The Worldwide Generic Drugs Market is Expected to Grow at a CAGR of over 6.51% During 2018-2028

28 Jul 2023
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DUBLIN, July 27, 2023 /PRNewswire/ -- The "Generic Drugs Market- Global Industry Size, Share, Trends, Opportunity and Forecast, 2018-2028F By Type (Small Molecule Generics vs Biosimilars), By Application, By Drug Delivery, By Form, By Source, By Distribution Channel, By Region and Competition" report has been added to
ResearchAndMarkets.com's offering.
The global generic drugs market is witnessing robust growth, driven by increasing demand for affordable medications, the expiration of patents for branded drugs, and supportive government policies. With a projected CAGR of 6.51% during the forecast period, the market is expected to reach new heights, exceeding its 2022 valuation of USD 416.06 billion.
1. Growing Prevalence of Chronic Diseases:
The rise in chronic diseases across the globe, attributed to genetic, environmental, behavioral, and physiological factors, is a key driver of the generic drugs market. Chronic conditions like diabetes, cardiovascular diseases, and cancer are impacting all age groups, leading to an escalating demand for generic drugs. As patients become more cost-conscious and seek effective treatments, the market for generic drugs continues to expand. The World Health Organization (WHO) highlights that chronic diseases are responsible for a significant portion of global deaths, emphasizing the need for accessible and affordable treatments.
2. Growing Demand for Generic Drugs:
The expiration of patents for branded drugs has unlocked new opportunities for innovation and accessibility in the global generic drugs market. When patents expire, generic drug manufacturers can produce and offer medications at a lower cost than branded counterparts. This results in increased competition, driving demand for generic drugs. The availability of affordable alternatives benefits patients, healthcare systems, and governments, reducing the financial burden of treatments and improving access to care. Additionally, initiatives like the FDA's support for biosimilar development have further encouraged manufacturers to invest in the generic drug sector.
3. Growing Demand for Low-Cost Drugs:
The impact of low-cost generic drugs on the global market is significant, making medications more affordable and accessible to patients. Particularly in developing countries, where access to medications can be limited, the availability of affordable generic drugs has driven growth. The cost savings associated with generic drugs also benefit healthcare providers, insurance companies, and governments, making healthcare more sustainable. Moreover, the pursuit of producing the most affordable and effective generic versions has spurred pharmaceutical innovation, resulting in improved formulations and drug delivery methods.
Market Players
Report Scope:
In this report, Global Generic Drugs Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Generic Drugs Market, By Type:
Small Molecule Generics
Biosimilars
Generic Drugs Market, By Application:
Neurology
Oncology
Anti-Inflammatory Diseases
Others
Generic Drugs Market, By Drug Delivery:
Oral
Topical
Parenteral
Others
Generic Drugs Market, By Form:
Tablet
Capsule
Injection
Others
Generic Drugs Market, By Source:
In House
Contract Manufacturing Organizations
Generic Drugs Market, By Distribution Channel:
Hospital Pharmacies
Others
Generic Drugs Market, By Region:
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Spain
Italy
Asia-Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Colombia
Argentina
Middle East & Africa
Saudi Arabia
South Africa
UAE
Kuwait
Conclusion:
The global generic drugs market is thriving, with growing demand for affordable medications and supportive policies driving its expansion. As chronic diseases continue to affect populations worldwide, generic drugs present an effective and cost-efficient solution. The expiration of patents offers opportunities for innovation and accessibility, making generic drugs a competitive alternative. The market's segmentation further enhances its potential to meet diverse medical needs. With ongoing developments and initiatives, the future of the global generic drugs market looks promising, benefiting patients and healthcare systems alike.
For more information about this report visit https://www.researchandmarkets.com/r/iu3p6r
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