Generic Drugs Market Research, Segmentation, Key Players Analysis And Forecast To 2030

The Generic Drugs Market size was valued at USD 431.15 Billion in 2023 and the total Generic Drugs Market revenue is expected to grow at a CAGR of 5.22% from 2024 to 2030, reaching nearly USD 615.72 Billion.

Generic Drugs Market Overview

A generic drug is a prescription medication that is identical to a brand-name medication in terms of dosage, potency, mode of administration, quality, and intended use, but it does not have the brand name. Oftentimes, generic medications are less expensive than name-brand alternatives. The market for generic drugs is growing as a result of increased demand brought on by brand-name drug patents expiring. A favourable prognosis for the generic medication sector is also being fostered by the rising expenses of healthcare globally. The world's ageing population, which is marked by a number of chronic illnesses like diabetes, respiratory problems, and cardiovascular ailments, is another factor driving the growth.

Generic Drugs Market Report Scope and Research Methodology

The comprehensive analysis report offers valuable insights into the dynamics, trends, and future prospects of the Generic Drugs industry during the forecast period. It covers key market drivers, challenges, and recent developments, along with demand trends, growth stimulators, spending patterns, and modernization trends across different regions.

The research is based on extensive research and analysis, incorporating inputs from industry experts, government agencies, and market participants, providing a reliable and accurate assessment of the market dynamics and future trends.

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Generic Drugs Market Dynamics

The MMR research comprehensively examines and explains the dynamics of the global generic drug industry, assisting readers in comprehending the opportunities, challenges, drivers, and barriers that the generic drug market faces both worldwide and regionally. The following examples of some of the drivers and constraints are explored in length in the study along with additional supporting information. The rising prevalence of chronic illnesses is one of the main factors propelling the market for generic medications. People are looking for new treatment alternatives as more of them are diagnosed with chronic diseases. While generic pharmaceuticals are less expensive and share the same chemical makeup as branded drugs, branded medications are more expensive.

However, patients are not benefiting from lower costs because of the involvement of intermediary entities like pharmacy benefit managers (PBMs) like Express Scripts, CVS Caremark, and OptumRx, as well as insurers like United Health Group, Cigna, and CVS Health. This is true even though the entry of generic drugs has resulted in lower prices when compared to their branded counterparts. These middlemen use strategies including profit-driven formulary design, spread pricing, and copay drawbacks, which cause generic medications to be overpriced. These techniques create financial gains rather than transferring the entire savings to consumers, which has led to a decrease in the market for prescription generic medications.

Generic Drugs Market Segmentation

by Product

Simple Generics
Super Generics
Biosimilars

The global market for generic medications is divided into three segments based on the product: biosimilars, super generics, and simple generics. In 2023, the Super Generics category had the most market share, accounting for almost 38%. Super generic medications are referred to as hybrids, value enhanced generics, and unique therapeutic entities. Super generic products are not the same as the original product in terms of composition or distribution method. The clinical effect of biosimilars is equivalent to that of generics, but their similarity to the original branded drug is limited by validation technology. As biosimilar developers concentrate on increasingly complicated proteins that require even more advanced production processes and higher costs, they will be forced to follow established protocols for demonstrating a high degree of similarity.

by Application

Cardiovascular Products
Anti-Infective Drugs
Anti-Arthritis Drugs
Central Nervous System Drugs
Anti-Cancer Drug
Respiratory Products
Others

by Distribution Channel

Hospitals
Pharmacies
Private Clinics
Drug Stores
Retail Pharmacies
Others

Generic Drugs Market Key Players

North America Generic Drugs Market Top Players:

1. Mylan N.V. - (USA)
2. Par Pharmaceuticals- (USA)
3. Pfizer - (USA)
4. Baxter International Inc. - (USA)
5. Eli Lilly and Company - (USA)
6. Abbott Laboratories - (USA)
7. Apotex Inc. - (Canada)
8. Apotex Corp. - (USA)

Europe Generic Drugs Market Top Players

1. Endo Pharmaceuticals - (Ireland)
2. Teva Pharmaceutical Industries Ltd- (Israel)
3. STADA Arzneimittel AG - (Germany)
4. GlaxoSmithKline Plc. - (United Kingdom)
5. Novartis International AG - (Switzerland)

APAC Generic Drugs Market Top Players:

1. Sun Pharma - (India)
2. Lupin Pharmaceuticals - (India)
3. Dr Reddy's - (India)
4. ASKA Pharmaceutical Co., Ltd. - (Japan)
5. Taisho Pharmaceutical Holdings Co Ltd - (Japan)
6. Aurobindo Pharma Limited - (India)
7. Hikma Pharmaceuticals PLC - (Jordan)
8. Torrent Pharmaceuticals Ltd - (India)

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Table of content for the Generic Drugs Market includes:

Part 01: Executive Summary

Part 02: Scope of the Generic Drugs Market Report

Part 03: Global Generic Drugs Market Landscape

Part 04: Global Generic Drugs Market Sizing

Part 05: Global Generic Drugs Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

During the course of the forecast period, the generic medication market in Asia Pacific is anticipated to develop at the highest CAGR of 6.42%. Asia's highly skilled workforce and lower production costs can be attributed to this. The second-highest number of FDA-approved generic drug manufacturing facilities outside of the US is found in India, according to MMR. In addition, generics are more widely available in these nations due to India's 33% cheaper production costs than those in the US. Asia-Pacific has maintained a significant focus on expanding the procurement of medicines at more reasonable prices, even if this necessitates purchasing from non-traditional sources, due to the region's extraordinarily low percentage of generic drug use. Thus, expanding economies such as China and India are helping to propel the generic medication market forward.

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