Dublin, March 20, 2023 (GLOBE NEWSWIRE) -- The "Generic Pharmaceuticals Market Size, Share & Trends Analysis Report By Type (Simple Generics, Specialty Generics, Biosimilars), By Route Of Administration, By Product, By Application, By Distribution Channel, By Region And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global generic pharmaceuticals market is expected to reach over USD 682.9 billion expanding at a CAGR of 8.3% from 2023 to 2030.
Companies Mentioned
- Teva Pharmaceutical Industries Ltd
- Viatris Inc.
- Sun Pharmaceutical Industries Ltd.
- LUPIN
- Novartis AG
- Allergan
- AstraZeneca
- Sawai Pharmaceutical Co., Ltd.
- Hikma Pharmaceuticals PLC
- Dr. Reddy's Laboratories Ltd.
- Cipla Inc.
- Sanofi
- Aurobindo Pharma
- Endo International plc
The growth of the generic pharmaceuticals market is largely attributable to the expiry of product patents which clears the way for generic drugs and biosimilar manufacturers to launch products in the market.
For instance, in July 2020, Teva Pharmaceutical Industries Ltd. entered into a joint venture with Takeda Pharmaceutical Company Limited aimed to manufacture and commercialize specialty assets, complex generic drugs, and other pipeline opportunities. This joint venture was anticipated to drive the generic pharmaceuticals market.
Furthermore, increasing government initiatives to promote generic drug products for reducing the overall healthcare expenditure on pharmaceuticals and the patent expiry of major products. For instance, the Therapeutic Goods Administration (TGA) Australia aims to offer affordable, efficient, high-quality, and accessible generic drugs to citizens for their treatment.
In support of generic drugs, the TGA has been trying to reduce regulatory and reimbursement burdens such as changing the landscape of generic drugs and reducing barriers through international collaboration with manufacturers to launch their generic drugs in the market. Such initiatives of the Australian government open new avenues in the market.
In the U.S., every year millions of Americans use a generic drug for their treatment, hence, generic drugs remain the best bargain in the health care insurance programs, and given the recent enactment of healthcare reform legislation such as the introduction of the Patient Protection and Affordable Health Care Act. P.L. 111-148.
Under this act, prescription drug coverage is mandated by the government as part of these new health insurance plans. The introduction of such policies may improve the quality and efficiency of healthcare, thereby, driving market growth.
The rising disease burden of infectious & non-infectious diseases coupled with the increasing geriatric population which is prone to chronic diseases such as diabetes, and hypertension, among others, may positively affect the market growth.
According to an article published, in September 2022, around 17.9 million general population suffer from cardiovascular diseases (CVD) every year worldwide. Diseases including TB, diabetes, cardiovascular diseases, and HIV were among the major causes of death. The increasing incidence and prevalence of these diseases is expected to drive the market.
Generic Pharmaceuticals Market Report Highlights
- The small molecule segment by type held the largest share of 91.2% in 2022 and the large molecule segment is expected to grow at the fastest rate. The increasing approval and uptake of biosimilars is expected to drive the growth of the large molecule segment.
- Based on the route of administration, the injectable segment is the fastest-growing segment due to the rising approval for biosimilar drugs.
- By application, cardiovascular diseases dominated the market with a share of 18.27% in 2022, owing to the highest prescription rate of generic statins coupled with a high disease burden.
- Specialty generics are expected to grow moderately due to increasing investments and the focus of pharmaceutical companies to develop value-added products. In 2019, the U.S. FDA approved 110 complex generics.
- Based on distribution channel, the retail pharmacy segment dominated the market space in 2022. Retail pharmacy chains across the world are investing in advanced technologies and undertaking new initiatives to improve sales and attract more customers.
- North America held the majority share in 2022. Favorable government initiatives coupled with an evolving reimbursement landscape for pharmaceutical products support continual growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 220 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $361.7 Billion |
| Forecasted Market Value (USD) by 2030 | $682.9 Billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Penetration and Growth Prospect Mapping
3.2 Regulatory Landscape
3.3 SWOT Analysis, By Factor (Political & Legal, Economic, and Technological)
3.4 Porter's Five Forces Analysis
3.5 User Perspective Analysis
3.6 Generic Pharmaceuticals Market Dynamics
3.6.1 Market Driver Analysis
3.6.1.1 Patent expiry of biologics and small molecules
3.6.1.2 Increasing ANDA approval and Generic Product Launches
3.6.1.3 Government initiatives to promote usage of generics
3.6.1.4 Increasing Disease Burden and Rising Geriatric Population
3.6.2 Market Restraint Analysis
3.6.2.1 Pricing Pressures
Chapter 4 Generic Pharmaceuticals Market - Segment Analysis, By Type, 2018 - 2030 (USD Billion)
4.1 Generic Pharmaceuticals Market: Type Movement Analysis
4.2 Simple Generics
4.2.1 Simple Generics Market Estimates and Forecast, 2018 - 2030 (USD Billion)
4.3 Specialty Generics
4.3.1 Specialty Generics Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.4 Biosimilars
4.4.1 Biosimilars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 5 Generic Pharmaceuticals Market - Segment Analysis, By Application, 2018 - 2030 (USD Billion)
5.1 Generic Pharmaceuticals Market: Application Movement Analysis
5.2 Central Nervous System Disorders
5.2.1 Central Nervous System Disorders Market Estimates and Forecast, 2018 - 2030 (USD Billion)
5.3 Respiratory Diseases
5.3.1 Respiratory Diseases Market Estimates and Forecast, 2018 - 2030 (USD Billion)
5.4 Hormones and Related Diseases
5.4.1 Hormones and Related Diseases Market Estimates and Forecast, 2018 - 2030 (USD Billion)
5.5 Gastrointestinal Diseases
5.5.1 Gastrointestinal Diseases Market Estimates and Forecast, 2018 - 2030 (USD Billion)
5.6 Cardiovascular Diseases
5.6.1 Cardiovascular Diseases Market Estimates and Forecast, 2018 - 2030 (USD Billion)
5.7 Infectious Diseases
5.7.1 Infectious Diseases Market Estimates and Forecast, 2018 - 2030 (USD Billion)
5.8 Cancer
5.8.1 Cancer Market Estimates and Forecast, 2018 - 2030 (USD Billion)
5.9 Diabetes
5.9.1 Diabetes Market Estimates and Forecast, 2018 - 2030 (USD Billion)
5.10 Others
5.10.1 Others Market Estimates and Forecast, 2018 - 2030 (USD Billion)
Chapter 6 Generic Pharmaceuticals Market - Segment Analysis, By Product, 2018 - 2030 (USD Billion)
6.1 Generic Pharmaceuticals Market: Product Movement Analysis
6.2 Small Molecule
6.2.1 Small Molecule Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.3 Large Molecule
6.3.1 Large molecule Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 7 Generic Pharmaceuticals Market - Segment Analysis, By Route of Administration, 2018 - 2030 (USD Billion)
7.1 Generic Pharmaceuticals Market: Route of Administration Movement Analysis
7.2 Oral
7.2.1 Oral Market Estimates and Forecast, 2018 - 2030 (USD Billion)
7.3 Injectable
7.3.1 Injectable Market Estimates and Forecast, 2018 - 2030 (USD Billion)
7.4 Inhalable
7.4.1 Inhalable Market Estimates and Forecast, 2018 - 2030 (USD Billion)
7.5 Others
7.5.1 Others Market Estimates and Forecast, 2018 - 2030 (USD Billion)
Chapter 8 Generic Pharmaceuticals Market - Segment Analysis, By Distribution Channel, 2018 - 2030 (USD Billion)
8.1 Generic Pharmaceuticals Market: Distribution Channel Movement Analysis
8.2 Hospital Pharmacy
8.2.1 Hospital Pharmacy Market Estimates and Forecast, 2018 - 2030 (USD Billion)
8.3 Retail Pharmacy
8.3.1 Retail Pharmacy Market Estimates and Forecast, 2018 - 2030 (USD Billion)
8.4 Online Pharmacy
8.4.1 Online Pharmacy Market Estimates and Forecast, 2018 - 2030 (USD Billion)
Chapter 9 Generic Pharmaceuticals Market - Segment Analysis, By Region, 2018 - 2030 (USD Billion)
Chapter 10 Generic Pharmaceuticals Market - Competitive Analysis
10.1 Recent Developments & Impact Analysis, by Key Market Participants
10.1.1 New Product Launch
10.1.2 Merger and Acquisition
10.1.3 Licensing Agreements
10.1.4 Conferences and Campaigns
10.2 Company Categorization
10.2.1 Innovators
10.2.2 Market Leaders
10.3 Vendor Landscape
10.3.1 List of key distributors and channel partners
10.3.2 Key customers
10.4 Public Companies
10.4.1 Key company market share analysis, 2022
10.4.2 Company market position analysis
10.4.3 Heat map analysis
10.4.4 Competitive Dashboard Analysis
10.4.4.1 Market Differentiators
10.5 Private Companies
10.5.1 List of key emerging companies
10.5.2 Regional Network Map
10.6 Company Profile
For more information about this report visit https://www.researchandmarkets.com/r/rxyw0k
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