Generic Drugs Market Growth, Size, Share and Report
The new report by Expert Market Research titled, ‘Global Generic Drugs Market Growth, Share, Size, Trends, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Generic Drugs Market, assessing the market based on its segments like drug delivery, applications, distribution channel and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 370 Billion
- Forecast CAGR (2023-2028): 5.5%
- Forecast Market Size (2026): USD 510.2 Billion
The substantial increase in cardiometabolic risk factors among the population is driving the global generic drugs market. Furthermore, diabetes, dyslipidaemia, hypertension, metabolic syndrome, and obesity are becoming more common because of various factors such as changing dietary habits, sedentary lifestyles, and hectic work schedules. This has resulted in a major increase in the uptake of medicines, accelerating the industry’s growth.
Generic Drugs Industry Definition and Major Segments
Based on efficacy, strength, consistency, durability, effects, intended usage, dosage type, and route of administration, generic drugs are referred to as the bioequivalent of brand-name drugs. These medications have been shown to be safe and successful in the same way as their brand-name counterparts have been. Generic drug manufacturers are not expected to invest in drug discovery, production, or marketing, which makes these drugs more affordable and contributes to their popularity.
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Based on application, the generic drugs market is divided into:
Based on drug delivery, the industry is segmented into:
Based on distribution channel, the industry is categorised into:
- Retail Pharmacies
- Hospital Pharmacies
Based on region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Generic Drugs Market Trends
The global generic drugs market is boosted by the high prices associated with the treatment of numerous chronic and lifestyle disorders, which has led to a shift in customer preference for lower-cost alternatives, boosting demand even further. Apart from that, the industry is expected to expand due to the patent expiration of key blockbuster drugs, as well as a range of favourable steps taken by governments in several countries to promote the use of generic drugs. Several regulatory authorities are conducting thorough investigations to ensure that these drugs are manufactured to the highest possible standards.
Key Market Players
The major players in the market are Teva Pharmaceutical Industries Ltd., Mylan N.V., Novartis AG, Sun Pharmaceutical Industries Ltd., and Fresenius Kabi AG. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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