Generic Drugs Market Size to Surpass Around US$ 574.63 Bn by 2030

Ottawa, Nov. 09, 2021 (GLOBE NEWSWIRE) -- As per the new study report published by Precedence Research, titled, “Generic Drugs Market by Drug Type, Brand, Route of Drug Administration, Therapeutic application and distribution channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” increasing prevalence of chronic diseases especially the cardiovascular disorders have propelled the demand for generic drugs market.

Generic Drugs smashes the drug industry market with record growth and sustainable market trend making it a lucrative area to operate in.

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A generic drug comprises the same chemical substance as a drug that was previously protected by a chemical patent. After the patents on the original pharmaceuticals expire, generic drugs can be sold. The medical profile of generics is thought to be equal in performance because the active chemical ingredient is the same. Generic medicine contains the same active pharmaceutical ingredient (API) as the brand-name drug, but it may change in terms of manufacturing technique, formulation, excipients, color, taste, and packaging. The cost effectiveness of generic drugs has contributed for a competitive advantage over the branded drugs is the prime factor adding boost to the market growth.

Crucial factors accountable for market growth are:

• The low cost of generics as an alternative to branded drugs
• A large number of patents expired branded drugs
• Initiatives by governments and other regulatory bodies across the globe
  
  

Patent expiry of branded drugs to open up novel avenues for generic drug players to penetrate in the market

The patent expiry of branded drugs is continuously increasing providing huge potential opportunities in the drugs market. The manufacturers of generic drugs have persistently focused on development and launch of different innovative medication as well as formulation such as biosimilars that is adding traction to the market growth. Additionally, the government initiatives to promote manufacturing of generic drugs against fatal chronic diseases have further propelled the market growth in emerging economiesspecifically. Furthermore, the growing ageing populations across the globe, who are more prone to various diseases have added fuel to the market growth.

Global Generic Drugs Market Size and Estimations, By Brand, 2021-2027 (USD Billion)

Oral generics seeking advantage owing to its most prevalent way of drug administration

The key advantages associated with oral generics such as the comfort of drug administration via the oral route, patient preference, cost-effectiveness, and ease of large-scale manufacture of oral dosage forms, oral medication is the most prevalent way of drug administration. Approximately 65 percent of commercially available generic medication medicines are taken orally. Oral formulations account for around 90% of the global market share of all pharmaceutical formulations intended for human use, according to current estimates. Orally administered pharmaceuticals account for about 84 percent of the top-selling pharmaceuticals. They are the key contributor for the market growth owing to the favored as well as cheap option. Also, they are patient-friendly, especially in the geriatric and pediatric populations, and are comparatively easy to create in comparison to their big molecule rivals.

KEY HIGHLIGHTS OF THE STUDY

• The oral segment of route of administration is estimated to grow at the remarkable rate and accounted the largest share throughout the study period.
• Branded generics dominate the generic drugs market in 2020, however pure generics is anticipated to surpass branded generics by 2027.
• Asia Pacific region is projected to grow at the fastest CAGR during the forecast period owing to the rapid penetration of local players in the market.
• North America dominated the generic drugsmarket and is projected to retain its trend throughout the forecast period.
• Cardiovascular of the therapeutic application segment exhibited major revenue share in the year 2020, whereas, oncology segment poised to grow at the fastest rate during the foresee future.
• Retail pharmacy holds the leading position in distribution channel segment; however, online distribution is growing at the significant pace during the forecast period.

Asia Pacific region to gain traction in global generic drugs market owing to the lower manufacturing cost and high skilled workforce

Asia Pacific is expected to show a significant traction in the market over the forecast period. This is attributed to lower manufacturing costs and high skilled workforce in the Asian countries. According to India Brand Equity Foundation, India has the second largest number of U.S. FDA manufacturing plants outside the U.S. that are involved in generic drugs manufacturing. Additionally, the cost of manufacturing is 33% lower in India than that in the U.S., increasing accessibility to generics in these countries.

Global Generic Drugs Market Size and Estimations, By Region, 2021-2027 (USD Billion)

Asia-Pacific has placed a strong emphasis on boosting medicine procurement at more inexpensive prices, even if this necessitates buying from non-traditional sources, with a historically low rate of generic drug use. Therefore, emerging nations such as India and China is supplementing the growth of generics market.

In 2019, generic and biosimilar pharmaceuticals saved the US healthcare system $313 billion, including $96 billion in Medicare savings and $48.5 billion in Medicaid savings. Generics fill 90% of prescriptions in the United States for only 20% of the cost, at a time when access to reliable, inexpensive, and high-quality prescription medication is more critical than ever. In 2019, the average generic primary copay was $6.97 versus average primary copay for brand-name drugs of $56.32. These supporting factors are expected to drive generic drug sales over the next few years.

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Market Competitiveness and Business Outlook

The global generic drugs market is fragmented owing to the presence of several large and small scale firms spread across the globe. The leading players in the market are adopting novel strategies to gain market attractiveness.The report provides an extensive competitive analysis and profiles of the key market players, such as Mylan N.V., Abbott Laboratories, ALLERGAN, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, STADA Arzneimittel AG, GlaxoSmithKline Plc., Baxter International Inc., Pfizer Inc., Sandoz International GmbH and others. Theother players operating in the value chain are AurbindoPharma, Sun Pharmaceutical Industries Ltd., Aspen Pharmacare, Fresenius Kabi Ag, Lupin, Novartis, Glenmark, Sawai, PiramalPharma Solutions, Hikma, Cipla, Dr. Reddy’s, Endo, Stada and Mallinckrod among others.

Major Market Segments Covered:

By Drug Type

• Simple Generics
  • Super Generics

By Brand

• Pure generic drugs
  • Branded generic drugs

By Route of Drug Administration

• Oral
  • Topical
  • Parental
  • Others

By Therapeutic Application

• Central nervous system (CNS)
• Cardiovascular
• Dermatology
• Oncology
• Respiratory
• Others

Key Distribution Channel

• Hospitals Pharmacies
• Retail Pharmacies
• Others
  
  

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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