Visiongain has published a new report Generic Drugs Market Report 2024-2034: Forecasts by Type (Simple Generics, Specialty Generics, Biosimilars), by Prescription Type (Prescription Generics, Over-the-Counter (OTC) Generics)), by Indication (Central Nervous System (CNS), Oncology, Infectious Diseases, Cardiovascular Diseases, Gastrointestinal Diseases, Musculoskeletal Diseases, Others), by Drug Class (Antibiotics, Antihistamines, Analgesics, Antihypertensive, Antidiabetic, Antipyretic, Others), by Route of Administration (Oral, Parenteral, Topical, and Others), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The Generic Drugs market is estimated at US$450.7 billion in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period 2024-2034.
Rise in Geriatric Population Driving Industry Growth
The surge in the geriatric population is set to significantly propel the growth of the generic drugs market. With a demographic shift towards an aging society, there is a corresponding increase in the prevalence of chronic diseases and age-related health conditions. The elderly demographic often requires long-term medication for various ailments, creating a heightened demand for cost-effective pharmaceutical solutions. Generic drugs, known for their affordability and bioequivalence to brand-name counterparts, emerge as a critical and accessible option for the aging population. As governments and healthcare systems globally grapple with the economic challenges associated with an elderly population, there is a growing emphasis on cost-effective healthcare solutions. Generic drugs, being more economical than their brand-name counterparts, are poised to witness a surge in demand as a preferred choice for medication among the elderly. The rise in the geriatric population not only signifies an increased need for pharmaceutical interventions but also positions the generic drugs market as an essential player in addressing the healthcare requirements of an aging demographic, driving sustained growth in the forecast period.
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How has COVID-19 had a Significant Impact on the Generic Drugs Market?
COVID-19 significantly impacted the generic drugs market in a rollercoaster ride. Initial panic buying and increased healthcare needs triggered a demand surge, leading to shortages and price hikes. However, global lockdowns disrupted supply chains, causing raw material shortages and production slowdowns. Governments prioritized urgent needs, streamlining approvals but raising quality control concerns.
While some generics remained affordable, others saw price increases due to these factors. Ultimately, COVID-19 exposed vulnerabilities in the market, highlighting the need for robust supply chains, transparent regulations, and international collaboration to ensure sustainable access to affordable and quality medications in the future.
How will this Report Benefit you?
Visiongain’s 357-page report provides 133 tables, 223 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global Generic Drugs Market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for generic drugs. Get financial analysis of the overall market and different segments including mode of delivery, clinical trial phase, therapeutic area, and end users, company size and capture higher market share. We believe that there are strong opportunities in this fast-growing Generic Drugs Market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Government Initiatives to Promote Generic Drugs
The forecast period anticipates a substantial boost in the generic drugs market, attributed to the rising government initiatives aimed at promoting the use of generic medications. Governments across the globe are increasingly recognizing the economic and public health benefits associated with generic drugs, leading to the implementation of policies and programs to encourage their adoption. Initiatives such as promoting generic substitution, incentivizing healthcare providers to prescribe generics, and raising awareness among both healthcare professionals and the general public about the efficacy and cost-effectiveness of generic drugs are becoming prevalent. In many regions, stringent measures are being employed to streamline the approval process for generic drugs, ensuring faster market entry and increased competition.
Additionally, governments are negotiating favorable pricing agreements with generic drug manufacturers to make these medications more affordable for a larger population. These proactive measures are expected to drive a shift towards generic drugs, fostering market growth as they become integral components of national healthcare strategies. As governments continue to prioritize the promotion of generic drugs, their increased accessibility and affordability are poised to contribute significantly to the expansion of the generic drugs market in the forecast period.
Rise in Chronic Diseases
The forecast period is anticipated to witness a substantial boost in the generic drugs market, largely propelled by the escalating prevalence of chronic diseases worldwide. As the global burden of chronic conditions such as cardiovascular diseases, diabetes, and respiratory disorders continue to rise, there is an increasing demand for cost-effective and sustainable treatment options. Generic drugs, renowned for their therapeutic equivalence to brand-name counterparts and more affordable pricing, emerge as a critical solution to address the therapeutic needs of patients with chronic illnesses. Governments, healthcare providers, and insurers are recognizing the economic advantages of promoting generic drug usage to manage chronic diseases effectively.
As healthcare systems strive to manage the economic implications of the surge in chronic diseases, the generic drugs market is poised to play a pivotal role in providing accessible and cost-effective treatment options, thus driving significant growth in the forecast period.
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Where are the Market Opportunities?
Patent Expiration of Blockbuster Drugs
The patent expiration of several blockbuster drugs in this decade presents a significant opportunity for the generic drugs market. As these patents expire, generic drug manufacturers gain the ability to produce and distribute more affordable alternatives, leading to increased competition within the pharmaceutical landscape. This heightened competition not only provides cost-effective options for patients but also contributes to healthcare system sustainability. Generic versions of previously exclusive medications can rapidly enter the market, offering patients access to equally effective treatments at a fraction of the cost. This trend is expected to drive market growth as generic drug manufacturers leverage the patent cliff to expand their product portfolios, capitalize on market gaps, and contribute to a more accessible and competitive pharmaceutical landscape.
Growth of Biologics and Biosimilars
The growth of biologics and biosimilars presents a significant opportunity for the generic drugs market. As the market for biologic therapies expands, the development and approval of biosimilars offer a pathway for generic manufacturers to enter this lucrative space. Biosimilars, being highly similar versions of existing biologic drugs, provide a cost-effective alternative while maintaining comparable efficacy. This trend fosters competition, potentially reducing the overall cost burden on healthcare systems and increasing patient access to critical treatments. Generic drug manufacturers are strategically positioning themselves to capitalize on the growing demand for biosimilars, leveraging their expertise in cost-effective production. As more biologics lose exclusivity, the generic drugs market is poised to play a pivotal role in ensuring broader accessibility to these advanced therapies, thus driving market growth in the coming years.
Competitive Landscape
The major players operating in the Generic Drugs Market are 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., and Viatris Inc. among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 21st November 2023, Sandoz launched Hyrimoz (adalimumab) citrate-free high concentration formulation (HCF; 100 mg/mL) in Europe.
- On 29th October 2022, Viatris acquired AET Pharma, gaining an established Swiss generic drug portfolio and distribution network.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
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