WASHINGTON, June 17, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Generic Drugs Market finds that low prices of generic medicines, the growing use of RPA to ensure regulatory & standards compliance and technological advancement to automate routine are accelerating maximum growth of the Generic Drugs Market in coming years. In addition, increasing usage of high-end process automation systems by the pharmaceutical department in order to conduct Research and Development Research and Development (R&D) activities is the major parameter considered in the growth of the Generic Drugs Market.
The Global Generic Drugs Market revenue is expected to reach a value USD 531.8 Billion in the year 2028.
The Global Market revenue stood at a value USD 392.4 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period; states Vantage Market Research, in a report, titled “Generic Drugs Market Size, Share & Trends Analysis Report 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), by Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver:
Increasing Use of Robotic Process Automation
The increasing use of robotic process automation is expected to fuel the growth of the Global Generic Drugs Market in the years to come. This automation allows key operational companies in the target market to focus more time, attention, and capital on higher-value operations. RPA and other process automation solutions are frequently used by pharmaceutical companies to handle high-volume Research and Development (R&D) and production tasks. In addition, RPA technology is comprised of software that logs into programmes, enters data, and performs measurements. Thus, the use of advanced technology in generic medicine production is expected to fuel the growth of the Generic Drugs Market in the near future.
Increasing Chronic Diseases to Stimulate the Market Growth
Chronic diseases are long-term illnesses caused by a combination of genetic, physiological, environmental, and behavioural factors. The most common NCDs are cardiovascular diseases (heart attacks and strokes), cancers, chronic respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD) and asthma), and diabetes. People of all ages are affected by these diseases globally. Despite their affiliation with older age groups, studies suggest that greater than 15 million NCD-associated fatalities arise between the age group of 30 and 69. Rapid unplanned urbanisation, globalisation of unhealthy lifestyles, and population ageing are all contributing to the rise in NCDs. High blood pressure, high blood glucose, high blood lipids, and obesity are all signs of a poor diet and lack of physical activity. These are referred to as metabolic risk factors, and they can contribute to cardiovascular disease, which is the leading cause of premature death among NCDs. Chronic diseases necessitate long-term treatment, and commercially available medications are extremely expensive for this purpose. As a result, as demand grows, more patients opt for Generic Drugs Market, which in turn, are expected to propel the growth of the Generic Drugs Market in coming days.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Generic Drugs market is predicted to grow at a CAGR of roughly 5.2% during the forecast period.
- The Generic Drugs market was estimated to be worth roughly USD 392.4 Billion in 2021 and is expected to reach USD 531.8 Billion by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Generic Drugs market.
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Segmentation of the Global Generic Drugs Market:
- Brand
- Pure Generic Drugs
- Branded Generic Drugs
- Route of Drug Administration
- Oral
- Topical
- Parental
- Others
- Therapeutic Application
- Central Nervous System (CNS)
- Cardiovascular
- Dermatology
- Oncology
- Respiratory
- Others
- Distribution Channel
- Hospitals Pharmacies
- Retail Pharmacies
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/generic-drugs-market-1660
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the pharmaceuticals industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Generic Drugs Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Holds Largest Market Share
North America held the largest share for the Global Generic Drugs Market in 2021. Chronic diseases are becoming very common in this region and medication is a long process. Thus, many people shifted to Generic Drugs Market over branded drugs because of their low prices. This is the main reason for driving the growth of the Generic Drugs Market in this region.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on "Generic Drugs Market Size, Share & Trends Analysis Report 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), by Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/generic-drugs-market-970956
List of Prominent Players in the Generic Drugs Market:
- 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
Recent Developments:
March 2019: Allergan acquired Envy Medical, a biotechnology company providing dermatology and medical aesthetics solutions
September 2018: Allergan acquired Bonti Endurance Biotech, a biotechnology company based in Orange, California.
February 2018: Allergan has acquired Elastagen a leading player. This is ordered to increase the product portfolio which helps to maintain skin’s elasticity.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Generic Drugs Market?
- How will the Generic Drugs Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Generic Drugs Market?
- What is the Generic Drugs market drivers and restrictions?
- What will be the CAGR and size of the Generic Drugs Market throughout the forecast period?
This market titled “Generic Drugs Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Brand ° Pure Generic Drugs ° Branded Generic Drugs • Route of Drug Administration ° Oral ° Topical ° Parental ° Others • Therapeutic Application ° Central Nervous System (CNS) ° Cardiovascular ° Dermatology ° Oncology ° Respiratory ° Others • Distribution Channel ° Hospitals Pharmacies ° Retail Pharmacies ° Others • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • 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 |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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