Generics in Australia

Generics in Australia

Summary

Generics in Australia industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

• A generic drug is defined as a copy of an ethical (prescription) drug formerly protected by patents that have now expired. Both unbranded generics and branded generics are included in our market scope. However, off-patent drugs that continue to be offered by the original manufacturer under the original name, and which form part of the 'generic-eligible' market, are not included. Market value is evaluated at ex-factory prices. Market volume refers to the proportion of the total ethical pharmaceutical market in a country or region that is made up of generic drugs. Thus, it is a measure of the market share held by generics, rather than a direct measure of the total market volume. Regional volumes are calculated as averages of countries that comprise the region where volume data exists.
• The Australian generics market recorded revenues of $2.2 billion in 2023, representing a compound annual growth rate (CAGR) of 6.3% between 2018 and 2023.
• Market consumption volume increased with a CAGR of 5.3% between 2018 and 2023, to reach a total of 80.0% of total pharma volume in 2023.
• According to GlobalData, in 2023, the Australian generics market grew by 5.4% annually due to the country’s mounting aging population. According to the United States Census Bureau, in 2023, the population aged 65 years and above in Australia reached 4.4 million, up 4.1% over 2022. This rise in the elderly population has led to a greater need for medications to manage age-related diseases, with generics offering an affordable alternative to brand-name drugs.

• Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the generics market in Australia
• Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the generics market in Australia
• Leading company profiles reveal details of key generics market players’ global operations and financial performance
• Add weight to presentations and pitches by understanding the future growth prospects of the Australia generics market with five year forecasts by both value and volume

• What was the size of the Australia generics market by value in 2023?
• What will be the size of the Australia generics market in 2028?
• What factors are affecting the strength of competition in the Australia generics market?
• How has the market performed over the last five years?
• What are the main segments that make up Australia's generics market?