consumers through over-the-counter (OTC) sales. The affordability of generic drugs compared to their branded counterparts remains a primary driver for market growth. Growing government support for the use of generic drugs through favorable regulations and policies to reduce healthcare costs is driving the growth of the generic drug market. The rising incidences of chronic conditions globally are expanding the need for generic drugs. : Concerns over the quality and efficacy of generic drugs and stringent and varying regulatory policies across different countries hamper the market growth. The growing development of novel drug delivery systems to enhance efficacy and patient compliance is expected to create opportunities for market growth. Expanding into biosimilar products, with research focused on reducing production costs and proving similarity to originator biologics, is anticipated to fuel market growth.
The Americas stands as the highly developing market for generic drugs, driven by a high demand for affordable healthcare solutions and strong support from governmental policies. Recently, initiatives such as the Generic Drug User Fee Amendments (GDUFA) aim to speed up the approval process for generic drugs, bolstering the market. Consumer trust in generics is high, with a large percentage of prescriptions filled with generic drugs annually. Asia-Pacific's generic drug market is experiencing rapid growth, fueled by governmental reforms aimed at encouraging the development and approval of high-quality generics. The region is focusing on innovation with investments in R&D and streamlining regulatory processes to bolster the local industry. In the EU, the regulatory framework encourages the development and circulation of generic drugs, balancing the need for innovation and competition. Various EU-wide initiatives support market access for generics, fostering a competitive environment that benefits consumers. The market for generic drugs in the Middle East & Africa is growing, with governments implementing policies to promote the use of generics. This is part of a broader strategy to enhance healthcare affordability and accessibility in the region.
Market Segmentation & Coverage:
This research report categorizes the Generic Drugs Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Type, market is studied across Simple Generic and Specialty Generic. The Specialty Generic is projected to witness significant market share during forecast period.
Based on Route of Administration, market is studied across Inhalable, Injectable, and Oral. The Inhalable is projected to witness significant market share during forecast period.
Based on Indication, market is studied across Cancer, Cardiovascular Diseases, Central Nervous System Disorders, Diabetes, Gastrointestinal Diseases, Hormones & Related Diseases, Infectious Diseases, and Respiratory Diseases. The Central Nervous System Disorders is projected to witness significant market share during forecast period.
Based on Distribution, market is studied across Hospital Pharmacies, Online Pharmacies, and Retail Pharmacies. The Hospital Pharmacies is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 37.88% in 2023, followed by Europe, Middle East & Africa.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Generic Drugs Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Generic Drugs Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Generic Drugs Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, Alkem Laboratories Ltd., Amneal Pharmaceuticals Inc, Aspen Holdings, Aurobindo Pharma Limited, Baxter International Inc., Cipla Ltd, Dr. Reddy's Laboratories Ltd., Eli Lilly and Company, Endo International plc., Fresenius SE & Co. KGaA., Gilead Sciences, Inc., GlaxoSmithKline PLC, Glenmark Pharmaceuticals Ltd., Hikma Pharmaceuticals PLC., Johnson & Johnson Services, Inc., Lupin Limited, Mylan N.V. by Viatris Inc., Pfizer Inc., Sandoz International GmbH by Novartis Group, Sanofi S.A., STADA Arzneimittel AG, Sun Pharmaceutical Industries Ltd., Teva Pharmaceuticals Industries Ltd., and Zydus Lifesciences Ltd.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Generic Drugs Market, by Type
7. Generic Drugs Market, by Route of Administration
8. Generic Drugs Market, by Indication
9. Generic Drugs Market, by Distribution
10. Americas Generic Drugs Market
11. Asia-Pacific Generic Drugs Market
12. Europe, Middle East & Africa Generic Drugs Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Generic Drugs Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Generic Drugs Market?
3. What is the competitive strategic window for opportunities in the Generic Drugs Market?
4. What are the technology trends and regulatory frameworks in the Generic Drugs Market?
5. What is the market share of the leading vendors in the Generic Drugs Market?
6. What modes and strategic moves are considered suitable for entering the Generic Drugs Market?
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About 360iResearch
360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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