Dublin, Aug. 12, 2022 (GLOBE NEWSWIRE) — The Generic Drugs – Global Market Trajectory & Analytics report has been added to ResearchAndMarkets.com’s offer.
Global generic drug market to reach $507.8 billion by 2026
Amid the COVID-19 crisis, the global generic drug market estimated at US$402.9 billion in 2022 is expected to reach a revised size of US$507.8 billion by 2026, growing at a CAGR of 5.6% over the analysis period.
A key advantage for generic drug manufacturers is that they do not need to invest time and money in drug R&D and marketing efforts, as generic drug prices are significantly lower compared to their branded counterparts.
Generic small molecules, one of the segments analyzed in the report, is expected to grow at a CAGR of 5.2% to reach US$325.7 billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the biosimilars segment is readjusted to a revised CAGR of 6.3% for the next 7-year period.
This segment currently accounts for a 37.7% share of the global generic drug market. With several factors encouraging growth contributing to wider adoption, biosimilars are poised to increase their share of the global generic drug market in the coming years. The rise of biosimilars has notably reduced overall drug spending in recent years, a trend that is expected to continue for the foreseeable future.
The emergence of biosimilars in the market leads to increased competition, the next generation of biologics under development aims to improve safety, efficacy and cost factors compared to the drugs of the previous generation, which further adds to the competitive heat in the market.
The US market is estimated at $121.8 billion in 2022, while China is expected to reach $91.2 billion by 2026
The generic drug market in the United States is estimated to be worth US$121.8 billion in 2022. The country currently accounts for a 30.46% share of the global market. China, the world’s second largest economy, is expected to reach an estimated market size of US$91.2 billion in 2026 growing at a CAGR of 7.2% over the analysis period.
Other noteworthy geographic markets include Japan and Canada, each forecasting growth of 3.8% and 5% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 4.3%, while the rest of the European market (as defined in the study) will reach US$97.6 billion by the end of the outlook period. ‘to analyse.
The market is expected to be driven by the ever increasing risk of various chronic diseases such as hypertension, obesity and diabetes. Although pharmaceutical companies continue to develop branded drugs due to the shortage of new blockbuster drugs coming to market, generic drugs are expected to continue to meet the majority of these therapeutic needs of the population, especially the elderly population. in expansion.
With the high cost of brand name drugs becoming a financial burden on people, efforts have intensified to develop cost-effective generic variants. Many branded drugs are unable to extend their exclusivity, resulting in the loss of patents and making way for affordable generics to be manufactured. Major application areas of generic drugs include cardiology, anti-infection, anti-arthritis, CNS, anti-cancer, and respiratory, among others.
Generic drugs for cardiovascular diseases currently represent the dominant segment, accounting for the majority share of the overall market. Cardiovascular diseases such as heart failure, high blood pressure, circulatory disorders, dyslipidemia, cholesterol, arrhythmias, strokes and angina pectoris are the leading causes of death worldwide.
The cardiovascular segment is expected to cover a larger portion of the global generic drugs market owing to several patent expirations of these drugs. Generic drugs for infectious diseases would gain popularity over the next few years, mainly due to the increasing number of cases around the world.
The COVID-19 pandemic has emerged as a significant growth driver for the generic drug market over the past year. As nations’ economies collapsed due to rising unemployment, the demand for cheaper substitutes for brand name drugs grew.
What’s new for 2022?
- Global competitiveness and percentage market shares of main competitors
- Market presence in multiple geographies – Strong/Active/Niche/Trivial
- Peer-to-peer collaborative online interactive updates
- Access to digital archives
- Free updates for one year
Main topics covered:
1. MARKET OVERVIEW
- Generic drugs – Percentage of market share of the main global competitors in 2022 (E)
- Progress on vaccinations, why should companies care?
- These are times when questions abound and answers are few.
- With the IMF’s upward revision of global GDP forecasts for 2021, most businesses are optimistic about a global economic comeback.
- A strong economic rebound in 2021 based on pent-up demand comes as relief for struggling industries and markets
- How has the healthcare industry been and continues to be impacted by the pandemic and what is the new normal?
- With the COVID-19 pandemic exposing the lack of global health care preparedness, policies are increasingly focused on restarting health systems around the world: current and required health expenditure as % of GDP
- Impact of the COVID-19 crisis on the generic drugs market
- Demand for generic painkillers is increasing
- A prelude to generic drugs
- The generic drug market is poised for rapid growth
- US dominates, Asia-Pacific shows fastest growth
- India – An important market
- Market constraints
- Recent market activity
2. FOCUS ON CERTAIN PLAYERS (Total 42 Featured)
- Abbott Laboratories
- Apotex Inc.
- ASKA Pharmaceutical Co., Ltd.
- Aspen Pharmacare Holdings Limited
- AstraZeneca Plc
- Baxter International Inc.
- Dr. Reddy’s Laboratories Limited
- Eli Lilly and company
- Endo International plc
- Fresenius Kabi
- GlaxoSmithKline Plc.
- H.Lundbeck A/S
- Lupine Pharmaceuticals, Inc.
- Mylan S.A.
- Novartis International SA
- Novo Nordisk A/S
- F. Hoffmann-La Roche SA
- Sandoz International GmbH
- Sanofi-Aventis US LLC
- STADA Arzneimittel AG
- Sun Pharma
- Teva Pharmaceutical Industries Ltd.
3. MARKET TRENDS AND DRIVERS
- Patent expirations expected to expand potential generic drug market
- Expiry of patents for certain drugs in 2020
- Expiry of patents for certain drugs in 2021
- Expiry of patents for certain drugs in 2022
- Expiration of patents for certain major drugs in the United States: 2020-2022
- High demand for pharmaceutical drugs drives demand for generic drugs
- Cost containment measures focus on generics
- Small molecule generics are the dominant segment
- Increased demand for biosimilars, driven by expiring patents for key biopharmaceutical drugs
- Expiration of patents for major biopharmaceutical drugs in the United States and Europe
- A progressive regulatory framework accelerates product approvals and subsequently market revenue
- Specific guidelines for biosimilars in various countries with year of publication
- Biosimilar regulators in selected regional markets
- US biosimilar approvals (as of February 2021)
- Biosimilar approvals in Europe (from January 2021)
- Rising healthcare costs drive demand for generic drugs
- An aging population to propel demand for generic drugs
- Growing prevalence of chronic diseases is driving demand for generic drugs
- Global cost of chronic diseases (in billions of US dollars) for the years 2018 and 2030
- Deaths by heart disease – Estimated percentage distribution for cardiovascular disease, ischemic heart disease, stroke and other
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/q8s3o4
Global Generic Drugs Market