Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Generic Drugs Market- Global Industry Size, Share, Trends, Opportunity and Forecast, 2018-2028F By Type (Small Molecule Generics vs Biosimilars), By Application, By Drug Delivery, By Form, By Source, By Distribution Channel, By Region and Competition" report has been added to ResearchAndMarkets.com's offering.
The Generic Drugs market was valued at USD 416.06 billion in 2022 and is expected to grow at a CAGR of 6.51% during the forecast period, driven by the rising demand for generic drugs.
Key Drivers of Market Growth
- Increasing Prevalence of Chronic Diseases: The global prevalence of chronic diseases, such as diabetes, cancer, and cardiovascular diseases, is rapidly increasing, leading to a growing demand for affordable and effective treatments. Patients are increasingly opting for generic drugs due to their cost savings and comparable efficacy to branded drugs. The aging population and unhealthy lifestyle choices are also contributing to the rise in chronic diseases, further fueling the demand for generic drugs.
- Patent Expiration of Branded Drugs: The expiration of patents for branded drugs creates opportunities for generic drug manufacturers to produce and sell lower-cost versions of these drugs. This increased competition drives down prices and makes medications more accessible to patients, boosting the growth of the generic drugs market.
- Growing Demand for Low-Cost Drugs: Low-cost generic drugs are more affordable for patients, reduce the financial burden on healthcare systems, and encourage innovation in the pharmaceutical industry. As consumers become more cost-conscious and aware of the efficacy of generic drugs, the demand for these medications is expected to increase.
Challenges Hindering Market Growth
- Ensuring Quality: One of the significant challenges faced by the global generic drugs market is ensuring the quality of generic drugs is on par with branded drugs. Maintaining consistent quality and efficacy is crucial to gain consumer trust and drive market growth.
- Regulatory Hurdles and Pricing Pressures: The approval process for generic drugs involves regulatory hurdles, which can delay market entry. Additionally, pricing pressures and competition may impact profit margins for generic drug manufacturers.
- Patent Litigation: Patent disputes and legal challenges from brand-name manufacturers can delay the launch of generic drugs, hampering market growth.
Market Segmentation
The global generic drugs market is segmented based on various factors, including:
- Type: Small Molecule Generics and Biosimilars
- Application: Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, and Others
- Drug Delivery: Oral, Topical, Parenteral, and Others
- Form: Tablets, Capsules, Injections, and Others
- Source: In House and Contract Manufacturing Organizations
- Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others
Key Market Players
The report identifies key players operating in the global generic drugs market, including:
- Teva Pharmaceutical Industries Ltd
- Sandoz International GmbH (Novartis AG)
- Viatris Inc.
- Sun Pharmaceutical Industries Ltd.
- Fresenius Kabi AG
- STADA Arzneimittel AG
- Aurobindo Pharma Limited
- Dr. Reddy's Laboratories Ltd
- Cipla Ltd
- Novo Nordisk A/S
- Abbott Laboratories Inc.
- Endo Pharmaceuticals Inc.
- Sanofi SA
- Aspen Pharmacare Holdings Limited
- Lupin Limited
- and others.
Market Outlook
The global generic drugs market is expected to witness significant growth during the forecast period due to increasing demand, patent expirations of branded drugs, and efforts to reduce healthcare costs. The report suggests that manufacturers should focus on maintaining the quality of generic drugs, navigating regulatory challenges, and capitalizing on opportunities in emerging markets.
For more information about this report visit https://www.researchandmarkets.com/r/1vhvn3
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