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
The Generic Drugs Market was valued for $385,320.00 million in 2022 and is estimated to reach $835,706.50 million by 2032, exhibiting a CAGR of 8.1% from 2023 to 2032.
Generic drugs is a medication similar to a branded drug, which has previously been approved for marketing in terms of dose form, potency, mode of administration, quality, performance characteristics, and intended purpose. The generic drugs are available at lower prices as compared to branded drugs.
The growth of the generic drugs market is driven by surge in prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases. According to World Cancer Research Fund International (WCRF), there were an estimated 18.1 million cancer cases globally in 2020, of which 9.3 million cases were in men and 8.8 million in women. In addition, the affordable price of generic drugs and latest product approval and product launch contribute to the growth of the market. For instance, in February 2021, Glenmark Pharmaceuticals, a research-led, global integrated pharmaceutical company, announced the launch of SUTIB, the generic version of Sunitinib oral capsules to treat kidney cancer in India.
Moreover, the rise in cost of branded medication, high demand for generic medicines, and rise in awareness about generic drugs contribute to the growth of the market. In addition, prominent players in the global generic drugs market have adopted various strategies such as product launches, acquisition, and investments in R&D for advancement in generic drugs to strengthen their position in the market and sustain the competitive environment.
Moreover, alarming increase in prevalence of diabetes, technological advancements in generic drugs, and rise in the geriatric population are some of the key factors driving the growth of the market. The geriatric population are more prone to chronic diseases such as diabetes and hypertension. However, concern related to the consistency and stability of generic drugs hamper the market growth. Conversely, increase in awareness of generic drugs among the population is expected to provide lucrative opportunities for the growth of the market in the near future. In addition, extensive R&D activities in the field of generic drugs along with significant improvement in medical infrastructure is anticipated to open new avenues for the expansion of the market during the forecast period.
The generic drugs market is segmented into therapeutic application, route of administration, distribution channel, and region. On the basis of therapeutic application, the market is divided into cardiovascular, infectious diseases, cancer, diabetes, and others. Based on the route of administration, the market is classified into oral, injection and others.
Depending on distribution channel, it is classified into hospital pharmacies, retail pharmacies, and online providers. Region-wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report include Amneal Pharmaceuticals, Aurobindo Pharma, Cipla, GlaxoSmithKline Plc, Hikma Pharmaceuticals, Lupin Pharmaceuticals, Sandoz International GmbH, Sun Pharmaceuticals, Teva Pharmaceutical Industries Ltd., and Viatris Inc.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the generic drugs market analysis from 2022 to 2032 to identify the prevailing generic drugs market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the generic drugs market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global generic drugs market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Distribution ChannelHospital pharmacies
Retail pharmacies
Online providers
By Therapeutic ApplicationCardiovascular
Infectious Diseases
Cancer
Diabetes
Others
By Route of AdministrationOral
Injections
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Amneal Pharmaceuticals, Inc.
Aurobindo Pharma
Cipla Ltd
GlaxoSmithKline plc
Hikma Pharmaceuticals PLC
Lupin
Novartis AG
Sun Pharmaceutical Industries Ltd
Teva Pharmaceutical Industries Limited
Viatris Inc.
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