Global Generic Drugs Market Size & CAGR (2021 to 2026)
As per our report, the global generic drugs market size was valued at USD 311.8 billion for 2021 and is poised to reach USD 442.3 billion by the end of 2026, growing at 7.24 % CAGR during the forecast period.
Impact of COVID-19 on the global generic drugs market:
Companies of generic and biosimilar medicines are working tirelessly to ensuring patients receive access to the medications they need as the COVID-19 epidemic advances. Despite the global pharmaceutical supply chain under unprecedented stress and demand, the producers of nine out of ten prescriptions filled with generics are increasing demand for generics. The COVID-19 pandemic has hampered medication development in various ways, including interrupting ingredient supplies and delaying inspections of manufacturing facilities. As a result, at COVID-19, the US Food and Drug Administration (FDA) issued guidelines on generic drug development and the filing of abbreviated new drug applications (ANDAs), which outlines how manufacturers can deal with the pandemic’s challenges. In addition, the firms have teamed together under the non-profit Medicines Patent Pool (MPP). A group of 18 generic medicine manufacturers from India, China, Bangladesh, and South Africa has promised to work together to speed up access to millions of doses of novel COVID-19 treatments for low- and middle-income nations. Nonetheless, issues concerning fairness, overflow capacity, the social security system, data collecting, and medication supply, notably for generic pharmaceuticals, have been raised by COVID-19. The majority of active pharmaceutical ingredients (APIs) are imported from other countries. For example, 80 % of APIs used in medicines supplied in the United States come from China and India. In addition, companies frequently employ a single factory to manufacture their entire supply, so generic medication manufacturing is disrupted.
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KEY DRIVING FACTORS:
The rising prevalence of chronic diseases fuels the demand for generic drugs.
Generic medication demand is increasing as chronic illnesses become more prevalent. In addition, disease prevention relies heavily on generic medicines. There has been a significant increase in the usage of generic medications for over three decades, and they account for 83 % of all prescriptions filled. For chronic diseases such as diabetes, hypertension, osteoporosis, depression, and anxiety, the study published in PLOS Medicine showed that over 3.5 million individuals found equivalent clinical results across patients who began generics and initiated brand-name medicines. Because of this, generic medicine usage has increased, which has fuelled the generic drug market’s expansion.
Patent expiration of branded medicines further fuels the generic drugs market.
A generic medication is designed to be identical to an approved brand-name drug in terms of dose form, potency, method of administration, quality, and performance. Generic drugs are interchangeable with brand-name medications. When a branded drug’s patent expires, the producer attempts to produce generic medication. Several of its patents will expire in October 2021, possibly allowing generic copies to enter the market. Amgen’s Xgeva and Prolia, AstraZeneca’s Faslodex, Pfizer’s Eraxis, LG Chem’s Factive, Bayer’s Angeliq, and Chong Kun Dang’s Bredinin are among the patents that will expire in January 2021. About 62 patents for more than 150 pharmaceutical items in South Korea will expire this year, with more than half of them anticipated to be generics if no new patents are added to the patent list. Because of this, the market for generic medicines is growing.
RESTRAINING FACTORS:
The market’s expansion is hampered by public perception of generic medicines. Because generics are inexpensive, they are thought to be of inferior quality. In general, the notion that low price equals bad quality is widely held. Furthermore, strict rules governing the safety and efficacy of generic medicines stymie market expansion.
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KEY MARKET INSIGHTS:
- Based on the type, the generic drug market is segmented into pure and branded generic drugs.
- Based on the application, the cardiovascular segment dominated the generic drugs market in 2020 and accounted for a significant market share in 2020. The increasing cases of heart failure, hypertension, and stroke generate the demand.
- The North American region is a highly growing market for generic drugs. It is because, in the U.S. region, most of the prescriptions are filled with generic drugs.
- The prominent players in the generic drug market include Mylan Inc., Sun Pharmaceutical Industries Ltd., Cipla Inc., Inc., Pfizer Inc., Teva Pharmaceutical Industries Ltd., Lupin Ltd., Sanofi, and others. In addition, these players are involved in strategic activities, such as collaborations, new product launches, technological advancements, and acquisitions.
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Recent Market Developments:
- In March 2021, Libbs Farmaceutica and Biocon have teamed together to introduce generic medicines in Brazil, the world’s sixth most populated country.
- In March 2021, to enhance its R&D engine and expand its generics and CDMO business, ANI Pharmaceuticals, Inc. has purchased Novitium Pharma.
- In January 2020, with Civica Rx’s help and 18 independent BCBS businesses, the Blue Cross Blue Shield Association and BCBS companies were working together to decrease the cost of generic prescription medications.
SEGMENTS COVERED IN THIS REPORT:
By Type:
- Pure Generic Drugs
- Branded Generic Drugs
By Application:
- The Central Nervous System (CNS)
- Cardiovascular
- Dermatology
- Oncology
- Respiratory
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Ranbaxy Laboratories, Ltd
- Actavis
- Mylan, Inc.
- Industries, Ltd.
- Reddy’s Laboratories
- Par Pharmaceutical, Inc.
- Sandoz International GmbH
- Hospira, Inc.
- Apotex, Inc.
- Watson Pharmaceuticals, Ltd.
- Teva Pharmaceutical
BROWSE REGIONAL REPORTS:
- North America Generic Drugs Market
- Europe Generic Drugs Market
- APAC Generic Drugs Market
- Latin America Generic Drugs Market
- MEA Generic Drugs Market
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