Acumen Research and consulting recently publicize a market study titled “Generic Drugs Market Forecast till 2027″ which is a trending topic in the medical and pharmaceutical industry and providing a flawless and narrow study about COVID-19 bleak and lush impact on the industry.
The Global Generic Drugs Market is anticipated to grow at a CAGR of around 11.1% during the forecast period 2020 to 2027 and to reach around US$ 627.6 Bn by 2027.
Increasing generic drug R&D activities and rise in healthcare spending are major factor expected to drive the growth of global generic drugs market.
The market in North America is expected to account for major revenue share in the global generic drugs market due to availability of advanced healthcare infrastructure. Rising number of patients suffering from chronic diseases and government is focused on lowering the cost of healthcare on consumers. It is spending high on development and promotion of generic drugs. Generic medicines generated US$ 253 billion in savings for patients and taxpayers in 2016. In the last decade, the U.S. healthcare system has saved US$ 1.67 trillion due to the availability of low-cost generics. Savings for the two largest government healthcare programs, Medicare and Medicaid, totaled US$ 77 billion and US$ 37.9 billion, respectively in 2016.
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That means every Medicare enrollee saved an average US$ 1,883, while every Medicaid enrollee saved an average US$ 512. The regulatory bodies of the US are focused to bring safe, effective, high-quality generic alternatives to market, which in turn creates more affordable treatment options for patients. Introduction of innovative drugs from players is expected to support the growth of generic drugs regional market.
In 2021, Ajanta Pharma Limited, a drugs manufacturing company received approval for “Northera (Droxidopa) Capsules” a generic medicine. The medicine is focused on treatment of orthostatic dizziness or lightheadedness in adult patients with symptomatic neurogenic orthostatic hypotension.
In 2021, Unichem Laboratories Limited, a generic drug manufacturing company received approval for “Otezla (Apremilast) Tablets” a generic drug. The drug is for the treatment of adult patients with moderate to severe plaque psoriasis.
The market in Asia Pacific is expected to witness faster growth in the generic drugs market in the coming years due to high healthcare spending by the government. Major players approach towards enhancing the business in emerging economies and focus on shifting the manufacturing units to developing countries for development of low cost products are factors expected to boost the growth of generic drugs market. In addition, players focus on strategic partnership and agreements in order to strengthen the distribution channel is expected to support the target market growth.
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The cost of branded drugs is sky rocketing, along with increasing cost of healthcare facilities is resulting in demand for generic drugs this is major factor expected to drive the growth of global generic drugs market. Generic drugs are typically manufactured at lower cost which lowering the end product price as well. With the rise in number of people suffering from chronic diseases and high cost of drugs is impacting the patients care system. Increasing awareness activities by the government related to generic drugs among consumers and focus on strengthening the distribution channel are factors expected to impact the growth of target market.
According to the Generic Pharmaceutical Association, generic drugs accounted for 88% of all dispensed retail prescriptions in the U.S in 2014, while consuming only 28 % of total drug spending. The use of generics, where available, is estimated to have saved the U.S. healthcare system US$ 1.68 trillion between 2005 and 2014, with US$ 254 billion saved in 2014 alone. Government focus on high spending on generic drugs development and deliver innovative drugs to consumer is expected to augment the growth of target market. Factors such as stringent government regulations related to product approval and adverse effect of drugs are expected to hamper the growth of global generic drugs market.
In addition, lack of awareness among consumers related to generic drugs is expected to challenge the growth of target market. However, high investment by major players, increasing clinical trials activities and rising demand for new generic drugs are factors expected to create new opportunities for players operating in the generic drugs market over the forecast period. In addition, increase in numbers of licensing & partnering strategies in order to launch new products is expected to support the revenue transaction of target market.
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The global generic drugs market is segmented into product type, application, route of administration, and distribution channel. The application segment is bifurcated into cardiovascular products, anti-infective drugs, anti-arthritis drugs, central nervous system drugs, anti-cancer drug, respiratory products, and others. Among application the anti-cancer drug is expected to witness faster growth in the generic drugs market.
The distribution channel segment is divided into hospitals, pharmacies, and others. Among distribution channel the hospital segment is expected to account for major revenue share in the global market. Players operating in the global generic drugs market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., ALLERGAN, Sandoz International GmbH, Mylan N.V., STADA Arzneimittel AG, Baxter International Inc., Eli Lilly and Company, GlaxoSmithKline Plc., and Pfizer Inc. The market is highly competitive due to presence of large number of players operating on global level.
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Source: Globenewswire.com