Generic Drugs Market Size, Share, Growth, and Industry Analysis, by Type (Simple Generic Drugs, Super Generic Drugs, and Biosimilars) By Application (CNS, Cardiovascular, Hormonal Drugs, Respiratory, Rheumatology, Diabetes, Oncology, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 22 April 2024

GENERIC DRUGS MARKET REPORT OVERVIEW

• 
• Request a Free sample to learn more about this report

The global generic drugs market size was USD 3,13,700 million in 2020 and is projected to touch USD 813658.93 million by 2031, exhibiting a CAGR of 10.0% during the forecast period.

Generic medications are drugs that have the same chemical makeup as an existing branded drug. In terms of dosage, strength, mode of administration, quality, performance, and application, these pharmaceuticals are less expensive and comparable to branded drugs. Rather than being connected with a specific manufacturer, generic medications are subject to government restrictions in various nations.

The rising prevalence of chronic diseases, diabetes, and cardiovascular diseases, and the growing geriatric population, rising healthcare expenditure, high demand for generic medicines, and a large number of patent-expired branded drugs, are all contributing to the growth of the generic drugs market. However, the market is projected to be stifled by government rules and medicine side effects. The rising demand for newer generic pharmaceuticals, the increased number of clinical studies, and the vast number of licensing and partnering tactics used by leading vendors to introduce new products all contribute to significant demand in the near future.

COVID-19 Impact: Halt on Production and Supply Chain Disruption to Impede Sales. 

The COVID-19 pandemic has negatively affected several markets globally. This market is expected to grow slowly during the COVID-19 pandemic. The sudden spike in CAGR is attributable to the generic drugs market growth and demand returning to pre-pandemic levels once the pandemic is over.

The outbreak of COVID-19 had an influence on the global market because social distancing measures adopted by governments around the globe had a considerable impact on hospitals, healthcare services, and drug makers. Due to work from home, the offices were not functioning effectively. COVID-19 has had a direct impact on supply and demand, causing supply chain disruption since many pharmaceuticals were unable to reach the market on time.

LATEST TRENDS

"Rising Demand from healthcare Sector to Bolster Market Progress"

Because the global generic medication industry is so large, it is expected to keep rising over the projection period. The rising prevalence of chronic diseases, the growing senior population, and rising healthcare costs are all factors contributing to this trend. Every year, the number of chronic cases rises, be it in the central nervous system, cardiovascular diseases, oncology, diabetes, and a variety of other diseases. Because chronic diseases are so common, the government and many pharmaceutical companies are expanding their R&D spending to find novel compounds and improve existing technology.

GENERIC DRUGS MARKET SEGMENTATION

• 
• Request a Free sample to learn more about this report

• By Type Analysis

By type, the market is segmented into Simple Generic Drugs, Super Generic Drugs, and Biosimilars.

The simple generic drugs segment is expected to lead because of a growing preference for generics of this type, which have a lower development cost than other types. Furthermore, because of its well-known mechanism of action and predetermined efficacy and safety profile, this type has a higher level of acceptance among patients and clinicians. These factors are likely to influence the growth of the industry. 

• By Application Analysis

Based on the application, the market is classified as CNS, Cardiovascular, Hormonal Drugs, Respiratory, Rheumatology, Diabetes, Oncology, and Others

The indoor segment is expected to be the leader because the infectious diseases category led the generic medicines business, and it is likely to continue in the coming years. This is mostly attributable to the rise in infectious disease cases around the globe.

DRIVING FACTORS

"Patent Expiration to Magnify Market Growth"

The number of branded pharmaceuticals whose patents are about to expire is steadily increasing, creating enormous potential opportunities in the drug market. Manufacturers of generic pharmaceuticals have consistently concentrated on the research and introduction of new novel medications and formulations, such as biosimilars, which is driving market growth. Furthermore, government measures to stimulate the development of generic medications for severe chronic diseases have accelerated market expansion in emerging economies. Furthermore, the expanding global population of elderly people, who are more susceptible to numerous ailments, has fueled market expansion.

"Increasing Geriatric Population to Facilitate Industry Progress"

The ageing of the population is a major driver of the generic medication market's expansion. People are living longer, according to a World Health Organization (WHO) research, and the population's average life expectancy has grown. Therefore, the global elderly population has exploded. Patients are predicted to prefer low-cost generic pharmaceuticals over branded drugs due to the high cost of treatment with branded drugs, resulting in market growth.

RESTRAINING FACTORS

"Lack of Awareness and Covid-19 Impact to Impede Market Progress"

One of the bottlenecks in the generic pharmaceuticals sector is a lack of knowledge regarding generic drugs. Branded pharmaceuticals' extensive marketing and advertising overshadow the availability of generic drugs, which can be used in place of more expensive branded drugs. Therefore, despite the fact that generic pharmaceuticals have the same chemical formulation as their counter-branded counterparts, consumers prefer branded drugs.

GENERIC DRUGS MARKET REGIONAL INSIGHTS

• 
• Request a Free sample to learn more about this report

"Presence of Prominent Players to Bolster Growth in North America"

North America is expected to dominate the generic drugs market share due to money generated from generic pharmaceuticals, the region has the largest proportion. The existence of many players in the region explains the high income, as they continue to focus on the introduction of new goods and the market, and the prescription pattern in the U.S., which is dominated by branded generic pharmaceuticals. Therefore, the global generic drugs market growth is expected to expand during the forecast period.

Asia-Pacific is the second-largest market shareholder for generic drugs, accounting for the greatest proportion of the generic medication industry, and this trend is projected to continue in the future years. This can be attributed to a growing senior population, increased healthcare costs, an increase in chronic disease cases, and government attempts to encourage the use of generics.

KEY INDUSTRY PLAYERS

"Companies Adopt Technologically Advanced Production Techniques to Improve Market Position"

Due to the presence of various large- and small-scale enterprises distributed across the globe, the global generic pharmaceuticals market is fragmented. To increase market attractiveness, the market's main companies are employing unique techniques. To keep up with the growing market competition, industry competitors are employing methods such as increased R&D expenditure, mergers and acquisitions, and product developments.

INDUSTRY DEVELOPMENT

The Ministry of Health, Labour and Welfare (MHLW) approved Sawai Pharmaceutical Co. Ltd.'s Dutasteride Capsules in October 2020. (Generic version of branded product, ZAGALLO). For the treatment of male pattern baldness, these pills are given.

List of Market Players Profiled

• Teva (Israel)
• Novartis – Sandoz (Switzerland)
• Mylan (U.S.)
• Sun Pharmaceutical (Mumbai)
• Aspen (South Africa)
• Fresenius Kabi (Germany)
• Pfizer (Hospira)
• Sanofi (France)
• Aurobindo (Hyderabad)
• Lupin (Mumbai)

REPORT COVERAGE

This report covers the entire scope of the market research for generic drugs. The report's market estimations are based on extensive secondary research, primary interviews, and in-house expert reviews. These market estimations were derived by analyzing the impact of different social, political, and economic factors and current market dynamics on the growth of the generic drugs sales industry.