The Generic Drugs Market was valued for $385.32 Billion in 2022 and is estimated to reach $835.70 Billion by 2032, exhibiting a CAGR of 8.1% from 2023 to 2032.
Generic drugs is a medication similar to a branded drug, which has previously been approved for marketing in terms of dose form, potency, mode of administration, quality, performance characteristics, and intended purpose. The generic drugs are available at lower prices as compared to branded drugs.
The growth of the generic drugs market is driven by surge in prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases. According to World Cancer Research Fund International (WCRF), there were an estimated 18.1 million cancer cases globally in 2020, of which 9.3 million cases were in men and 8.8 million in women. In addition, the affordable price of generic drugs and latest product approval and product launch contribute to the growth of the market. For instance, in February 2021, Glenmark Pharmaceuticals, a research-led, global integrated pharmaceutical company, announced the launch of SUTIB, the generic version of Sunitinib oral capsules to treat kidney cancer in India.
Moreover, the rise in cost of branded medication, high demand for generic medicines, and rise in awareness about generic drugs contribute to the growth of the market. In addition, prominent players in the global generic drugs market have adopted various strategies such as product launches, acquisition, and investments in R&D for advancement in generic drugs to strengthen their position in the market and sustain the competitive environment.
Moreover, alarming Increase in prevalence of diabetes, technological advancements in generic drugs, and rise in the geriatric population are some of the key factors driving the growth of the market. The geriatric population are more prone to chronic diseases such as diabetes and hypertension. However, concern related to the consistency and stability of generic drugs hamper the market growth. Conversely, Increase in awareness of generic drugs among the population is expected to provide lucrative opportunities for the growth of the market in the near future. In addition, extensive R&D activities in the field of generic drugs along with significant improvement in medical infrastructure is anticipated to open new avenues for the expansion of the market during the forecast period.
The generic drugs market is segmented into therapeutic application, route of administration, distribution channel, and region. On the basis of therapeutic application, the market is divided into cardiovascular, infectious diseases, cancer, diabetes, and others. Based on the route of administration, the market is classified into oral, injection and others.
Depending on distribution channel, it is classified into hospital pharmacies, retail pharmacies, and online providers. Region-wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report Include Amneal Pharmaceuticals, Aurobindo Pharma, Cipla, GlaxoSmithKline Plc, Hikma Pharmaceuticals, Lupin Pharmaceuticals, Sandoz International GmbH, Sun Pharmaceuticals, Teva Pharmaceutical Industries Ltd., and Viatris Inc.
Generic drugs is a medication similar to a branded drug, which has previously been approved for marketing in terms of dose form, potency, mode of administration, quality, performance characteristics, and intended purpose. The generic drugs are available at lower prices as compared to branded drugs.
The growth of the generic drugs market is driven by surge in prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases. According to World Cancer Research Fund International (WCRF), there were an estimated 18.1 million cancer cases globally in 2020, of which 9.3 million cases were in men and 8.8 million in women. In addition, the affordable price of generic drugs and latest product approval and product launch contribute to the growth of the market. For instance, in February 2021, Glenmark Pharmaceuticals, a research-led, global integrated pharmaceutical company, announced the launch of SUTIB, the generic version of Sunitinib oral capsules to treat kidney cancer in India.
Moreover, the rise in cost of branded medication, high demand for generic medicines, and rise in awareness about generic drugs contribute to the growth of the market. In addition, prominent players in the global generic drugs market have adopted various strategies such as product launches, acquisition, and investments in R&D for advancement in generic drugs to strengthen their position in the market and sustain the competitive environment.
Moreover, alarming Increase in prevalence of diabetes, technological advancements in generic drugs, and rise in the geriatric population are some of the key factors driving the growth of the market. The geriatric population are more prone to chronic diseases such as diabetes and hypertension. However, concern related to the consistency and stability of generic drugs hamper the market growth. Conversely, Increase in awareness of generic drugs among the population is expected to provide lucrative opportunities for the growth of the market in the near future. In addition, extensive R&D activities in the field of generic drugs along with significant improvement in medical infrastructure is anticipated to open new avenues for the expansion of the market during the forecast period.
The generic drugs market is segmented into therapeutic application, route of administration, distribution channel, and region. On the basis of therapeutic application, the market is divided into cardiovascular, infectious diseases, cancer, diabetes, and others. Based on the route of administration, the market is classified into oral, injection and others.
Depending on distribution channel, it is classified into hospital pharmacies, retail pharmacies, and online providers. Region-wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report Include Amneal Pharmaceuticals, Aurobindo Pharma, Cipla, GlaxoSmithKline Plc, Hikma Pharmaceuticals, Lupin Pharmaceuticals, Sandoz International GmbH, Sun Pharmaceuticals, Teva Pharmaceutical Industries Ltd., and Viatris Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the generic drugs market analysis from 2022 to 2032 to identify the prevailing generic drugs market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the generic drugs market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global generic drugs market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Distribution Channel
- Hospital pharmacies
- Retail pharmacies
- Online providers
By Therapeutic Application
- Cardiovascular
- Infectious Diseases
- Cancer
- Diabetes
- Others
By Route of Administration
- Oral
- Injections
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Amneal Pharmaceuticals, Inc.
- Aurobindo Pharma
- Cipla Ltd
- GlaxoSmithKline plc
- Hikma Pharmaceuticals PLC
- Lupin
- Novartis AG
- Sun Pharmaceutical Industries Ltd
- Teva Pharmaceutical Industries Limited
- Viatris Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: GENERIC DRUGS MARKET, BY THERAPEUTIC APPLICATION
CHAPTER 5: GENERIC DRUGS MARKET, BY ROUTE OF ADMINISTRATION
CHAPTER 6: GENERIC DRUGS MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: GENERIC DRUGS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Generic Drugs Market,' The generic drugs market was valued at $385.3 billion in 2022, and is estimated to reach $835.7 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.A generic drug is a medication created to be the same as an already marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. The generic drugs are available at lower prices compared to its reference branded drugs.
The key market trends driving the growth of the generic drugs market include increase in prevalence of chronic disorders such as diabetes, chronic obstructive pulmonary disease (COPD) and asthma, and increase in demand for generic drugs in hospitals. For instance, according to report of International Diabetes Federation (IDF), in 2021, approximately 537 million adults (20-79 years) are living with diabetes. From the same source, the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetes is a chronic disease may require daily dosage of anti-diabetic drugs. The adoption of generic drugs helps to reduce burden of therapy from patients.
In addition, new product approval and product launch in the market drives the growth of the market. For instance, in March 2023, Lupin Limited, a leading pharmaceutical company, announced that it has received approval from the U.S. FDA for its Abbreviated New Drug Application for Tenofovir Alafenamide Tablets,25 mg, a generic equivalent of Vemlidy Tablets, 25 mg, of Gilead Sciences, Inc.
The growing healthcare cost, high cost of branded drugs, and surge in geriatric population notably contribute toward the growth of the market. For instance, according to the report of American Lung Association, people aged 65 and above experienced the highest prevalence rate of chronic obstructive pulmonary disease (COPD) in 2020. Furthermore, they are highly affected by air pollution and smoke, which leads to respiratory complications. For instance, according to the report of Asthma & Allergy Foundation of America (AAFA) in June 2022, asthma is highly prevalent among adults aged 65 years and older. From the same source, around 7.8% of older adults in the U.S. have asthma. Thus, increase in geriatric population significantly contributes toward the growth of the market.
In addition, a rise in awareness about the effectiveness of generic drugs, the latest patent expiry of branded drugs, an increase in disposable income, and advancements in generic drug development are anticipated to propel the market growth during the forecast period. Moreover, growing awareness about chronic disorders and government initiatives to reduce healthcare cost burden in developed and developing countries help boost the growth of the market. However, concern related to quality and efficiency of generic drugs may hamper the growth of market.
The market also offers growth opportunities to the key players in the market. The target population is in tremendous need of cost effective drugs in regions like Europe and Asia-Pacific. Hence, challenges to cater the unmet needs of the target population provide the growth opportunities. Online delivery services have gained high traction in the last 4 years. As a result, engaged stakeholders in the industry have partnered with existing delivery services organization.
The generic drugs market is segmented into therapeutic application, route of administration, distribution channel, and region. On the basis of therapeutic application, the market is divided into cardiovascular, infectious diseases, cancer, diabetes, and others. Based on the route of administration, the market is classified into oral, injection and others.
- Depending on the distribution channel, it is classified into hospital pharmacies, retail pharmacies, and online providers. Region-wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players profiled in the study Amneal Pharmaceuticals, Aurobindo Pharma, Cipla, GlaxoSmithKline Plc, Hikma Pharmaceuticals, Lupin Pharmaceuticals, Sandoz International GmbH, Sun Pharmaceuticals, Teva Pharmaceutical Industries Ltd., and Viatris Inc. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and partnership to remain competitive and gain the advantage over the competitors in the market For instance, in May 2023, Lupin Limited, a leading pharmaceutical company, announced that its Canada subsidiary, Lupin Pharma Canada Ltd., has received approval from Health Canada to market a generic version of Spiriva (tiotropium bromide inhalation powder) for the treatment of chronic obstructive pulmonary disease (COPD).
Key Market Insights (Updated)
- By therapeutic application, the others segment was the major share contributor in 2022.
- Based on the route of administration, the oral segment was the major share contributor in 2022.
- On the basis of distribution channel, the retail pharmacies segment is anticipated to grow with the highest CAGR throughout the forecast period.
- Region wise, North America occupied major share of the generic drugs market in 2022.
Companies Mentioned
- Amneal Pharmaceuticals, Inc.
- Aurobindo Pharma
- Cipla Ltd
- GlaxoSmithKline plc
- Hikma Pharmaceuticals PLC
- Lupin
- Novartis AG
- Sun Pharmaceutical Industries Ltd
- Teva Pharmaceutical Industries Limited
- Viatris Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
