Global Generic Drugs Market Report 2023: Sector is Expected to Reach $666.8 Billion by 2031 at a CAGR of 5.5% – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Generic Drugs Market Report and Forecast 2023-2031” report has been added to ResearchAndMarkets.com’s offering.

The global generic drugs market value was USD 411.8 billion in 2022, driven by the increasing demand for affordable medications across the globe. The market size is anticipated to grow at a CAGR of 5.5% during the forecast period of 2023-2031 to achieve a value of USD 666.8 billion by 2031.

Generic drugs are pharmaceuticals that have the same active ingredients, dosage, and strength as their brand-name counterparts, but are sold under their chemical name rather than a brand name.

Generic drugs are typically less expensive than brand-name drugs and are considered a cost-effective alternative for patients who require ongoing medication therapy. The global market for generic drugs has been growing rapidly in recent years, driven by factors such as rising healthcare costs, increasing demand for affordable medications, and expiration of patents on branded drugs.

The market for generic drugs is highly competitive, with a large number of players operating in the space. Many pharmaceutical companies have entered the market to capitalize on the growing demand for generic drugs, resulting in increased competition and pricing pressures.

The market is also characterized by ongoing efforts to improve manufacturing processes and reduce costs, as well as increasing regulatory scrutiny to ensure the safety and quality of generic drugs.

In addition, there is growing interest in the development of complex generic drugs, such as biosimilars, which are highly similar to biologic drugs and have the potential to offer significant cost savings to patients. The increasing focus on specialty drugs and the development of complex generics is expected to drive further growth in the global generic drug market in the coming years.

Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Teva Pharmaceuticals Industries Ltd
• Mylan NV
• Novartis AG
• Pfizer Inc
• Sun Pharmaceutical Industries Ltd
• Fresenius SE & Co. KGaA
• Lupin
• Endo International plc
• Aurobindo Pharma
• Novartis AG
• Hikma Pharmaceuticals PLC
• STADA Arzneimittel AG
• Eli Lilly and Company
• Aspen Holdings

Market Segmentation

by Brand

• Pure Generic
• Branded Generic

by Indications

• Central Nervous System (CNS)
• Cardiovascular
• Dermatology
• Oncology
• Respiratory
• Others

by Route of Administration

• Oral
• Topical
• Parenteral
• Others

by End User

• Hospitals
• Homecare
• Specialty Centers
• Others

by Distribution Channel

• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy

by Region

North America

• United States of America
• Canada

Europe

• United Kingdom
• Germany
• France
• Italy
• Others

Asia Pacific

• China
• Japan
• India
• ASEAN
• Australia
• Others

Latin America

• Brazil
• Argentina
• Mexico
• Others

Middle East and Africa

• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Key Trends in the Generic Drugs Market

Some key trends in the generic drug market are:

• Increasing demand for cost-effective drugs: The rising healthcare expenditure is driving the demand for generic drugs, which are more affordable than branded drugs. As governments and insurance companies push for cost-effective alternatives, the demand for generic drugs is expected to increase
• Patent expirations: As patents for major branded drugs expire, it provides an opportunity for generic drug manufacturers to enter the market. The loss of exclusivity allows generic drug manufacturers to produce and market a cheaper version of the drug, leading to increased competition
• Growth in the biologics market: Biologic drugs, which are more complex and expensive to manufacture, are now facing patent expirations. This presents an opportunity for generic drug manufacturers to enter the market and offer more affordable alternatives
• Regulatory changes: Government regulations around the world are pushing for more widespread use of generic drugs, which is expected to increase demand. For example, the FDA has launched initiatives to expedite the review process for generic drugs, making it easier for them to enter the market
• Increasing consolidation: The generic drug market has seen increasing consolidation, with larger companies acquiring smaller ones to increase their market share. This trend is expected to continue, with larger companies seeking to expand their portfolios and global presence

For more information about this report visit https://www.researchandmarkets.com/r/m32xi4

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