- Cardiovascular
- CNS
- Antibiotics
- Oncology
- Gastrointestinal
- Hormones
- Pain Management
- Others
Generic Drugs Market was valued at USD 418.1 billion in 2022 and is poised to grow at a CAGR of 5.6% from 2023-29. A generic drug is pharmaceutical drug, which is bio equivalent to branded drug. Generic drugs are usually approved after patent expiration of patent drugs. global Market is driven by the prevalence of various diseases, need for cost effective drugs for treatment, and government initiatives to increase the use of generic drugs. In addition, favourable regulatory policies, expiry of the branded drugs, and growth in biosimilars segment are expected to boost the generics drugs market. Furthermore, participants in the supply chain such as wholesalers, retailers and pharmacies also benefit from the sale of the generic drugs with high margins compared to branded generics. This emerged as key driver for the growth of the market. However, lack of awareness about the availability of generic drugs, competition from branded generics and lack of price control are hampering the generic drugs market. Because researchers were not allowed to attend laboratories and conduct ongoing experiments owing to the pandemic, several clinical trials were postponed. Those molecules would enter the market as a patented molecule if there were no interruptions, resulting in an increase in the generic drugs market during the predicted period. Because the global market is so large, it is expected to keep rising over the projection period. The rising prevalence of chronic diseases, the growing senior population, and rising healthcare costs are all factors contributing to this trend.
In August 2017, Nexus Pharmaceuticals got U.S. FDA approval for the first generic version of Hospira’s Isuprel, for the treatment of bradycardia, heart block.
In January 2015, Ivax Pharmaceuticals, a subsidiary of Teva Pharmaceuticals has got FDA approval for first generic version of AstraZeneca’s Nexium to treat gastroesophageal reflux disease (GERD).
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Generic drugs market is highly fragmented market, presence of large players and small players. To improve their market position in generic drug market companies are adopting strategies like expanding their market presence through collaboration and entering into new markets. For instance, in January 2017, Medical inhaler company Vectura Group PLC collaborated with Sandoz, a division of Novartis AG, to develop a generic version of an inhaler therapy for asthma and COPD (chronic obstructive pulmonary disease).
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.