OTTAWA, Feb. 10 2021 (GLOBE NEWSWIRE) — The world generic drug market is expected to grow at a compound annual growth rate (CAGR) of 5.7% over the forecast period 2021 to 2030 and was valued at USD 387.92 billion in 2020.
Why generic drugs?
Generic drugs refer to drugs that are chemically similar to an existing brand name drug. These drugs are inexpensive and similar to brand name drugs in terms of potency, route of administration, consistency, effectiveness, and usage. These are subject to administrative regulations in different countries, rather than associated with a particular company. These drugs have proven to be as safe and effective as their brand name formulation, which has already been marketed. While other characteristics, such as color, shape and aroma that do not influence the health and efficacy of pharmaceutical products that differ from the original edition; generic versions are formulated with the same active ingredients as their advertised counterparts when working the same way and in quantity at the time.
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The low price of generic drugs as a substitute for branded drugs is the supreme crucial factor in the growth of the global generic drugs market. Generic drug manufacturers do not have to face high drug improvement costs and therefore the cost is 85% lower than brand name drugs. Research and development costs, as well as drug discovery, are not included in the case of generic drugs. A very small amount needs to be invested in pre-market data collection of generic drugs. The companies rely on clinical evidence provided by the innovators’ company for the health and effectiveness of the drug. Additionally, generic drug applicants do not need to repeat the animal and clinical (human) studies necessary to demonstrate the safety and effectiveness of branded drugs. As a result, generic drugs, with similar active ingredients having the same strength, stability, purity, efficacy, and protection as brand name drugs, are available at a lower price than brand name drugs. Such benefits lead patients to opt for generics as alternatives to expensive brand name drugs. Another major factor that is expected to boost the growth of the target market in the near future is the increase in the number of branded drugs whose patent has expired. Drug prices drop dramatically when patents expire. The degree of price reduction varied greatly between products and nations. The increasing prevalence of chronic diseases, diabetes and cardiovascular diseases creates a huge demand for these drugs. However, the number of brand-name drugs whose patent has expired is constantly increasing in the North America region, which offers huge potential opportunities for the generic drug industry, as generic drugs offer various advantages over non-generic drugs. For example, in 2019, the FDA approved approximately 108 generic patents in the United States alone.
- On the basis of drug type, single generic drugs segment is expected to hold the largest revenue share during the forecast period 2021-2030. This growth is mainly attributed to the low cost associated with generic drugs compared to super generic drugs. Other supergenerics in the drug-type segment are expected to withstand a remarkable growth rate over the forecast period.
- Based on therapeutic application, oncology therapeutic applications segment accounted for the largest revenue with a large share in 2020. This is attributed to the growing demand for the treatment of oncology disorders globally. The cardiovascular segment is expected to grow at a reasonable CAGR during the forecast period.
- Teva Pharmaceutical Industries Ltd. leading player in the global industry esteemed for remarkable global market share. The growth is accredited by the different business strategies adopted by the company.
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The report covers data for North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. In 2020, North America conquered the global market with a market share of over 30%. The United States was the country with the most shares in the North America region, mainly due to the advanced healthcare infrastructure, the growing prevalence of chronic diseases and the presence of layers of head in North American countries. The generic drug industry market in Asia Pacific is estimated to witness remarkable growth over the next 10 years. The Chinese generic drug industry market is expected to dominate in terms of revenue in the Asia-Pacific region. The increase in the prevalence of chronic diseases among the population as well as the increase in the initiatives of regulatory bodies to control them in the countries of the region is one of the main drivers for the growth of APAC. Nevertheless, emerging markets in the AAC region are creating growth opportunities in the target market.
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Key Market Players and Strategies:
The main companies operating in the world of generic drugs are 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 among others. Investment in research and development of generic drugs along with strategic collaborations are the crucial business strategies undertaken by major players operating in the generic drugs market.
- Type of drug: Simple generics and super generics
- By brand: Pure Generic Drugs and Branded Generic Drugs
- By route of drug administration: Oral, topical, parental and others
- By therapeutic application: Central nervous system (CNS), Cardiovascular, Dermatology, Oncology, Respiratory and Others
- By distribution channel: Hospital Pharmacies, Retail Pharmacies, and Others
- By regions: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
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