DUBLIN–(BUSINESS WIRE)–The “Generic Drugs – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Generic Drugs Market to Reach $507.8 Billion by 2026
Amid the COVID-19 crisis, the global market for Generic Drugs estimated at US$402.9 Billion in the year 2022, is projected to reach a revised size of US$507.8 Billion by 2026, growing at a CAGR of 5.6% over the analysis period.
A key advantage for generic drug makers is that they do not need to invest time and money into drug R&D and marketing efforts, whereby the generic drugs are priced considerably low compared to branded counterparts.
Small-Molecule Generics, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$325.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Biosimilars segment is readjusted to a revised 6.3% CAGR for the next 7-year period.
This segment currently accounts for a 37.7% share of the global Generic Drugs market. With several growth encouraging factors contributing to wider uptake, biosimilars are poised to augment their share in the world generic drugs market in the coming years. The rise of biosimilars has in particular curtailed the overall spending on pharmaceutical drugs in recent years, a trend expected to continue in the foreseeable future.
The emergence of biosimilars on the market is leading to heightened competition, the next generation of biologicals under development are aimed at improving safety, efficacy and cost factors over previous generation drugs further add to the competitive heat in the market.
The U.S. Market is Estimated at $121.8 Billion in 2022, While China is Forecast to Reach $91.2 Billion by 2026
The Generic Drugs market in the U.S. is estimated at US$121.8 Billion in the year 2022. The country currently accounts for a 30.46% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$91.2 Billion in the year 2026 trailing a CAGR of 7.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR while Rest of European market (as defined in the study) will reach US$97.6 Billion by the close of the analysis period.
The market is expected to be driven by the steadily rising risk of various chronic diseases such as hypertension, obesity and diabetes. Though pharma companies continue to develop branded drugs due to the dearth of new blockbuster drugs coming into the marketplace, generic drugs are expected to continue meeting the majority of these therapeutic needs of the population, especially the expanding elderly population.
With high cost of branded medication becoming a financial burden for people, efforts have intensified to develop cost effective generic variants. Several branded drugs are unable to extend their exclusivity leading to loss of patents and giving way to the manufacture of affordable generics. Major application areas for generic drugs include cardiology, anti-infection, anti-arthritis, CNS, anti-cancer and respiratory among others.
Generic drugs for CVDs represent the dominant segment currently, accounting for majority share in the overall market. Cardiovascular diseases such as heart failure, high BP, circulatory disorders, dyslipidemia, cholesterol, arrhythmias, stroke and angina are the major causes of global deaths.
The cardiovascular segment is expected to cover a larger part of the global generic drug market owing to several patent expirations of these drugs. Generic drugs for infectious diseases would gain much traction over the coming years mainly because of increasing number of cases worldwide.
The COVID-19 pandemic emerged as a significant growth driver for generic drugs market over the past one year. As economies of nations crashed because of increasing unemployment, the demand for cheaper substitutes of branded drugs increased.
What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Generic Drugs – Global Key Competitors Percentage Market Share in 2022 (E)
- Progress on Vaccinations, Why Should Businesses Care?
- These are Times When Questions Abound & Answers Are Few
- With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About a Global Economic Comeback.
- A Strong 2021 Economic Rebound Based On Pent-Up Demand Comes as a Relief for Suffering Industries & Markets
- How the Healthcare Industry Has & Continues to be Impacted by the Pandemic & What’s the New Normal?
- With the COVID-19 Pandemic Exposing Global Healthcare Unpreparedness, There is Increasing Policy Led Focus on Rebooting Health Systems Worldwide: Current & Required Healthcare Spending as % of GDP
- Impact of COVID-19 Crisis on Generic Drugs Market
- Demand for Generic Pain Killers Rises
- A Prelude to Generic Drugs
- Generic Drugs Market Set for a Rapid Growth
- US Dominates, Asia-Pacific to Exhibit the Fastest Growth
- India- A Significant Market
- Market Restraints
- Competition
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 42 Featured)
- Abbott Laboratories
- Apotex Inc.
- ASKA Pharmaceutical Co., Ltd.
- Aspen Pharmacare Holdings Limited
- AstraZeneca Plc
- Baxter International Inc.
- Dr. Reddy’s Laboratories Limited
- Eli Lilly and Company
- Endo International plc
- Fresenius Kabi
- GlaxoSmithKline Plc.
- H. Lundbeck A/S
- Hospira
- Lupin Pharmaceuticals, Inc.
- Mylan N.V.
- Novartis International AG
- Novo Nordisk A/S
- F. Hoffmann-La Roche AG
- Sandoz International GmbH
- Sanofi-Aventis U.S. LLC
- STADA Arzneimittel AG
- Sun Pharma
- Teva Pharmaceutical Industries Ltd.
3. MARKET TRENDS & DRIVERS
- Patent Expiries Set to Widen the Addressable Market for Generic Drugs
- Patent Expiries of Select Drugs in 2020
- Patent Expiries of Select Drugs in 2021
- Patent Expiries of Select Drugs in 2022
- Patent Expiry of Select Major Drugs in the US: 2020-2022
- Robust Demand for Pharmaceutical Drugs Drives Demand for Generic Drugs
- Cost Containment Measures Put Focus on Generics
- Small Molecule Generics Represent the Dominant Segment
- Increasing Demand for Biosimilars, Driven by Patent Expiry of Major Biopharmaceutical Drugs
- Patent Expiries of Major Biopharmaceutical Drugs in the US and Europe
- Progressive Regulatory Framework Accelerates Product Approvals & Subsequently Market Revenues
- Specific Guidelines for Biosimilars in Various Countries with Year of Publication
- Biosimilars Regulatory Agencies in Select Regional Markets
- Biosimilar Approvals in the US (as of February 2021)
- Biosimilar Approvals in Europe (as of January 2021)
- Rising Healthcare Costs Drive Demand for Generic Drugs
- Aging Population to Propel the Demand for Generic Drugs
- Rising Prevalence of Chronic Diseases Drive the Demand for Generic Drugs
- Global Cost of Chronic Diseases (In US$ Billion) for the Years 2018 and 2030
- Fatalities by Heart Conditions – Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/63hic2
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