Dublin, July 01, 2024 (GLOBE NEWSWIRE) -- The "Generic Drugs Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.
Overall world revenue for Generic Drugs Market, 2024 to 2034 in terms of value the market will surpass US$450.0 billion in 2024, the work calculates. The publisher predicts strong revenue growth through to 2034
This report will prove invaluable to leading firms striving for new revenue pockets if they wish to better understand the industry and its underlying dynamics. It will be useful for companies that would like to expand into different industries or to expand their existing operations in a new region.
Rising Geriatric Population and Cost Affordability of Generic Drugs Projected to Boost Industry Growth
The generic drugs market is expected to be significantly driven by key factors such as the rising geriatric population and the cost affordability and effectiveness of generic medications. As the global demographic structure shifts towards an aging population, the prevalence of chronic diseases increases, necessitating long-term treatments. Generic drugs, known for their therapeutic equivalence to brand-name counterparts and cost-effectiveness, emerge as crucial solutions to meet the healthcare needs of the elderly.
The affordability of generic drugs aligns with the economic constraints often faced by seniors, fostering widespread adoption. Governments and healthcare systems, recognizing the financial advantages and accessibility benefits of generic drugs, are likely to support policies and initiatives that further propel market growth. The combination of a growing elderly population seeking affordable treatments and the proven effectiveness of generic drugs positions this market to play a pivotal role in addressing healthcare challenges and ensuring broader access to essential medications.
Adverse Effects Associated with Drugs Likely to Challenge Market Growth
Adverse effects associated with drugs are anticipated to pose a substantial challenge for the generic drugs market. While generic medications aim to replicate the therapeutic effects of their brand-name counterparts, the one-size-fits-all approach may not adequately address individual variations in patient response.
This lack of individualized formulations raises concerns about potential adverse reactions, as patients may experience side effects or inadequate therapeutic responses. Variability in bioavailability among generic drugs further complicates the scenario, potentially leading to variations in drug concentration levels and subsequent adverse effects. Moreover, differences in inactive ingredients between generic and brand-name drugs may impact tolerability, especially for individuals with allergies or sensitivities, creating a need for standardized formulations.
The limited post-market surveillance for generic drugs compared to brand-name counterparts raises challenges in timely identification and management of adverse effects, impacting consumer confidence. Addressing these adverse effects associated with generic drugs requires enhanced regulatory measures, rigorous quality control, and a focus on individualized medicine to ensure the sustained growth and success of the generic drugs market.
What Questions Should You Ask before Buying a Market Research Report?
- How is the generic drugs market evolving?
- What is driving and restraining the generic drugs market?
- How will each generic drugs submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
- How will the market shares for each generic drugs submarket develop from 2024 to 2034?
- What will be the main driver for the overall market from 2024 to 2034?
- Will leading generic drugs markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
- How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
- Who are the leading players and what are their prospects over the forecast period?
- How will the industry evolve during the period between 2024 and 2034? What are the implications of generic drugs projects taking place now and over the next 10 years?
- Is there a greater need for product commercialisation to further scale the generic drugs market?
- Where is the generic drugs market heading and how can you ensure you are at the forefront of the market?
- What are the best investment options for new product and service lines?
- What are the key prospects for moving companies into a new growth path and C-suite?
Market Dynamics
Market Driving Factors
- Cost Affordability and Effectiveness of Generic Drugs
- Strategic Partnerships among Generic Drugs Manufacturers
- Rise in Geriatric Population
- Rise in Chronic Disorders
- Rising Government Initiative to Promote Generic Drugs
Market Restraining Factors
- Stringent Government Regulations
- Brand Loyalty
- Intellectual Property Lawsuits and Patent Disputes
- Adverse Effects Associated with the Drugs
Market Opportunities
- Patent Expiration of Blockbuster Drugs in this Decade
- Growth of Biologics and Biosimilars
COVID-19 Impact Analysis
PEST Analysis
Leading companies and the potential for market growth
- Alkem Laboratories Ltd.
- Amneal Pharmaceuticals LLC
- Aurobindo Pharma
- Biocon
- Cipla Inc.
- Dr. Reddy's Laboratories Ltd.
- Endo International plc
- Lupin
- Novartis AG
- Sun Pharmaceuticals Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Torrent Pharmaceuticals Ltd.
- Viatris Inc.
Segments Covered in the Report
Type
- Simple Generics
- Specialty Generics
- Biosimilars
Route of Administration
- Oral
- Parenteral
- Topical
- Others
Indication
- Central Nervous System (CNS)
- Oncology
- Infectious Diseases
- Cardiovascular Diseases
- Gastrointestinal Diseases
- Musculoskeletal Diseases
- Others
Drug Class
- Antibiotics
- Antihistamines
- Analgesics
- Antihypertensive
- Antidiabetic
- Antipyretic
- Others
Prescription Type
- Prescription Generics
- Over-the-Counter (OTC) Generics
Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Others
For more information about this report visit https://www.researchandmarkets.com/r/6eqjtx
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