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Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

  • March 2022
  • 116 pages
  • ID: 4837101
  • Format: PDF
  • IMARC Group

Summary

Table of Contents

The global generic drugs market reached a value of US$ 320 Billion in 2021.

Looking forward, the analyst expects the market to reach US$ 482.5 Billion by 2027, exhibiting at a CAGR of 7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

A generic drug is a medicine that contains the same active ingredient and has an equivalent therapeutic effect as the branded drug. It is also identical in terms of safety, quality, dosage, strength, route of administration, intended use, effect, form, quality and side effects. These medications can be produced only after the patent expiration of the brand-name drug. As compared to branded drugs, the production of generics costs much less as it does not require the repetition of clinical (human) and animal studies to demonstrate the effectiveness and safety of the medicine. Due to a reduction in the upfront cost of research, generics are typically sold at a substantially lower price in the market.

Market Trends:
Due to an aging population and increasing incidences of chronic diseases, governments of developed countries have been making efforts to reduce healthcare costs by promoting the production of generics. Whereas, in developing countries, affordability and accessibility are some of the primary issues faced by the healthcare industry. To address these problems, governments and other regulatory bodies have been encouraging manufacturers to introduce effective generic drugs. However, despite the rapid patent expiry of branded drugs, there has been a shortage of generics. This situation is currently being rectified by various initiatives taken by hospitals, institutions and other organizations across the globe. For instance, in 2018, a coalition of seven hospitals and three philanthropies in the US announced that they would be addressing drug shortages and the high cost of essential medications by launching a generic drug company, named Civica Rx. The company is producing 14 short-supply, FDA-approved drugs that have been available in the market since the beginning of 2019. Other than this, in 2018, the United States Food and Drug Administration (USFDA) created policies to make the process of market entry and generic approval more efficient. It issued guidance documents for the development of both hard-to-copy drug categories and specific complex drugs.

Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global generic drugs market, along with forecasts at the global and country level from 2022-2027. Our report has categorized the market based on therapy area, drug delivery and distribution channel.

Breakup by Therapy Area:
Central Nervous System
Cardiovascular
Dermatology
Genitourinary/Hormonal
Respiratory
Rheumatology
Diabetes
Oncology
Others

Central nervous system disease currently represents the leading therapy area, accounting for the majority of the total market.

Breakup by Drug Delivery:
Oral
Injectables
Dermal/Topical
Inhalers

Presently, oral medicines are the most preferred product, owing to the convenience attached to their administration, which requires minimal to no medical assistance.

Breakup by Distribution Channel:
Retail Pharmacies
Hospital Pharmacies

At present, the majority of the generics are distributed through retail pharmacy stores as most generic drugs are over the counter (OTC) medicines that can be bought without a prescription.

Regional Insights:
United States
China
Brazil
Germany
France
India
United Kingdom
Japan
Canada
Italy
Others

On a regional basis, the United States represents the biggest market, accounting for the largest market share. This growth is led by numerous initiatives by the US Government to improve generic drug manufacturing and access in the country.

Competitive Landscape:
The market is fragmented in nature with the presence of various small and large manufacturers. Some of the leading players operating in the market include Teva Pharmaceuticals Industries Ltd., Mylan N.V., Novartis AG, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Fresenius SE & Co., Lupin Limited, Endo Pharmaceuticals Inc., Aurobindo Pharma Limited, and Aspen Pharmacare Holdings Limited.

Key Questions Answered in This Report:

How has the global generic drugs market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global generic drugs market?
What are the major drug delivery segments?
What are the key therapy areas?
What are the major distribution channels?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the industry and who are the key players?
What is the degree of competition in the industry?
What are the profit margins in the industry?
What are the key requirements for setting up a manufacturing plant?
How are generic drugs manufactured?
What are the various unit operations involved in a manufacturing plant?
What is the total size of land required for setting up a manufacturing plant?
What are the machinery requirements for setting up a manufacturing plant?
What are the raw material requirements for setting up a manufacturing plant?
What are the packaging requirements for generic drugs?
What are the transportation requirements for generic drugs?
What are the utility requirements for setting up a manufacturing plant?
What are the manpower requirements for setting up a manufacturing plant?
What are the infrastructure costs for setting up a manufacturing plant?
What are the capital costs for setting up a manufacturing plant?
What are the operating costs for setting up a manufacturing plant?
What will be the income and expenditures for a manufacturing plant?
What is the time required to break-even?

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