BANGALORE, India, Aug. 9, 2023 /PRNewswire/ -- The Generic Drugs Market by Therapeutic Application (Cardiovascular, Infectious Diseases, Cancer, Diabetes, Others), by Route of Administration (Oral, Injections, Others), by Distribution Channel (Hospital pharmacies, Retail pharmacies, Online providers): Global Opportunity Analysis and Industry Forecast, 2023-2032. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.
The global generic drugs market was valued at USD 385.3 billion in 2022 and is projected to reach USD 835.7 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.
Major Factors Driving The Growth Of Generic Drugs Market are
The market for generic medications is expanding significantly, partly as a result of factors including the patents for many branded medications expiring, mounting demand to lower healthcare costs, and the rising incidence of chronic diseases globally.
Generic medications provide more economical substitutes for their brand-name equivalents, increasing access to and affordability of healthcare for a larger population. Government programs that encourage the use of generic drugs along with the introduction of numerous manufacturers into the market result in competitive pricing, which furthers the market's growth.
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TRENDS INFLUENCING THE GROWTH OF GENERIC DRUGS MARKET
A key factor is the patent expiration date for many branded medications. As soon as the patents on branded pharmaceuticals run out, generic drug producers can create and sell comparable equivalents at much-reduced costs. The presence of less expensive alternatives encourages competition and raises affordability, which increases demand for generic medications. One of the main factors propelling the market's expansion is the rising push to lower healthcare expenses. Healthcare systems around the world are having trouble keeping up with soaring medical costs. Generic medications provide a cost-effective approach, allowing consumers and medical professionals to significantly reduce medication expenditures without sacrificing quality or efficacy.
The market for generic medications is expanding, which is also a result of the rise of chronic conditions. Chronic illnesses like diabetes, respiratory ailments, and cardiovascular diseases necessitate long-term prescription use, which drives up the cost of care. Generic medications offer patients a cost-effective way to manage their diseases, promoting greater prescription compliance and better healthcare results. Market growth is significantly influenced by government programs and policies that encourage the use of generic medications. Numerous nations have put policies into place to promote the prescribing and use of generic drugs instead of name brands. These programs might include insurance coverage preferences, healthcare provider incentives, and public awareness campaigns, which would all help to increase the market for generic pharmaceuticals.
The market's abundance of generic medicine suppliers and manufacturers also helps to fuel its expansion. The same generic drug is produced by several different companies, which creates healthy competition that lowers costs and increases accessibility. The generic medication sector benefits from innovation and efficiency as a result of this competition.
The market is expanding as a result of the growing tendency of outsourcing pharmaceutical production to emerging nations with cheaper production costs. Many generic medication producers are located in nations with friendly regulatory frameworks and affordable labor rates, which enables them to make medicines at cheaper costs and market them internationally. This factor is expected to further fuel the Generic Drugs Market.
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GENERIC DRUGS MARKET SHARE ANALYSIS
By therapeutic application, the cancer category accounted for the largest share of the generic drug market in 2022.
The market is divided into oral, injection, and other categories based on the route of administration. Due to the rising frequency of chronic diseases and the expanding use of the oral route of administration, the oral segment dominated the worldwide Generic Drugs Market Share in 2022 and is anticipated to maintain its dominance during the Generic Drugs Market Forecast period.
The category of online providers is predicted to expand at the highest CAGR over the course of the forecast period based on distribution channels.
Due to significant R&D spending by market participants, the dominance of important players, and a rise in product approvals in the area, North America dominated the generic drugs market size in 2022 and is anticipated to maintain this trend over the generic drugs market forecast period. However, due to an increase in diabetic patients, which accelerates the need for generic medications and supports market expansion, Asia-Pacific is anticipated to experience the greatest CAGR over the forecast period.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Aurobindo Pharma
- GlaxoSmithKline PLC
- Novartis
- Lupin Ltd
- Viatris
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Limited
- Cipla Ltd
- Amneal Pharmaceuticals, Inc.
- Hikma Pharmaceuticals PLC
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