Generic drugs are those that have the identical active chemical substance as that of a patented drug. Before generics became available, generic drugs were manufactured by using identical active ingredients, with the only difference being the chemical composition or dosage. Generic drugs can be sold without any authorization from the Food and Drug Administration. Generic drugs can also be made and approved at the same time as the patented drug if the company that holds the patent for the medicine can meet the necessary requirements. Once these requirements are met, a generic drug can be released into the market. Generic drugs, however, are not available without a prescription from a doctor, because generic drugs lack the security provided by patented drugs.
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Key Market Drivers:
Increasing cases of chronic diseases in the world are the main factor that is expected to drive the growth of the global generic drugs market. For instance, according to World Health Organization, around 422 million individuals in the world suffer from diabetes and around 1.6 million deaths are directly related to diabetes every year. Generic drugs are manufactured using the same facilities and methods as patented drugs. In fact, they are typically the same product created with the same quality and consistency. However, generic drugs are made so that they can meet or surpass the safety and efficacy requirements of the U.S. Food and Drug Administration. Generic drugs can be sold without the need for an expensive marketing campaign because generic drugs can be made for lower prices than patented drugs. Increasing product launches by key market players are estimated to propel the growth of the global generic drugs market.
Covid-19 Impact Analysis:
The increasing incidence of COVID-positive cases in the world has majorly affected the growth of the global generic drugs market. For instance, according to Springer, in April 2020, the number of individuals infected with the SARS-CoV-2 was around 0.9 million with a death ratio of around 1.38%. Moreover, increasing transport restrictions and lockdown restrictions in several nations also affected the market growth.
- 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$ 385 billion in the year 2026, owing to increasing chronic diseases in the world. For instance, according to International Agency for Research on Cancer, in 2020 the global burden of cancer was around 19.3 million.
- North America is expected to hold a major share of the global generic drugs market, owing to the increasing prevalence of drug manufacturers in the region. For instance, according to Pharmapproach, in 2019, the United States generated a revenue of around US$ 490 billion.
- The Asia Pacific is expected to witness high growth in the global generic drugs market, owing to the increasing prevalence of pharma companies in the developing regions. For instance, according to India Briefing, there are more than 3000 drug companies in India, along with 10,500 manufacturing units.
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Reasons to Buy this Generic Drugs Market Report
➡ Save time carrying out entry-level research by identifying the size, growth, and leading players in the emerging Generic Drugs Market
➡Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the emerging Generic Drugs Market
➡Leading company profiles reveal details of key Generic Drugs Market players emerging five operations and financial performance
➡Add weight to presentations and pitches by understanding the future growth prospects of the emerging Generic Drugs Market with five year historical forecasts
➡Compares data from North America, South America, Asia Pacific Europe and Middle East Africa, alongside individual chapters on each region .
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Generic Drugs Market Size Analysis from 2021 to 2028
11.6 COVID-19 Outbreak: Generic Drugs Industry Impact
Chapter 2 Global Generic Drugs Competition by Types, Applications, and Top Regions and Countries
2.1 Global Generic Drugs (Volume and Value) by Type
2.3 Global Generic Drugs (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Generic Drugs Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Generic Drugs Market Analysis
Chapter 6 East Asia Generic Drugs Market Analysis
Chapter 7 Europe Generic Drugs Market Analysis
Chapter 8 South Asia Generic Drugs Market Analysis
Chapter 9 Southeast Asia Generic Drugs Market Analysis
Chapter 10 Middle East Generic Drugs Market Analysis
Chapter 11 Africa Generic Drugs Market Analysis
Chapter 12 Oceania Generic Drugs Market Analysis
Chapter 13 South America Generic Drugs Market Analysis
Chapter 14 Company Profiles and Key Figures in Generic Drugs Business
Chapter 15 Global Generic Drugs Market Forecast (2021-2027)
Chapter 16 Conclusions
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