Generic Drug Market
Generic Drug Market Forecasts to 2030 - Global Analysis By Product Type (Super Generics, Biosimilar Generics and Simple Generic), Route of Administration, Drug Class, Indication, Application, Distribution Channel, End User and By Geography
According to Stratistics MRC, the Global Generic Drug Market is accounted for $396.8 billion in 2023 and is expected to reach $604.5 billion by 2030 growing at a CAGR of 6.2% during the forecast period. Generic medications are pharmaceuticals that, in terms of their active components, dosage form, strength, mode of administration, quality, safety, and intended use, are bioequivalent to name-brand or innovator medications. They are made to have the same therapeutic effect as the original brand-name medicine, but they are often marketed for less money. Offering more economical substitutes for name-brand prescriptions is one of the main goals of generic medications. They aid in lowering medical expenses for patients, insurers, and healthcare systems.
According to the Indian Pharmaceutical Industry Report published in November 2021 by IBEF, India is the world's top supplier of generic pharmaceuticals. The Indian pharmaceutical industry supplies 40% of the generic demand in the United States and 25% of all pharmaceuticals in the United Kingdom.
Market Dynamics:
Driver:
Growing healthcare expenditure
Cost containment is given more attention when healthcare expenses grow. For consumers, insurers, and healthcare professionals, generic medications are increasingly chosen since they are often less expensive than name-brand medications. The desire for affordable medicines has grown, which is good for the generic drug business. The growth of the healthcare industry, including more hospital admissions, outpatient visits, and prescription drug use, is frequently a result of growing healthcare costs. Moreover the usage of generic medications may significantly reduce the cost of healthcare systems, especially publicly financed programs like Medicaid and Medicare. These programs can supply vital pharmaceuticals while better controlling their finances by selecting generic substitutes thus propelling the growth of the market.
Restraint:
Strict regulations
One of the key factors restricting the growth of generic medications is the strict restrictions, as the FDA evaluates the accuracy, adverse effects, and other ingredients used in generic pharmaceuticals. If the manufacturers don't adhere to regulatory criteria, pharmaceutical medications are frequently recalled. Purity, potency, stability, and drug release are the main factors that affect how well generic medications perform. To achieve the desired medication quality, they should be regulated within a suitable limit, range, or distribution. The tight government regulations that need clearance for generic medications are anticipated to obstruct market development.
Opportunity:
Patent expirations
When a brand-name medicine's patent runs out, generic drug producers can start creating and selling their copies of the drug. Due to increased market competition, customers and healthcare systems may be able to save money. Patients can acquire vital treatments more affordably with the help of generic pharmaceuticals. This is crucial for people who would not have been able to purchase the brand-name medication and the availability of generic treatments may increase the market for some pharmaceuticals. Patients who previously couldn't afford the name-brand medication may now seek therapy, expanding the market's total size
Threat:
Complex generic development
Complex generic development, which entails creating generic copies of more complex and difficult treatments including biologics and complex formulations, can have a number of detrimental implications on the generic drug industry. Complex generic drug development and approval, especially for biosimilars (generic analogues of biologic drugs), may be a time-consuming and resource-intensive procedure. This additional timeframe delays their arrival into the market, thereby depriving patients of affordable options for an extended period of time. Regulation barriers and delays may result from the demanding criteria for proving bioequivalence and resemblance to the reference biologic which impedes the growth of the market.
Covid-19 Impact
Due to lockdowns, travel restrictions, and issues with the manufacture of active pharmaceutical ingredients (APIs) and completed goods, the generic medicine sector, like the larger pharmaceutical industry, experienced supply chain disruptions. Restrictions on international commerce had an impact on the availability of generic medications because many APIs are obtained from nations like China and India. Demand for several medicines, including as antibiotics, COVID-19 treatment pharmaceuticals, and antiviral treatments, increased as a result of the pandemic. To address the expanding demand for healthcare, generic medicine makers have to react to growing orders.
The super generics segment is expected to be the largest during the forecast period
The super generics segment is estimated to have a lucrative growth, because the super generics, sometimes known as "enhanced generics" or "next-generation generics," are a modern subset of generic medications that attempt to provide certain benefits above more conventional generics. Improved effectiveness, safety, and convenience are possible benefits. Super generics are created to alleviate some of the drawbacks of traditional generics while still being reasonably priced. When compared to conventional generic versions, super generics may have advantages in terms of improved therapeutic effectiveness and safety profiles which drives the market growth.
The injectable segment is expected to have the highest CAGR during the forecast period
The injectable segment is anticipated to witness the highest CAGR growth during the forecast period, as these are provided through injection, often into the circulation or directly into particular tissues. These medications are essential in a variety of healthcare settings, such as hospitals, clinics, and home care and they are used to treat a wide spectrum of medical disorders. A wide variety of drugs, including antibiotics, analgesics, hormones, vaccinations, and more, are available as injectable generics. Infections, chronic illnesses, and critical care scenarios are just a few of the problems they are used to treat and control. When compared to name-brand injectable medications, they can provide considerable cost savings, lowering the cost and increasing accessibility to healthcare.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to rising medical knowledge among the populace and the region's aging demographic; In the Asia-Pacific area, countries like China and India contribute more than other countries do. A research by the International Institute for Population Sciences (IIPS) estimates that in January 2021, there were around 75 million chronically unwell Indians over the age of 60. Cardiovascular disease, hypertension, and diabetes affect roughly 20 million individuals worldwide. Thus, the increased incidence of chronic illnesses in the nation would increase the need for affordable therapies, propelling the market under study. As a result of the aforementioned reasons, the Asia-Pacific region is anticipated to have quicker growth.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to reasons including aging populations, healthcare systems' efforts to control costs, and the expiration of brand-name pharmaceuticals' patents. In the European Union, generic medicine regulation is heavily influenced by the European Medicines Agency (EMA). To be approved, generic medications must adhere to strict quality, safety, and effectiveness requirements. Generic medications are safe and effective substitutes for their brand-name equivalents thanks to the regulatory framework. The emphasis on biosimilars (generic copies of biologic pharmaceuticals), the growth of the over-the-counter (OTC) generic drug industry, and the influence of digital health technology on medication are a few prominent developments in the European generic drug business.
Key players in the market
Some of the key players profiled in the Generic Drug Market include Pfizer Inc., Sun Pharmaceutical Industries Ltd., Novartis AG, Mylan NV, Teva Pharmaceuticals Industries Ltd., Endo International plc, Lupin, Aurobindo Pharma, Hikma Pharmaceuticals PLC, STADA Arzneimittel AG, Eli Lilly and Company, Aspen Holdings, Fresenius SE & Co. KGaA., GlaxoSmithKline plc, Viatris Inc, Amneal Pharmaceuticals, Inc, Cipla Ltd, Abbott Laboratories, Sanofi, Baxter International Inc. and AbbVie Inc.
Key Developments:
In October 2023, Pfizer presents new data at IDWeek 2023 Highlighting advances in prevention and treatment of certain respiratory illnesses and Other Infectious Diseases. Presentations showcase diversity and momentum of Pfizer’s growing portfolio of vaccines and anti-infectives
In October 2023, Novartis presents new oncology data at ESMO 2023 demonstrating practice-changing innovation in advanced prostate and early breast cancer. Key data from the Phase III PSMAfore trial has been selected for a Presidential session.
In October 2023, Sanofi and Teva Announce Exclusive Collaboration to Deliver Inflammatory Bowel Disease Treatment. Collaboration leverages the innovative R&D and commercial expertise of both companies.
In September 2023, Teva Presents Data for AUSTEDO® XR (deutetrabenazine) Extended-Release Tablets, AUSTEDO® (deutetrabenazine) Tablets and UZEDY™ (risperidone) Extended-Release Injectable Suspension at Psych Congress 2023
Product Types Covered:
• Super Generics
• Biosimilar Generics
• Simple Generic
Route of Administrations Covered:
• Injectable
• Topical
• Oral
• Sublingual
• Other Routes of Administrations
Drug Classes Covered:
• Analgesics
• Antipyretic
• Antihistamines
• Antihypertensive
• Antibiotics
• Antidiabetic
• Other Drug Classes
Indications Covered:
• Gastroenterology
• Pulmonology
• Diabetology
• Cardiology
• Dermatology
• Oncology
• Other Indications
Applications Covered:
• Infectious Diseases
• Cardiovascular Diseases
• Diabetes
• Cancer
• Gastric Diseases
• Musculoskeletal Diseases
• Other Applications
Distribution Channels Covered:
• Hospital Pharmacies
• Online Providers
• Retail Pharmacies
• Other Distribution Channels
End Users Covered:
• Hospitals
• Specialty Clinics
• Multi-Specialty Clinics
• Homecare
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Generic Drug Market, By Product Type
5.1 Introduction
5.2 Super Generics
5.3 Biosimilar Generics
5.4 Simple Generic
6 Global Generic Drug Market, By Route of Administration
6.1 Introduction
6.2 Injectable
6.3 Topical
6.4 Oral
6.5 Sublingual
6.6 Other Routes of Administrations
7 Global Generic Drug Market, By Drug Class
7.1 Introduction
7.2 Analgesics
7.3 Antipyretic
7.4 Antihistamines
7.5 Antihypertensive
7.6 Antibiotics
7.7 Antidiabetic
7.8 Other Drug Classes
8 Global Generic Drug Market, By Indication
8.1 Introduction
8.2 Gastroenterology
8.3 Pulmonology
8.4 Diabetology
8.5 Cardiology
8.6 Dermatology
8.7 Oncology
8.8 Other Indications
9 Global Generic Drug Market, By Application
9.1 Introduction
9.2 Infectious Diseases
9.3 Cardiovascular Diseases
9.4 Diabetes
9.5 Cancer
9.6 Gastric Diseases
9.7 Musculoskeletal Diseases
9.8 Other Applications
10 Global Generic Drug Market, By Distribution Channel
10.1 Introduction
10.2 Hospital Pharmacies
10.3 Online Providers
10.4 Retail Pharmacies
10.5 Other Distribution Channels
11 Global Generic Drug Market, By End User
11.1 Introduction
11.2 Hospitals
11.3 Specialty Clinics
11.4 Multi-Specialty Clinics
11.5 Homecare
11.6 Other End Users
12 Global Generic Drug Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Pfizer Inc.
14.2 Sun Pharmaceutical Industries Ltd.,
14.3 Novartis AG
14.4 Mylan NV
14.5 Teva Pharmaceuticals Industries Ltd.
14.6 Endo International plc
14.7 Lupin
14.8 Aurobindo Pharma
14.9 Hikma Pharmaceuticals PLC
14.10 STADA Arzneimittel AG
14.11 Eli Lilly and Company
14.12 Aspen Holdings
14.13 Fresenius SE & Co. KGaA.
14.14 GlaxoSmithKline plc
14.15 Viatris Inc
14.16 Amneal Pharmaceuticals, Inc
14.17 Cipla Ltd
14.18 Abbott Laboratories
14.19 Sanofi
14.20 Baxter International Inc.
14.21 AbbVie Inc.
List of Tables
1 Global Generic Drug Market Outlook, By Region (2021-2030) ($MN)
2 Global Generic Drug Market Outlook, By Product Type (2021-2030) ($MN)
3 Global Generic Drug Market Outlook, By Super Generics (2021-2030) ($MN)
4 Global Generic Drug Market Outlook, By Biosimilar Generics (2021-2030) ($MN)
5 Global Generic Drug Market Outlook, By Simple Generic (2021-2030) ($MN)
6 Global Generic Drug Market Outlook, By Route of Administration (2021-2030) ($MN)
7 Global Generic Drug Market Outlook, By Injectable (2021-2030) ($MN)
8 Global Generic Drug Market Outlook, By Topical (2021-2030) ($MN)
9 Global Generic Drug Market Outlook, By Oral (2021-2030) ($MN)
10 Global Generic Drug Market Outlook, By Sublingual (2021-2030) ($MN)
11 Global Generic Drug Market Outlook, By Other Routes of Administrations (2021-2030) ($MN)
12 Global Generic Drug Market Outlook, By Drug Class (2021-2030) ($MN)
13 Global Generic Drug Market Outlook, By Analgesics (2021-2030) ($MN)
14 Global Generic Drug Market Outlook, By Antipyretic (2021-2030) ($MN)
15 Global Generic Drug Market Outlook, By Antihistamines (2021-2030) ($MN)
16 Global Generic Drug Market Outlook, By Antihypertensive (2021-2030) ($MN)
17 Global Generic Drug Market Outlook, By Antibiotics (2021-2030) ($MN)
18 Global Generic Drug Market Outlook, By Antidiabetic (2021-2030) ($MN)
19 Global Generic Drug Market Outlook, By Other Drug Classes (2021-2030) ($MN)
20 Global Generic Drug Market Outlook, By Indication (2021-2030) ($MN)
21 Global Generic Drug Market Outlook, By Gastroenterology (2021-2030) ($MN)
22 Global Generic Drug Market Outlook, By Pulmonology (2021-2030) ($MN)
23 Global Generic Drug Market Outlook, By Diabetology (2021-2030) ($MN)
24 Global Generic Drug Market Outlook, By Cardiology (2021-2030) ($MN)
25 Global Generic Drug Market Outlook, By Dermatology (2021-2030) ($MN)
26 Global Generic Drug Market Outlook, By Oncology (2021-2030) ($MN)
27 Global Generic Drug Market Outlook, By Other Indications (2021-2030) ($MN)
28 Global Generic Drug Market Outlook, By Application (2021-2030) ($MN)
29 Global Generic Drug Market Outlook, By Infectious Diseases (2021-2030) ($MN)
30 Global Generic Drug Market Outlook, By Cardiovascular Diseases (2021-2030) ($MN)
31 Global Generic Drug Market Outlook, By Diabetes (2021-2030) ($MN)
32 Global Generic Drug Market Outlook, By Cancer (2021-2030) ($MN)
33 Global Generic Drug Market Outlook, By Gastric Diseases (2021-2030) ($MN)
34 Global Generic Drug Market Outlook, By Musculoskeletal Diseases (2021-2030) ($MN)
35 Global Generic Drug Market Outlook, By Other Applications (2021-2030) ($MN)
36 Global Generic Drug Market Outlook, By Distribution Channel (2021-2030) ($MN)
37 Global Generic Drug Market Outlook, By Hospital Pharmacies (2021-2030) ($MN)
38 Global Generic Drug Market Outlook, By Online Providers (2021-2030) ($MN)
39 Global Generic Drug Market Outlook, By Retail Pharmacies (2021-2030) ($MN)
40 Global Generic Drug Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
41 Global Generic Drug Market Outlook, By End User (2021-2030) ($MN)
42 Global Generic Drug Market Outlook, By Hospitals (2021-2030) ($MN)
43 Global Generic Drug Market Outlook, By Specialty Clinics (2021-2030) ($MN)
44 Global Generic Drug Market Outlook, By Multi-Specialty Clinics (2021-2030) ($MN)
45 Global Generic Drug Market Outlook, By Homecare (2021-2030) ($MN)
46 Global Generic Drug Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
List of Figures
Figure 1 Global Generic Drug Market Outlook (2021-2030) ($MN)
Figure 2 North America Generic Drug Market Outlook (2021-2030) ($MN)
Figure 3 US Generic Drug Market Outlook (2021-2030) ($MN)
Figure 4 Canada Generic Drug Market Outlook (2021-2030) ($MN)
Figure 5 Mexico Generic Drug Market Outlook (2021-2030) ($MN)
Figure 6 Europe Generic Drug Market Outlook (2021-2030) ($MN)
Figure 7 Germany Generic Drug Market Outlook (2021-2030) ($MN)
Figure 8 UK Generic Drug Market Outlook (2021-2030) ($MN)
Figure 9 Italy Generic Drug Market Outlook (2021-2030) ($MN)
Figure 10 France Generic Drug Market Outlook (2021-2030) ($MN)
Figure 11 Spain Generic Drug Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe Generic Drug Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific Generic Drug Market Outlook (2021-2030) ($MN)
Figure 14 Japan Generic Drug Market Outlook (2021-2030) ($MN)
Figure 15 China Generic Drug Market Outlook (2021-2030) ($MN)
Figure 16 India Generic Drug Market Outlook (2021-2030) ($MN)
Figure 17 Australia Generic Drug Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand Generic Drug Market Outlook (2021-2030) ($MN)
Figure 19 South Korea Generic Drug Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific Generic Drug Market Outlook (2021-2030) ($MN)
Figure 21 South America Generic Drug Market Outlook (2021-2030) ($MN)
Figure 22 Argentina Generic Drug Market Outlook (2021-2030) ($MN)
Figure 23 Brazil Generic Drug Market Outlook (2021-2030) ($MN)
Figure 24 Chile Generic Drug Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America Generic Drug Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa Generic Drug Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia Generic Drug Market Outlook (2021-2030) ($MN)
Figure 28 UAE Generic Drug Market Outlook (2021-2030) ($MN)
Figure 29 Qatar Generic Drug Market Outlook (2021-2030) ($MN)
Figure 30 South Africa Generic Drug Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa Generic Drug Market Outlook (2021-2030) ($MN)
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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