The global generic drugs market is estimated at US$xyz billion in 2020 and is projected to reach at a CAGR of xyz% during forecast period 2020-2030 to grow at a market value of US$xyz billion by 2030, taking into account assumptions for V-shaped economic conditions. The increase in healthcare expenditure and a rise in the cost of pharmaceuticals worldwide results in a strained national budget due to which a high proportion of people are not able to access to essential medications. As per the World Health Organization (WHO), approximately 30% of the world’s population lack access to essential medicines. The main factor that hampers access to these medicines is the cost of these pharmaceutical drugs. The robust growth of the pharmaceutical market and increase in the share of total healthcare spending have reignited the age-old debate on how to balance the cost of innovation in drug research and grant universal access to that research.
Reduction in healthcare expenditure by generic medicines has been acknowledged for a long time. Multiple studies have proven that substituting the brand name drugs with cheaper generic medicines can prove to save about 10-90% of the cost spent on the preparation of these medicines. Government initiatives like reimbursement policies have further encouraged the use of generic drugs and this policy has led the adoption of using generic medicines as a substitute over expensive branded original medications by various healthcare systems.
Market Driving Forces
- Emerging market: This factor has a direct link with the growth of the geographical generic drug market. So, with the emergence of new generic markets, the competition for generic drugs is increasing because of which various regions and companies are competing to increase their sales of generic drugs in the market.
- Awareness and advance healthcare systems: Earlier, people, as well as the doctors, were not quite aware of the use of generic drugs but after the introduction of generic drugs, companies and organizations have come up with workshops, conferences and training to promote the idea of generic drugs so that, people could be well-aware of its use.
- Cost-effectiveness and increasing investments: The cost of generic drugs is quite cheap as compared to the brand-name drugs which have increased the sales of generic drugs in the market. As the cost of these drugs is affordable so, many companies have started investing in manufacturing the generic drugs.
- Increase of chronic diseases and the ageing population: This is one of the most important factors that contribute to driving the sales of generic drugs.
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Generic Drugs Market by Drug Delivery forecasts from 2020-2030
- Hospital Pharmacy
- Retail Pharmacy
- Other Application
Generic Drugs Market forecasts from 2020-2030 by Regional and National Market:
- North America: U.S., Canada
- Europe: Germany, France, UK, Italy, Spain, Rest of Europe
- Asia-Pacific: Japan, China, Australia, South Korea, India, Rest of Asia-Pacific
- Middle East & Africa: South Africa, Saudi Arabia, UAE, Rest of Middle east & Africa
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
The global generic drugs market is estimated at US$xyz billion in 2020 and is projected to reach at a CAGR of xyz% during forecast period 2020-2030 to grow at a market value of US$xyz billion by 2030, taking into account assumptions for V-shaped economic conditions.
Profiles and generic drugs revenue forecasts from 2020-2030 of these selected leading companies:
- Dr. Reddy’s Laboratories Limited
- Fresenius Kabi
- Sun Pharma
- Taisho Pharmaceutical Holdings Co Ltd
- ASKA Pharmaceutical Co., Ltd.
- H. Lundbeck A/S
- Roche Holding
Qualitative analysis of the generic drugs market:
- SWOT Analysis of the generic drugs market
- Porter’s Five Forces Analysis of the generic drugs market
- Discussion on factors that drive and restrain the generic drugs market
Key Questions Answered by This Report:
- How is the global market for generic drugs evolving?
- What are the major factors driving and restraining the generic drugs market dynamics?
- What were the market shares of the leading national markets in the global generic drugs market in 2019?
- How will each of these national markets grow over the forecast period and how much revenue will these markets account for by 2030?
- How will the market shares for each of the national markets develop from 2020 to 2030?
- Which particular national markets will be the main drivers of growth in the global market for generics from 2020 to 2030?
- How will political and regulatory factors influence the regional markets and submarkets?
- What are the predictions for partnerships, consolidation for existing players and the potential prospects for new market entrants?
- How will the industry sector evolve as legislations around patents and patent expiries change during the period between 2020 and 2030?