Generic Drugs Global Market Report 2023: Growing Demand for Low-Cost Drugs Bolster Sector - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--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.

Generic Drugs Market was valued at USD 416.06 billion in 2022 and is further anticipated to grow at a CAGR of 6.51%, during the forecast period, owing to rising demand for generic drugs.

The Generic Drugs market is expected to continue growing in the coming years, driven by factors such as the increasing prevalence of chronic diseases, expiration of patent drugs, growing demand for low-cost drugs, and easy accessibility and supportive governments for allowing generic drugs in the market.

The increasing aging population, along with the growing demand for low-cost generic drugs, will further drive the growth of the market during the forecast period. As consumers become more aware of the cost savings and efficacy of generic drugs, they are more likely to choose them over branded drugs which is a factor expected to drive the growth of the market during the forecast period.

Generic drugs are used to treat a wide range of medical conditions, just like their branded counterparts. They contain the same active ingredients and are equivalent in strength, dosage, safety, and effectiveness.

Advancements in generic drugs have also contributed to the growth of the Generic Drugs market. Some generic drugs are now being developed as combination therapies, which combine two or more drugs into a single pill or other delivery systems. This can increase patient compliance and reduce the overall cost of treatment.

While the Generic Drugs market is growing rapidly, there are also several challenges that are impeding its growth. One of the biggest challenges the global generic drugs market is facing is ensuring the quality of generic drugs is the same as branded drugs. Others are Regulatory hurdles for approval of the generic drugs along with pricing pressures. Patent litigation is also a challenge that will hamper the growth of the global generic drugs market.

Growing Prevalence of Chronic Diseases

The increasing prevalence of chronic diseases due to long-term illnesses such as genetic, environmental, behavioral, and physiological factors will drive the growth of the market during the forecast period. Chronic diseases impact all ages across the globe. Also, non-communicable diseases such as chronic respiratory diseases such as COPD, asthma, malignancies and, diabetes, cardiovascular diseases are the most common diseases, which will further increase the demand for generic drugs in the forecast period. Similarly, some major factors like rapid urbanization, globalization of leading unhealthy lifestyle, and the growing aging population is expected to drive the growth of the market during the forecast period. The global prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases is increasing rapidly.

As a result, there is a growing demand for affordable and effective treatments, which has driven the growth of the generic drugs market. So, patients prefer generic drugs as demand grows with time. According to the National Health Interview Survey, 51.8% of U.S adults have one chronic disease, and approx. 27% of people are suffering from several chronic diseases. Per year, 38 million people are affected because of chronic diseases across the globe, according to WHO.

According to WHO, chronic diseases affect almost 41 million people, which is equivalent to 71% of all deaths globally; among these, 17.9 million deaths are caused for heart disease, 9.3 million deaths are caused due to cancer, and 4.1 million deaths due to respiratory diseases, 1.5 million deaths due to diabetes per year. Additionally, other factors are also influencing the growth of the market, such as exposure to the use of tobacco, increasing consumption of alcohol, and physical inactivity.

Chronic diseases can have a significant impact on the growth of the generic drugs market. Chronic diseases are long-lasting medical conditions that require ongoing medical attention and often require the use of medication. Examples of chronic diseases include diabetes, hypertension, arthritis, and heart disease. Generic drugs are an attractive option for many patients with chronic diseases because they are typically less expensive than their branded counterparts.

This is because generic drug manufacturers do not have to invest in expensive research and development or marketing campaigns, which can be passed on to consumers in the form of lower prices.

Growing Demand for Generic Drugs

The expiration of patents for branded drugs is a major driver of growth in the global generic drugs market, creating opportunities for innovation and making medications more accessible to patients. The expiration of patents for branded drugs can have a significant impact on the global generic drugs market. When a patent expires, it allows other manufacturers to produce and sell generic versions of the drug, often at a lower cost than the branded drug.

This creates an opportunity for generic drug manufacturers to enter the market and offer more affordable options to consumers. As a result, the demand for generic drugs increases, driving growth in the generic drugs market. For example, Cetuximab is an epidermal growth factor receptor inhibitor that is used for the treatment of metastatic colorectal cancer and head and neck cancer. It is manufactured under the patent by Bristol-Myers Squibb and Eli Lily Company in Europe, and it expired in 2018. It is thus expected to provide an opportunity for a large number of market players to manufacture its generic version.

In addition to increasing competition and lowering prices, the expiration of patents can also lead to innovation in the generic drugs market. Generic drug manufacturers may develop new formulations or delivery methods for the drug, improving its efficacy and convenience for patients.

However, it is important to note that not all drugs have a significant impact on the generic drugs market when their patents expire. Some drugs may not be profitable for generic manufacturers to produce, or the original drug may have unique properties that cannot be easily replicated by a generic version. Additionally, a supportive initiative by the FDA for promoting the development of biosimilars is encouraging manufacturers to focus on its development. As patents on brand-name drugs expire, generic drug manufacturers can enter the market and produce lower-cost versions of the drug. However, the availability of generic drugs can still be delayed if there are patent disputes or if the brand-name manufacturer implements strategies to delay competition.

Growing Demand for Low-Cost Drugs

Low-cost generic drugs have a significant impact on the global generic drugs market, making medications more affordable and accessible to patients, reducing the financial burden on healthcare systems, and driving innovation in the pharmaceutical industry. Generic drugs are typically less expensive than their branded counterparts, which makes them a more affordable option for patients. The availability of low-cost generic drugs can have a major impact on healthcare systems, particularly in developing countries, where access to affordable medications can be limited.

This has led to increased demand for generic drugs in these regions, which has, in turn, contributed to the growth of the global generic drugs market. The cost savings associated with generic drugs also benefit healthcare providers, insurance companies, and governments. By using generic drugs, healthcare providers can reduce the cost of treatment for their patients, which can improve access to care and reduce the financial burden on patients and their families.

Additionally, to lower costs, low-cost generic drugs can also drive innovation in the pharmaceutical industry. As companies compete to produce the most affordable and effective generic versions of a drug, they may further invest in research and development to improve the formulation, delivery, and efficacy of the drug. In December 2021, the US FDA approved the first generic version of the drug Gilenya, used to treat multiple sclerosis.

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:

• Cardiovascular Diseases
• Diabetes
• 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
• Retail Pharmacies
• Online 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

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. Global Generic Drugs Market Outlook

6. North America Generic Drugs Market Outlook

7. Europe Generic Drugs Market Outlook

8. Asia-Pacific Generic Drugs Market Outlook

9. South America Generic Drugs Market Outlook

10. Middle East and Africa Generic Drugs Market Outlook

11. Market Dynamics

12. Market Trends & Developments

13. Global Generic Drugs Market: SWOT Analysis

14. Porter's Five Forces Analysis

15. Competitive Landscape

16. Strategic Recommendations

A selection of companies mentioned in this report includes

• Teva Pharmaceutical Industries Ltd.
• Sandoz International GmbH (Novartis AG)
• Viatris Inc.
• Sun Pharmaceutical Industries Ltd.
• Fresenius Kabi AG
• STADA Arzneimittel AG
• Aurobindo Pharma Limited
• Dr Reddy's Laboratories Ltd
• Cipla Ltd
• Novo Nordisk A/S
• Abbott Laboratories Inc.
• Endo Pharmaceuticals Inc.
• Sanofi SA
• Aspen Pharmacare Holdings Limited
• Lupin Limited

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

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