Press release
Generic Drugs Market Poised for Robust Growth, Expected to Reach $615.72 Billion by 2030
Generic Drugs Market
Generic drugs, which are identical to their brand-name counterparts in dosage, strength, administration route, quality, and intended use but are typically sold at lower prices, are becoming increasingly popular. The market is flourishing as more patents for brand-name drugs expire, allowing for the production and sale of cost-effective generic alternatives. Additionally, the growing elderly population worldwide, which is more susceptible to chronic conditions such as cardiovascular diseases, diabetes, and respiratory disorders, is fueling demand.
๐๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐๐ซ๐ฌ๐ฉ๐๐๐ญ๐ข๐ฏ๐:
The global generic drugs market, valued at $431.15 billion in 2023, is projected to reach an impressive $615.72 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.22%. This significant expansion is driven by the increasing prevalence of chronic diseases, patent expirations of branded medications, and rising global healthcare costs.
๐๐ง๐๐จ๐ฏ๐๐ซ ๐๐ง-๐๐๐ฉ๐ญ๐ก ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ: https://www.maximizemarketresearch.com/request-sample/25900/
๐๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐จ๐ซ ๐๐๐ฆ๐๐ง๐ ๐๐ง๐๐ซ๐๐๐ฌ๐ ๐จ๐ซ ๐๐๐๐ซ๐๐๐ฌ๐ ๐๐จ๐ซ ๐ฐ๐ก๐๐ญ ๐๐จ๐ง๐ญ๐๐ข๐ง๐ฌ:
๐๐๐ซ๐ค๐๐ญ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ
๐๐ก๐ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ ๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐ฆ๐๐ซ๐ค๐๐ญ ๐๐ซ๐ ๐ฌ๐ก๐๐ฉ๐๐ ๐๐ฒ ๐ฌ๐๐ฏ๐๐ซ๐๐ฅ ๐ค๐๐ฒ ๐๐๐๐ญ๐จ๐ซ๐ฌ:
Rise in Chronic Diseases: The increasing incidence of chronic illnesses is a major driver. As more individuals are diagnosed with conditions requiring long-term treatment, the demand for affordable medication options rises. According to the World Health Organization (WHO), fatalities due to chronic diseases are expected to increase by 17% over the next decade, with these diseases accounting for nearly three-quarters of all deaths globally by 2022.
Cost-Effectiveness: Generic drugs are significantly cheaper than branded medications, making them a preferred choice for patients, particularly those with chronic conditions requiring prolonged treatment.
Intermediary Influence: Despite the lower prices of generic drugs, patients often do not fully benefit from these savings due to the involvement of intermediaries like pharmacy benefit managers (PBMs) and insurers. Practices such as spread pricing and profit-driven formulary design can lead to overpayment for generic medications, impacting their prescription rates.
๐๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ
North America: Dominating the market with a 33.21% share in 2023, North America's high income from generic drugs is attributed to the presence of numerous key players and a prescription pattern favoring branded generic pharmaceuticals.
Asia Pacific: Expected to grow at the highest CAGR of 6.42%, this region benefits from lower manufacturing costs and a skilled workforce. India, for example, has the second-largest number of FDA-approved generic drug manufacturing plants outside the U.S., with production costs significantly lower than in the U.S.
๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐๐ง๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ญ๐ซ๐๐ญ๐๐ ๐ข๐๐ฌ
Major players in the generic drugs market are leveraging strategic initiatives to drive growth. For instance:
Pfizer Inc.: In June 2022, Pfizer announced the submission of a New Drug Application (NDA) to the U.S. FDA for PAXLOVIDโข, targeting patients at high risk of severe illness from COVID-19.
Teva Pharmaceuticals Industries Ltd.: In May 2023, Teva revealed plans to showcase data on UZEDY, an extended-release injectable suspension for subcutaneous use.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐๐๐ฉ๐จ๐ซ๐ญ: (๐๐ง๐๐ฅ๐ฎ๐๐ข๐ง๐ ๐ ๐ฎ๐ฅ๐ฅ ๐๐๐, ๐๐ข๐ฌ๐ญ ๐จ๐ ๐๐๐๐ฅ๐๐ฌ & ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ, ๐๐ก๐๐ซ๐ญ) : https://www.maximizemarketresearch.com/request-sample/25900/
๐๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
โฆ ๐๐ฒ ๐๐ซ๐จ๐๐ฎ๐๐ญ
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.
โฆ ๐๐ฒ ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง
Cardiovascular Products
Anti-Infective Drugs
Anti-Arthritis Drugs
Central Nervous System Drugs
Anti-Cancer Drug
Respiratory Products
Others
The global market for generic medications is divided into several segments based on its application, including cardiovascular products, anti-infective drugs, anti-arthritis drugs, drugs for the central nervous system, anti-cancer therapies, respiratory products, and others. The category with the biggest market share in 2023 was drugs for the central nervous system. Improved access to healthcare options, societal acceptance of mentally ill people, and growing awareness of mental health issues are some of the key factors expected to propel market expansion. Generic medication market growth is anticipated to be driven by affordable and easily accessible pharmaceuticals throughout the forecast period.
โฆ ๐๐ฒ ๐๐ข๐ฌ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐ข๐จ๐ง ๐๐ก๐๐ง๐ง๐๐ฅ
Hospitals
Pharmacies
Private Clinics
Drug Stores
Retail Pharmacies
Others
๐๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐ ๐๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐จ๐ฉ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
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)
๐๐ฎ๐ซ๐จ๐ฉ๐ ๐๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐จ๐ฉ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
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)
๐๐๐๐ ๐๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐จ๐ฉ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
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)
๐ ๐ฎ๐ญ๐ฎ๐ซ๐ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค
The global generic drugs market is set for robust growth, driven by technological advancements, strategic initiatives by key players, and a growing focus on affordable healthcare solutions. As the market continues to evolve, addressing intermediary influences and enhancing accessibility to cost-effective generic medications will be crucial for sustained growth.
๐๐ฅ๐ข๐๐ค ๐ก๐๐ซ๐ ๐๐จ๐ซ ๐๐๐๐ข๐ญ๐ข๐จ๐ง๐๐ฅ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ข๐ฌ ๐ฌ๐ญ๐ฎ๐๐ฒ : https://www.maximizemarketresearch.com/market-report/global-generic-drugs-market/25900/
๐๐๐ฒ ๐ช๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ ๐๐ง๐ฌ๐ฐ๐๐ซ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐ง๐๐ซ๐ข๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐ข๐ฌ:
What is Generic Drugs ?
What is the growth rate of the Generic Drugs Market?
Which are the factors expected to drive the Generic Drugs market growth?
What is the CAGR at which the Generic Drugs market will grow during the forecast period?
What are the different segments of the Generic Drugs Market?
Which is the fastest-growing region in the Generic Drugs market?
What growth strategies are the players considering to increase their presence in Generic Drugs ?
What are the upcoming opportunities and trends for the Generic Drugs Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Generic Drugs Market?
Who are the leading companies and what are their portfolios in Generic Drugs Market?
๐๐๐ฒ ๐๐๐๐๐ซ๐ข๐ง๐ ๐ฌ:
Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2024-2030
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
๐๐จ๐จ๐ค ๐๐ก๐ซ๐จ๐ฎ๐ ๐ก ๐๐ฎ๐ซ ๐๐จ๐ฌ๐ญ ๐๐จ๐ฉ๐ฎ๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
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๐๐๐จ๐ฎ๐ญ ๐๐๐ฑ๐ข๐ฆ๐ข๐ณ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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With the recent economic turmoil affecting many markets around the world, the generic and branded sectors face similar problems.
At one time the generic sector was seen as a valuable way to bring effective products to a wider audience. This, allied to the rising cost of new advanced branded products, led to rapid expansion of the generics sector. Even markets traditionally based in the provision ofโฆ
