Generic Drugs Market (Drug Type: Simple Generics and Super Generics; By Brand: Pure generic drugs and Branded generic drugs; By Route of Drug Administration: Oral, Topical, Parental, and Others; By Therapeutic Application: Central nervous system (CNS), Cardiovascular, Dermatology, Oncology, Respiratory, and Others; By Distribution Channel: Hospitals Pharmacies, Retail Pharmacies, and Others) - Global Industry Analysis, Market Size, Share, Growth, Trends, Region Outlook, And Segment Forecasts, 2021 - 2030

The global generic drugs market size was valued at USD 387.92 billion in 2020 and projected to hit around USD 675.29 billion by 2030, growing at CAGR of 5.7% over forecast period 2021 to 2030.

Generic Drugs Market Size 2017 to 2030

Key market Insights:

Global generic drugs industry is expected to rise at substantial CAGR during the forecast era. The low cost of generics, as an alternative to branded drugs is major factor expected to fuel growth of the target industry in the near future. Additionally, increasing use of RPA to ensure regulatory and standards compliance can create lucrative growth opportunities for the key players operating in the global market. The use of artificial intelligence (AI) technology to automate routine, rules-based processes is robotic process automation. Through this automation, key operating players in the target market are capable to devote more time, energy, and capitals to advanced value tasks. The use of RPA to ensure compliance with regulatory and standards is one of the major trends in the market for generic brands that will gain traction in the coming years. Company process automation systems such as RPA are commonly used by pharmaceutical firms to conduct high-volume R&D and production activities. RPA technology includes software that logs into programs, enters data, measures and completes the necessary activities, and logs out. It aims to ensure conformity with laws and requirements, to complete procedures at a faster speed and to reduce costs.

Crucial factors accountable for market growth are:

  • The low cost of generics as an alternative to branded drugs
  • Large number of patents expired branded drugs
  • Initiatives by governments and other regulatory bodies across the globe

COVID-19 Impact on Global Generic Drugs Market

The outburst of COVID-19 has affected most of the world's main markets, generic drugs market is no exception. The Covid-19 pandemic has influenced leading countries across the world including China, India, the U.S., and other nations. Upsurge in the cost of raw materials and drugs owing to supply chain disruption, lockdown situations has affected growth of the generic drugs industry. This is due to; around 13% of brand and generic manufacturers are based in China and 24% of medicines and 31% of medicinal ingredients were imported from India.The pharmaceutical supply chain is easily broken and the impact of Covid-19 has taken it to the fore once again. The API plant for these is often overseas, with India and China dominating the API market. The API can be produced in a single plant and, at each level, has very little inventory. However, COVID-19 is gradually solving the problem, with most businesses starting their facilities at full capacity.

Future of Global Generic Drugs Market

Major companies of the global industry including Abbott Laboratories and Teva Pharmaceutical Industries Ltd. are pointing towards commercial growth by adopting strategies like mergers and acquisitions, heavy investments in the manufacturing facilities that is predictable to flourish the global market growth in next few years. This trend is probable to continue and will augment growth of thetarget industry in the near future. For instance, in August 2016, Teva Pharmaceutical Industries Ltd. acquired Anda, a wholesale distributor of pharmaceutical products in the United States.

The Simple Generic Drugs Segment Is Projected To Dominate the Drug Type Segment of Generic Drugs Market Revenue

On the basis of drug type simple generic drugs segment is dominant owing to its low cost over super generic drugs. These drugs also yield the same therapeutic effect and are prescribed in the same dosing, with the same quality, and same the way of consumption and usage. Super generics of drug type segment is expected to hold share more than 25 % in global generic drugs market

Oncology Therapeutic Application Is Predictable To Take over the Therapeutic Application Segment of Generic Drugs Market Revenue

On the basis of therapeutic application the global market is segmented into major types cardiovascular, oncology, Central nervous system, respiratory, dermatology, others. The Oncology therapeutic application segment is leading with major share owing to increasing demand for the treatment of oncology disorders worldwide. The cardiovascular segment is anticipated to grow at reasonable CAGR over the forecast period.

North America is estimated to be the Largest Market for Generic Drugs

The study report covers key trends and prospects of generic drugs products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Geographically, generic drugs market is conquered by North America owing to initiatives by governments and other regulatory bodies, rising geriatric population, growing prevalence of the chronic diseases, and growth in the number of patent expired branded drugs. Asia Pacific generic drugs industry market is estimated to grow at noteworthy growth rate in the next 10 years. The growth is attributed to speedy increase in the prevalence of chronic disease in the countries of APAC owing to changing lifestyle which is creating demand for the generic drugs. Additionally, growing demand for the generic drugs for the end users in LATAM and the countries of Middle East and Africa is anticipated to propel industry growth in the next 10 years.

Global Generic Drugs Market 2021 to 2030

Top Players contending in the Market:

The companies focusing on research and development are expected to lead the global generic drugs market. Leading competitors contending in global generic drugs market are as follows:

  • Mylan N.V.
  • Abbott Laboratories
  • ALLERGAN
  • Teva Pharmaceutical Industries Ltd.
  • Eli Lilly and Company
  • STADA Arzneimittel AG
  • GlaxoSmithKline Plc.
  • Baxter International Inc.
  • Pfizer Inc.
  • Sandoz International GmbH

For the better understanding the recent situation of the global generic drugs market and for most policies of the country, Precedence Research forecast the future evolution of the generic drugs industry. This research study offers qualitative and measureable insights on generic drugs market and valuation of market size and development trends for global market segments.

Key Market Developments:

  • In March 2019, Allergan acquired Envy Medical, a biotechnology company providing dermatology and medical aesthetics solutions
  • In September 2018, Allergan acquired Bonti Endurance Biotech, a biotechnology company based in Orange, California.
  • In 2018, Allergan has acquired Elastagen a leading player. This is order to increase the product portfolio which helps to maintain skin’s elasticity.

Major Market Segments Covered:

By Drug Type

  • Simple Generics
    • Super Generics

By Brand

  • Pure generic drugs
    • Branded generic drugs

By Route of Drug Administration

  • Oral
    • Topical
    • Parental
    • Others

By Therapeutic Application

  • Central nervous system (CNS)
  • Cardiovascular
  • Dermatology
  • Oncology
  • Respiratory
  • Others

Key Distribution Channel

  • Hospitals Pharmacies
  • Retail Pharmacies
  • Others

By Geography

  • North America
      • U.S.
      • Canada
  • Europe
      • Germany
      • France
      • United Kingdom
      • Rest of Europe
  • Asia Pacific
      • China
      • Japan
      • India
      • Southeast Asia
      • Rest of Asia Pacific
  • Latin America
      • Brazil
      • Rest of Latin America
  • Middle East & Africa (MEA)
      • GCC
      • North Africa
      • South Africa
      • Rest of Middle East & Africa
Request for Customize Report
Precedence offers custom market research services that help clients to get information on their business scenario required.

FAQ's

What is Generic drug?
Generic drugs refer to the drugs with a chemical make-up of a drug a like an existing branded drug. These medications are inexpensive and similar to branded drugs in power, and route of delivery, consistency, efficiency, and usage. These are subject to administration regulations in different nations, rather than associated with a particular company. These drugs are proven to be as safe and effective as their brand name formulation, which has already been marketed.
According to Precedence Research, The global generic drugs market size estimated at USD 387.92 billion in 2020 and is expected to hit around USD 675.29 billion by the end of 2030.
The global generic drugs market is representing impressive CAGR of 5.7% during the forecast period 2021 to 2030.
In 2020, North America conquered the global market with a market share of more than 30%.
On the basis of drug type, simple generic drugs segment is expected hold largest revenue share in the forecast period of time 2021-2030. This growth is mostly attributed to low cost associated with the generic drugs over super generic drugs.
On the basis of therapeutic application, oncology therapeutic application segment accounted for the largest revenue with weighty share in 2020. This is attributed to increasing demand for the treatment of oncology disorders worldwide.
The key companies functioning in the worldwide generic drugs market are Mylan N.V. Abbott Laboratories, ALLERGAN, Teva Pharmaceutical Industries Ltd. Eli Lilly and Company, STADA Arzneimittel AG, GlaxoSmithKline Plc. Baxter International Inc. Pfizer Inc. Sandoz International GmbH among others.
The low price of generic drugs as substitute to branded drugs is the supreme crucial factor in the growth of the global market for generic drugs.

PROCEED TO BUY

   USD 4999
   USD 7999

ASK FOR SAMPLE

No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client

Get a Sample
Address: Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada
Call: +1 9197 992 333
Email: sales@precedenceresearch.com