Ottawa, November 09, 2021 (GLOBE NEWSWIRE) – According to the new study report released by Precedence Research, titled “Generic drugs market by drug type, brand, drug route of administration, therapeutic application and distribution channel: analysis of global opportunities and industry forecast, 2021-2030 ”, the increasing prevalence of chronic diseases, especially cardiovascular disorders, has propelled the market demand for generic drugs.
Generic drugs are crushing the pharmaceutical industry market with record growth and a sustainable market trend, making it a lucrative area in which to operate.
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A generic drug contains the same chemical substance as a drug that was previously protected by a chemical patent. After the patents on the original pharmaceuticals expire, generic drugs can be sold. The medical profile of generics is considered to be equal in terms of performance because the active chemical ingredient is the same. The generic drug contains the same active pharmaceutical ingredient (API) as the brand name drug, but it can change in terms of manufacturing technique, formulation, excipients, color, taste and packaging. The profitability of generic drugs has contributed to a competitive advantage over brand name drugs is the main factor adding to the growth of the market.
The crucial factors responsible for the growth of the market are:
- The low cost of generics as an alternative to brand name drugs
- Large number of brand name drug patents expired
- Initiatives from governments and other regulatory bodies around the world
The expiration of brand name drug patents to open up new avenues for generic drug players to enter on the market
The expiration of brand name drug patents continues to increase, offering huge potential opportunities in the drug market. Generic drug manufacturers have constantly focused on developing and launching various innovative drugs as well as formulations such as biosimilars which are helping in the growth of the market. In addition, government initiatives to promote the manufacture of generic drugs for deadly chronic diseases have further stimulated the market growth in emerging economies in particular. In addition, the growing aging populations across the world who are more prone to various diseases have fueled the growth of the market.
Global Generic Drugs Market Size and Estimates, by Brand, 2021-2027 (USD Billion)
|Brand segment||2021||2023||2025||2027||TCCA (2021-27)|
Oral generics seeking an advantage due to their most popular route of drug administration
Major advantages associated with oral generics such as convenience of oral drug administration, patient preference, cost-effectiveness, and ease of large-scale manufacture of oral dosage forms, oral medication is the most common route of administration. more widespread. About 65 percent of commercially available generic drugs are taken orally. Oral formulations account for approximately 90% of the global market share of all pharmaceutical formulations intended for human use, according to current estimates. Orally administered pharmaceuticals make up about 84 percent of the top-selling pharmaceuticals. They are the main contributor to the growth of the market due to the preferred and cheap option. Additionally, they are patient friendly, especially in geriatric and pediatric populations, and are relatively easy to create compared to their large molecule rivals.
HIGHLIGHTS OF THE STUDY
- The oral segment of the administration route is estimated to grow at a remarkable rate and represent the largest share throughout the study period.
- Brand-name generics dominate the generic drug market in 2020, but pure generics are expected to overtake brand-name generics by 2027.
- The Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period owing to the rapid penetration of local players in the market.
- North America dominated the generic drug market and is expected to maintain its trend throughout the forecast period.
- The Cardiovascular segment of Therapeutic Applications segment posted significant revenue share in the year 2020, while the Oncology segment was poised to grow at the fastest rate for the foreseeable future.
- The retail pharmacy holds the leading position in the distribution channel segment; however, online distribution grows at a significant rate during the forecast period.
Asia Pacific region to gain ground in the global generic drug market due to lower manufacturing cost and highly skilled labor
Asia-Pacific is expected to show significant traction in the market during the forecast period. This is attributed to lower manufacturing costs and highly skilled labor in Asian countries. According to the India Brand Equity Foundation, India has the second largest number of US FDA manufacturing plants outside of the United States that are involved in the manufacture of generic drugs. In addition, the manufacturing cost is 33% lower in India than in the United States, which increases the accessibility of generics in these countries.
Global Generic Drugs Market Size And Estimates, By Region, 2021-2027 (Billions USD)
|Middle East and Africa||15.69||20.79||26.89||9.40||%|
Asia-Pacific has placed a strong emphasis on increasing the supply of drugs at lower prices, even if this requires purchasing from non-traditional sources, with a historically low rate of drug use. generics. Hence, emerging countries such as India and China are complementing the growth of the generics market.
In 2019, generic and biosimilar pharmaceuticals saved the U.S. healthcare system $ 313 billion, including $ 96 billion in Medicare savings and $ 48.5 billion in Medicaid savings. Generics fill 90% of prescriptions in the United States for just 20% of the cost, at a time when access to reliable, cheap, high-quality prescription drugs is more critical than ever. In 2019, the average primary co-pay for generics was $ 6.97 compared to the average primary co-pay for brand-name drugs of $ 56.32. These supporting factors are expected to drive generic drug sales over the next few years.
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Market competitiveness and business prospects
The global generic drug market is fragmented due to the presence of several large and small companies spread across the world. The main market players are adopting new strategies to gain attractiveness on the market. The report provides in-depth competitive analysis and profiles of major market players such as Mylan NV, Abbott Laboratories, ALLERGAN, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, STADA Arzneimittel AG, GlaxoSmithKline Plc., Baxter International Inc., Pfizer Inc., Sandoz International GmbH and others. Other players operating in the value chain are AurbindoPharma, Sun Pharmaceutical Industries Ltd., Aspen Pharmacare, Fresenius Kabi Ag, Lupine, Novartis, Glenmark, Sawai, PiramalPharma Solutions, Hikma, Cipla, Dr. Reddy’s, Endo, Stada and Mallinckrod between others.
Main market segments covered:
By type of drug
By drug administration
By therapeutic application
- Central nervous system (CNS)
Key distribution channel
- Hospitals Pharmacies
- Retail pharmacies
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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