Generic Drugs Market : Key Finding, Revenue and Forecast by 2030

Generic Drugs Market Overview

Generic drugs are pharmaceutical products designed to be equivalent in dosage, strength, administration route, quality, and intended use to their brand-name counterparts, but they are typically sold at a lower cost. This affordability is driving the expansion of the generic drugs market, particularly as patents for brand-name drugs expire, making room for more cost-effective alternatives. The growing global burden of healthcare costs is also pushing for an increased reliance on generics. Additionally, the market is being fueled by the rising number of elderly individuals, who are more likely to suffer from chronic conditions such as cardiovascular diseases, diabetes, and respiratory disorders, thus necessitating ongoing medication.

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Generic Drugs Market Scope and Methodology:

The report takes into account two major pieces of information: descriptive analysis and SWOT analysis. This study seeks to compile thorough market statistics on the Generic Drugs topic. There are two data collection methods: surveys and questionnaires. After acquiring data, mathematical, statistical, and numerical approaches are used to analyse it. Data collection and compilation are critical for tracking market changes using qualitative and quantitative research methodologies.

Driving Forces Behind the Generic Drugs Market

The global dynamics of the generic drugs market are comprehensively analyzed in the Maximize Market Research (MMR) report, which helps readers understand the emerging trends, key drivers, restraints, opportunities, and challenges at both global and regional levels.

One of the most significant drivers is the increasing prevalence of chronic diseases. As more individuals are diagnosed with chronic conditions, the demand for long-term treatment options grows. Generic drugs offer a more affordable alternative to branded medications without compromising on efficacy. Patients often prefer generics due to their lower cost and identical chemical composition and strength. For those dealing with chronic illnesses requiring prolonged treatment, this preference leads to a surge in the sales of generic drugs. The World Health Organization (WHO) anticipates a 17% increase in chronic disease-related deaths over the next decade, underscoring the growing need for cost-effective treatment options.

However, despite the cost advantages of generic drugs, patients are not always benefiting from the full savings due to the involvement of intermediary entities such as pharmacy benefit managers (PBMs) and insurers. These intermediaries often engage in practices that inflate costs, such as spread pricing and profit-driven formulary designs. As a result, consumers may end up overpaying for generic drugs, which could hinder the market’s growth potential.

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Generic Drugs Market Segmentation

by Product

Simple Generics
Super Generics
Biosimilars

The generic drugs market is segmented into Simple Generics, Super Generics, and Biosimilars. In 2023, the Super Generics segment dominated the market, accounting for nearly 38% of the market share. Super generics, also known as value-added generics or hybrids, differ from their original counterparts in composition or distribution technique. Biosimilars, while similar to generics in clinical impact, require more advanced validation technologies to ensure they closely match the original branded medication. As the development of biosimilars focuses on more complex proteins, the costs and sophistication of manufacturing increase, driving the market forward.

by Application

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

In terms of application, the generic drugs market is segmented into various categories, including Cardiovascular Products, Anti-Infective Drugs, Anti-Arthritis Drugs, Central Nervous System Drugs, Anti-Cancer Drugs, Respiratory Products, and others. The Central Nervous System Drugs segment held the largest market share in 2023. Factors such as increased awareness of mental health, greater social acceptance of mental health issues, and improved access to healthcare are driving the growth of this segment. The affordability and availability of generic drugs are also significant contributors to market growth, particularly in the treatment of central nervous system disorders.

by Distribution Channel

Hospitals
Pharmacies
Private Clinics
Drug Stores
Retail Pharmacies
Others

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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)

Generic Drugs Market Regional Insights

North America led the generic drugs market in 2023, holding a 33.21% share. The high revenue in this region can be attributed to the presence of numerous market players and a strong focus on introducing new products. In the United States, the prescription pattern is heavily dominated by branded generic pharmaceuticals, contributing to the market’s growth.

The Asia Pacific region is expected to experience the highest growth rate, with a CAGR of 6.42% during the forecast period. The region’s lower manufacturing costs and highly skilled workforce are key factors driving this growth. India, for example, has the second-largest number of FDA-approved generic drug manufacturing plants outside of the United States. Additionally, India’s production costs are significantly lower, making generic drugs more accessible. Countries like India and China are playing a crucial role in the expansion of the generic drugs market, particularly as they focus on procuring affordable medications, even from non-traditional sources.

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Key questions answered in the Generic Drugs Market are:

What is Generic Drugs?
What is the growth rate of the Generic Drugs Market?
What are the upcoming opportunities and trends for the Generic Drugs Market?
What are the different segments of the Generic Drugs Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Generic Drugs Market?
What segments are covered in the Generic Drugs Market?
Which are the factors expected to drive the Generic Drugs Market growth?
What growth strategies are the players considering to increase their presence in Generic Drugs?
Who are the leading companies and what are their portfolios in Generic Drugs Market?

Key Offerings:

Market Size, Share, Size & Forecast by different segment
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

About Maximize Market Research:

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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