Market.us announces publication of its most recently generated research report titled, “Global Generic Drugs Market by Drug Type (Simple Generic Drugs, Super Generic Drugs, Biosimilars), By Indication (CNS, Cardiovascular, Genitourinary/Hormonal Drugs, Respiratory, Rheumatology, Diabetes, Other Indication), and by Region – Global Forecast to 2028.”, which offers a holistic view of the global generic drugs market through systematic segmentation that covers every aspect of the target market.
The global Generic Drugs market is projected to be US$ 227,722.8 Mn in 2018 to reach US$ 441,885.4 Mn by 2028 at a CAGR of 6.9%.
A generic drug is a duplicate of the original brand name drug. It is a medication with the same chemical formulation as originally has been developed and authorized by pharmaceutical companies. It contains the same active substance, with the same form of dosage, quality, performance to treat the same disease, but with different packaging. When any new drug is developed by innovator firm, a patent protects these innovations and investment by providing them sole right to sell the invented drug during the term of patent. Once the patent expires, the same brand drug formula can be copied and sold by other manufacturers. The benefit of these generic drugs is that they are much inexpensive than the original branded ones.
Increasing prevalence of chronic diseases and growth in geriatric population is one of the major factors for the growth of this market. Moreover, the cost-effectiveness of generic drugs has provided lucrative prospects over the original branded drug. Also, government initiatives towards investments in R&D in the pharmaceuticals sector is expected to influence the demand for the market. However, stringent rules and regulations from drug authorities on the development of drugs can hamper the growth rate during the forecasted year.
Global Generic Drugs Market Revenue (US$ Mn), 2018–2028
High price of branded drugs, coupled with high healthcare expenditure is one of the vital factor driving growth of the global generic drugs market. Furthermore, similar efficacy of generic drugs, as compared to branded drugs, coupled with affordability is another key factor expected to boost the target market growth.
However, strict regulations and approvals for production, marketing and sale of generic drugs in developed economies including USA, and European countries, focusing on same efficacy as compared to its branded counterparts may challenge growth of the global generic drugs market. Nonetheless, patent expiration of several super drugs including Humira, Cardiotec, Firazyr, Kovanaze, Noxafil, etc. in the coming years will present opportunities for several pharmaceutical companies to create their generic versions. Early entrants in these spaces are expected to get lucrative opportunities in the global generic drugs market over the coming years.
Global generic drugs market is segmented on the basis of drug type, indication and region. On the basis of drug type, the market is segmented into simple generic drugs, super generic drugs, biosimilars. The simple generic drugs segment accounts for the majority share. Biosimilars segment is expected to register highest growth over the forecast period. On the basis of Indication, the market is segmented into CNS, cardiovascular, genitourinary/hormonal drugs, respiratory, rheumatology, diabetes, other indication. The cardiovascular segment accounts for a majority share in the global generic drugs market, followed by respiratory segment.
Global Generic Drugs Market by Formulation, 2018
On the basis of region, the market is segmented into North America, Europe, APAC, South America and Middle East Africa. The North America accounts for the majority share in the global generic drugs market, followed by APAC. APAC is expected to register highest growth rate after over forecast period owing to government initiatives towards promotion of generic drugs and boosting affordable healthcare. Regions such as South America and MEA are expected to register stable growth over the forecast period.
The research report on the global Generic Drugs market includes profiles of some of major companies such as Pfizer Inc., Sanofi, Aurobindo Pharma Limited, Lupin Limited, Mylan N.V., Cipla Limited, Dr. Reddy's Laboratories Limited, Teva Pharmaceutical Industries Limited.
Key Market Segments:
Type
- Simple Generic Drugs
- Super Generic Drugs
- Biosimilars
Indication
- CNS
- Cardiovascular
- Genitourinary/Hormonal Drugs
- Respiratory
- Rheumatology
- Diabetes
- Oncology
Key Market Players included in the report:
- Pfizer Inc.
- Sanofi
- Aurobindo Pharma Limited
- Lupin Limited
- Mylan N.V.
- Cipla Limited
- Dr. Reddy's Laboratories Limited
- Teva Pharmaceutical Industries Limited.
