Generic Drugs Market Competitive Landscape & Strategy Framework To 2030

𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐀𝐧 𝐄𝐱𝐩𝐚𝐧𝐝𝐢𝐧𝐠 𝐇𝐨𝐫𝐢𝐳𝐨𝐧

The Generic Drugs Market was valued at USD 431.15 billion in 2023 and is projected to reach USD 615.72 billion by 2030, growing at a CAGR of 5.22% from 2024 to 2030.

𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 𝐨𝐟 𝐭𝐡𝐞 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

Generic drugs, identical to brand-name drugs in dosage, strength, administration route, quality, and intended use but without the brand name, offer a cost-effective alternative. The market for generic drugs is expanding due to increased demand as patents for many brand-name drugs expire. Additionally, rising global healthcare costs are enhancing the market's growth prospects. The market is further driven by the growing elderly population, which often suffers from chronic conditions such as cardiovascular diseases, diabetes, and respiratory disorders.

𝐅𝐨𝐫 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧, 𝐜𝐥𝐢𝐜𝐤 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐥𝐢𝐧𝐤: https://www.maximizemarketresearch.com/request-sample/25900/

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

The dynamics of the global generic drugs market are comprehensively examined in the MMR report, aiding readers in understanding emerging trends, drivers, restraints, opportunities, and challenges at both global and regional levels. Key drivers include the rising prevalence of chronic diseases, leading to higher demand for treatment options. Generic drugs, being less expensive yet chemically identical to branded drugs, are preferred by patients, especially for long-term treatments. The WHO projects a 17% increase in fatalities due to chronic diseases over the next decade, with chronic conditions accounting for nearly three-quarters of all deaths by 2022.

However, the anticipated reduction in drug prices due to generic drug entry is undermined by intermediaries like pharmacy benefit managers (PBMs) and insurers. These entities engage in profit-driven practices, such as spread pricing and formulary design, which result in overpayment for generic drugs, limiting the cost benefits for patients.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

𝐁𝐲 𝐏𝐫𝐨𝐝𝐮𝐜𝐭

The global generic drugs market is divided into Simple Generics, Super Generics, and Biosimilars. In 2023, the Super Generics segment, which includes value-added generics and novel therapeutic entities, held the largest market share at nearly 38%. Super generics differ from the original product in composition or distribution technique. While biosimilars have the same clinical impact as generics, they must adhere to stringent validation techniques to match the original branded medication.

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

The market is further segmented by application into Cardiovascular Products, Anti-Infective Drugs, Anti-Arthritis Drugs, Central Nervous System Drugs, Anti-Cancer Drugs, Respiratory Products, and Others. Central Nervous System Drugs held the largest market share in 2023, driven by increased awareness of mental health, social acceptance of mental illness, and improved healthcare options. Cardiovascular diseases, including heart failure, hypertension, and stroke, are among the leading causes of death globally, contributing significantly to the market. The expiration of several cardiovascular drug patents also boosts this segment.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚

North America dominated the market with a 33.21% share in 2023, thanks to the presence of numerous key players and a market dominated by branded generic pharmaceuticals. The introduction of new products and the strong prescription pattern in the United States are key growth drivers.

𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜

Asia Pacific is expected to experience the highest CAGR of 6.42% during the forecast period. The region benefits from lower manufacturing costs and a highly skilled workforce. India, hosting the second-largest number of FDA-approved generic drug manufacturing plants outside the United States, produces generics at costs 33% lower than those in the U.S., making them more accessible. The focus on affordable medicine procurement, even from non-traditional sources, is propelling market growth in countries like India and China.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 𝐛𝐞𝐥𝐨𝐰: https://www.maximizemarketresearch.com/request-sample/25900/

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐚𝐧𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬

Key players in the generic drugs market are adopting strategic and non-strategic initiatives such as mergers, acquisitions, and partnerships to enhance growth. For instance, Pfizer Inc. submitted a New Drug Application (NDA) for PAXLOVID™ targeting high-risk COVID-19 patients to the U.S. FDA in June 2022. In May 2023, Teva Pharmaceuticals showcased data on UZEDY (risperidone) extended-release injectable suspension.

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧

The Generic Drugs Market is poised for significant growth, driven by the expiration of brand-name drug patents, increasing global healthcare costs, and the rising prevalence of chronic diseases. Despite challenges from intermediary practices, the market's expansion, particularly in regions like Asia Pacific, and strategic initiatives by key players underscore a robust growth trajectory.

𝐓𝐨 𝐆𝐞𝐭 𝐌𝐨𝐫𝐞: https://www.maximizemarketresearch.com/market-report/global-generic-drugs-market/25900/

Global Generic Drugs Market Scope:

𝐁𝐚𝐬𝐞 𝐘𝐞𝐚𝐫: 2023
𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐏𝐞𝐫𝐢𝐨𝐝: 2024-2030
𝐇𝐢𝐬𝐭𝐨𝐫𝐢𝐜𝐚𝐥 𝐃𝐚𝐭𝐚: 2018 𝐭𝐨 2023
𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 𝐢𝐧 2023: 𝐔𝐒𝐃 431.15 𝐁𝐢𝐥𝐥𝐢𝐨𝐧
𝐂𝐀𝐆𝐑: 5.22%
𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 𝐢𝐧 2030: 𝐔𝐒𝐃 615.72 𝐁𝐢𝐥𝐥𝐢𝐨𝐧

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝:

• 𝐁𝐲 𝐏𝐫𝐨𝐝𝐮𝐜𝐭: Simple Generics, Super Generics, Biosimilars
• 𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Cardiovascular Products, Anti-Infective Drugs, Anti-Arthritis Drugs, Central Nervous System Drugs, Anti-Cancer Drugs, Respiratory Products, Others
• 𝐁𝐲 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥: Hospitals, Pharmacies, Private Clinics, Drug Stores, Retail Pharmacies, Others

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

• Asia Pacific: China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, Rest of APAC
• Europe: UK, France, Germany, Italy, Spain, Sweden, Austria, Rest of Europe
• North America: United States, Canada, Mexico
• Middle East and Africa: South Africa, GCC, Egypt, Nigeria, Rest of ME&A
• South America: Brazil, Argentina, Rest of South America

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚: Mylan N.V., Par Pharmaceuticals, Pfizer, Baxter International Inc., Eli Lilly and Company, Abbott Laboratories, Apotex Inc., Apotex Corp.
𝐄𝐮𝐫𝐨𝐩𝐞: Endo Pharmaceuticals, Teva Pharmaceutical Industries Ltd, STADA Arzneimittel AG, GlaxoSmithKline Plc., Novartis International AG
𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜: Sun Pharma, Lupin Pharmaceuticals, Dr Reddy's, ASKA Pharmaceutical Co., Ltd., Taisho Pharmaceutical Holdings Co Ltd, Aurobindo Pharma Limited, Hikma Pharmaceuticals PLC, Torrent Pharmaceuticals Ltd

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