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Generic Pharmaceuticals Market Key Trends And Strategies For Expansion 2024-2033
Generic Pharmaceuticals Market Key Trends
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According to The Business Research Company's, The generic pharmaceuticals market size has grown strongly in recent years. It will grow from $381 billion in 2023 to $402.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to rise in healthcare awareness and expenditure, patent expiration of drugs, increased prevalence of respiratory diseases, changes in lifestyles, increased number of surgical procedures, strong economic growth in emerging markets, increase in insurance coverage, rapid growth in elderly population, increased number of approvals..
The generic pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $514.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing rising incidence of chronic diseases, rising regulators support, new methods for drug discovery, new methods for drug delivery and monitoring, rise in healthcare expenditure, increasing geriatric population, and major drug patents. . Major trends in the forecast period include increasing use of 3d printing, adopting the use of artificial intelligence (ai), using biomarkers for drug development, collaborations for driving innovation, combination drug therapy, modification of existing epilepsy drugs, and rise of generic respiratory drugs..
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Market Drivers and Trends:
The rising incidence of chronic diseases is one of the major drivers of the generic pharmaceuticals market. As more individuals are diagnosed with chronic diseases, they look for more medicines for treatment. Branded drugs come at a premium price, while generic drugs are available at a lower cost and have the same chemical composition as branded drugs. The low cost and same chemical composition and strength of generic drugs make a patient buy generic drugs instead of branded drugs. If it is a chronic disease, the treatment goes on for a longer period, and hence, the sales of generic drugs also increase. For instance, according to the WHO (World Health Organization), over the next 10 years, the number of deaths due to chronic disease is projected to increase by 17%.
3D printing technology can transform the manufacturing of drugs in the generic pharmaceuticals market. 3D printed pharmaceuticals help improve R&D productivity and deliver new benefits to patients. 3D printing allows the manufacturer to produce drugs with customised size, shape, and texture, which is not possible in traditional manufacturing of generic drugs. 3D printing can help the manufacturer to make generic drugs that have different release dates, appearances, and tastes. For example, GlaxoSmithKline (GSK) completed a study where ultraviolet (UV) and 3D printing were used to manufacture tablets to treat Parkinson's disease. Martin Wallace, director of GSK Technology, said that GSK is investing in 3D printing to manufacture pills and tablets. Also, Aprecia pharmaceutical company launched 'ZipDose' technology, which manufactures 3D printed drugs.
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Major Key Players of the Market:
UniQure NV, REGENXBIO Inc., Bristol-Myers Squibb, BioMarin Pharmaceuticals Inc., Jazz Pharmaceuticals Inc., Biocon, Cipla, EdiGene Inc, Takeda Pharmaceutical, Daiichi Sankyo Company, Mitsubishi Tanabe Pharma, Merck, GE Healthcare, Lonza, Pfizer, Cellular Biomedicine Group, GenScript, Albumedix Ltd, Catalent, Freeline Therapeutics, DiNAQOR AG, Vivet Therapeutics, Allergan, Amgen, Biocad, Celgene Corporation, Johnson & Johnson, Eli Lilly and Company, AstraZeneca, Bayer AG, Juno Therapeutics, Allogene Therapeutics, Bluebird Bio, Regen BioPharma, Bellicum, Biotchpharma, BrainStorm Cell Therapeutics, Pluristem, Sanofi
Generic Pharmaceuticals Market 2024 Key Insights:
• The generic pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $514.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Incidence Of Chronic Diseases Driving The Generic Pharmaceuticals Market
• Revolutionizing Generic Pharmaceuticals Manufacturing With 3D Printing Technology
• North America was the largest region in the generic pharmaceuticals market in 2023
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