Generic Drugs Market to Reach USD 745 Billion by 2028
The global generic drugs market is growing with the increasing prevalence of health issues, increasing investment in R&D, growth of biopharma industry, and growing demand for low-cost medicines from poor and middle-income countries?
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global generic drugs was valued at USD 405 billion in 2021and is forecast to cross USD 745 billion by 2028. The global generic drugs market is growing due to the increasing prevalence of health issues around the globe, increasing investment in R&D, and surging demand for low-cost medicines from poor and middle-income countries. Additionally, growing healthcare expenditures and increasing health awareness among the current generation are driving the global generic drugs market.
Rise in chronic and non-chronic diseases is propelling the growth of the global generic drugs market
Globally, chronic and non-chronic diseases are growing at an alarming rate and generic drugs are helping to control the number of deaths due to these health issues. As per the WHO’s estimation, 42% of children less than five years of age and 40% of pregnant women worldwide are anemic. According to the International Agency for Research on Cancer, there were almost 19.3 million new cases of cancer in 2020 with around 10 million cancer-related deaths. The agency further estimated that the global cancer cases would increase by 28.4 million by 2040. Furthermore, according to the WHO, non-chronic diseases are responsible for around 70% of deaths around the world every year.
People are increasingly choosing generic drugs over branded medications due to the cost-effectiveness of generic drugs that have the same potency and effectiveness. This shift in trend has fueled the demand for generic drugs in the market and contributed to the growth of the market during the historic period. In addition, generic drugs are seen as a suitable alternative to branded drugs due to easier manufacturing and easier regulations. This factor, coupled with the increasing demand for generic drugs, is expected to drive the growth of the global generic drugs market during the forecast period.
Injectable Segment Dominates the Global Generic Drugs Market
Based on the route of administration, the global generic drugs market is grouped into topical, oral, injectable, and others. During the forecast period, the injectable segment is expected to grow owing to the growing number of injectable drugs in the market. Additionally, the emergence of the biopharma industry and the growing number of generic vaccines in the market are expected to propel the growth of the injectable segment during the forecast period.
Impact of COVID-19
COVID-19 severely affected all industries around the world; however, only a few industries were affected as severely as the pharmaceutical industry. Increasing coronavirus cases around the world led to a surge in demand for generic and branded drugs. Moreover, during the pandemic, people turned to generic drugs because of the high cost of branded drugs. Furthermore, the FDA provided USD 20 million for science and research programs of generic drugs in the United States. Due to the emergence of the Omicron variant of the Coronavirus and the upcoming launch of a generic version of the COVID-19 vaccine, the demand for generic drugs is predicted to increase significantly over the next few years.
Global Generic Drugs Market: Regional insights
Based on regions, the global photovoltaic rapid shutdown device market is classified into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The North American market dominated in 2021 owing to the high number of generic AIDS and cancer drugs on the market. The high cost of healthcare in the region has further encouraged people to go for generic drugs rather than branded drugs due to the cost-effective nature of generic drugs. Additionally, the growing number of health issues and the presence of global leaders have supported the growth of the global generic drugs market in the region.
The leading players in the global generic drugs market are Teva Pharmaceutical Industries, Fresenius Kabi, and Sandoz, a Novartis Divison. Other major players operating in the market are Mylan N.V., Sanofi S.A., Sun Pharmaceutical Industries Limited, Mallinckrodt Pharmaceuticals, Stada Arzneimittel AG, Aurobindo Pharma Limited, Endo International plc., Aspen Pharmacare Holdings Limited, Dr. Reddy’s Laboratories, Cipla Limited, Hikma Pharmaceuticals plc., Piramal Pharma Solutions, LUPIN Limited, Sawai Pharmaceutical Co. Ltd., Amneal Pharmaceuticals, Inc., Glenmark Pharmaceuticals Limited, Torrent Pharmaceuticals Ltd., and other prominent players.
The global generic drugs market is fragmented market with a number of major players operating in the market. There is fierce competition between the new companies and the established companies in the market for market share. Collaboration, merger & acquisitions, partnerships, and the launch of new projects are some of the strategies used by players in the generic drugs market to gain an advantage over their competitors.
- In January 2022, Alembic Pharmaceuticals Limited received FDA approval for its Abbreviated New Drug Application (ANDA) for Doxycycline Hyclate Delayed-Release Tablets USP, 75 mg, 100 mg, 150 mg, and 200 mg. The company further announced that the approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Doryx Tablets, 75 mg, 100 mg, 150 mg, and 200 mg, of Mayne Pharma International Pty. Ltd. (Mayne).
- In January 2022, the Philippines FDA approved world’s first generic version of Pfizer’s anti-coronavirus pill, Paxlovid. The approval from the Philippines FDA has come just days after it received emergency use authorization from the United States FDA. The generic version of Paxlovid has been developed by Beximco Pharmaceutical, a leading generic drug manufacturer from Bangladesh.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global generic drugs market size & forecast. The report promises to provide recent technology trends of global generic drugs market and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.