Generic Drugs Market Overview:
A generic drug is basically a generic drug, which contains the same active ingredient as a patented drug that was first protected by proprietary patents. Generic drugs are typically allowed for commercial sale after the exclusive patents on these drugs expire. This is generally within three years of the date of original manufacture. The original patent granted to the innovator for the specific chemical involved in the invention of the drug has to be honored throughout the term of the patent. If this happens then any generic drug containing the same ingredient as the one patented can legally be sold. The global generic drugs market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The global generic drugs market is expected to witness significant growth during the forecast period, owing to the increasing geriatric population.
The size of the global generic drugs market was assessed at around US$ 263 billion in 2020 and at a CAGR of 6.58% is estimated to reach around US$ 438 billion in the year 2028.
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Generic Drugs Market Drivers:
Increasing prevalence of chronic diseases such as hypertension, cancer, and cardiovascular diseases (CVD) is expected to drive the growth of the global generic drugs market during the forecast period. According to the World Health Organization (WHO), in 2018, around 9.6 million died due to cancer with over 300,000 new cases of cancer being diagnosed each year among children aged 0-19 years across the globe. According to the World Health Organization (WHO), around 17.9 million people die each year from cardiovascular disease worldwide. Generic drugs offer various advantages including low cost, similar effectiveness that of brand-name alternatives, an overall reduction in healthcare cost. Hence, such factors are expected to drive the growth of the global generic drugs market during the forecast period. Moreover, the increasing geriatric population is expected to propel the global generic drugs market growth over the forecast period.
Generic Drugs Market Restraints:
Stringent government regulations are expected to hinder the global generic drugs market growth over the forecast period.
Among regions, North America is expected to witness significant growth in the global generic drugs market during the forecast period. This is owing to the presence of key companies and the launch of new products in the region. Moreover, Asia Pacific is expected to register a robust growth rate, owing to rising awareness among people related to any disorder in the region.
- North America (USA and Canada)
- Europe (UK, Germany, France, and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
Key players operating in the global generic drugs market are Teva, Novartis, Sun Pharmaceutical, Mylan, Sanofi, Pfizer, and Sun Pharmaceutical.
For instance, in March 2021, Biocon partnered with Libbs Farmaceutica to launch generic drugs in Brazil.
Generic Drugs Market Segmentation:
Product Type Segmentation –
- Simple Generic Drugs
- Super Generic Drugs
Industry Segmentation –
- Genitourinary/Hormonal Drugs
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– The trendy developments, market shares, and strategies that are employed by means of the essential market players
– The segment that is anticipated to dominate the market as properly as the segment which holds the highest CAGR in the forecast period
– Current and future of global Generic Drugs market outlook in the developed and rising markets
– Regions/countries that are anticipated to witness the quickest growth rates at some stage in the forecast period
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Key Questions Answered by the Report:
- What is the estimated market size for the year 2021?
- What will be market growth till 2028, and what will be the resultant market size over the next Eight Years?
- What is the Impact of Covid-19 on market growth? How is Industry mitigating the associated risk, and overcoming the associated challenge?
- What are key market drivers, restraints, and future opportunities? How are they impacting the market dynamics and subsequent analysis of the associated trends?
- Which segment or region will drive or lead market growth, and Why?
- Who are the entities in the ecosystem of the market? How are they connected? How are they performing?
- A comprehensive mapping of all the market participants, and detailed competitive intelligence on each of them.
- What are the key strategies adopted by market players? An in-depth analysis of these strategies and their impact on competition and revenue growth
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