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Editing: 7; Published: February 2022
Executive Pool: 1974
Companies: 42 – Players covered include 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; Hospira; Lupine Pharmaceuticals, Inc.; Mylan NV; Novartis International SA; Novo Nordisk A/S; F. Hoffmann-La Roche AG; Sandoz International GmbH; Sanofi-Aventis US LLC; STADA Arzneimittel AG; Sun Pharma; Teva Pharmaceutical Industries Ltd. and others.
Blanket: All major geographies and key segments
segments: Type (small molecule generics, biosimilars); Therapeutic application (cardiovascular, central nervous system (CNS), dermatology, oncology, respiratory, other therapeutic applications)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.

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Global generic drugs market to reach $507.8 billion by 2026
Generic drugs are described as the bioequivalent versions of brand name drugs in terms of safety, quality, stability, impact, strength, dosage form, and route of administration. Over the years, generic drugs have become safe and effective alternatives to brand name formulations. Generic variants differ from brand names in certain characteristics such as color, flavor and shape, although these factors have no impact on the safety and effectiveness of the drugs compared to the original version. Generic drugs are drugs that are made with the same active ingredient found in brand name drugs and also have the same therapeutic impact as their brand name counterparts. Medications are also prescribed in the same quantity as brand name medications. The method of consumption (route of administration) is also similar to brand name drugs. Generic drugs can only be marketed after the brand name drug patents have expired. The drugs are offered at much lower prices even though they are manufactured under the same strict manufacturing and safety procedures and maintain equivalent quality. 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.

Amid COVID-19 Crisis, Global Generic Drugs 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. 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 at 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, when China is expected to reach $91.2 billion by 2026
The generic drug market in the United States is estimated at US$121.8 billion in 2022. The country currently accounts for a 30.46% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$91.2 billion in 2026 with a CAGR of 7.2% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 3.8% and 5% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.3% CAGR while the rest of the European market (as defined in the study) will reach US$97.6 billion at the end of the analysis period.

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. The 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 due 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. Continued

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Joan J. Dean

The author Joan J. Dean