Generic Drugs Market: Current Analysis and Forecast (2024-2032)

Report Description

Generic Drugs Market Size & Forecast

The Generic Drugs market was valued at approximately USD 250.5 Billion in 2023 and is expected to grow at a robust CAGR of around 6.02% during the forecast period (2024-2032). The growth of the global generic drugs market is driven by patent expirations, rising healthcare costs, and increasing demand for affordable treatments for chronic diseases.

Generic Drugs Market Analysis

Key factors influencing the growth of the generic drugs market are the increasing prevalence of diseases around the world, strong healthcare infrastructure in developed economies, and increased awareness about different available medications around the world. The increasing prevalence of chronic and infectious diseases and the growing geriatric population in most countries coupled with rising intravenous generic product launches are further expected to drive the growth of the market during the forecast period. For instance, in July 2021, Generic Ferumoxytol, an injectable drug used to treat iron deficiency anemia (IDA), was launched in the U.S. by Sandoz. The rise in product launches of injectable generic products in developed countries is further expected to drive market growth. In addition, according to the National Health Interview Survey (NHIS) ~51.8 % of adults have a minimum of one chronic disease and 27.2 % of adults have several chronic diseases. Furthermore, according to the World Health Organization (WHO), the demand for generic medicines increased because of the prevalence of chronic diseases, propelling the generic drugs industry to new heights.

Generic Drugs Market Trends

This section discusses the key market trends influencing the Generic Drugs segments as identified by our research experts.

Super Segment Transforming Industry

Based on type, the generic drugs market is segmented into simple and super. The super segment is expected to witness a higher CAGR during the forecast period. The business creating the super generics will have done so after the original drug’s product’s patent has either run its course or been evaded. In addition, Super Generic medications help meet patients’ unmet needs, particularly in underdeveloped nations where people cannot afford expensive medications. Super generics’ commercialization tactics create a strong foundation for offering patients cost-effective boosters and give the pharmaceutical business a new way to regain market exclusivity or a patent extension, which will increase industry profits.

Asia-Pacific to hold a significant share in the market

In 2023, APAC dominated the market on account of the rising research and development initiatives and the presence of many pharmaceutical companies in countries such as India and China of the region. For instance, as per the India Brand Equity Foundation, India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the U.S., and 25% of all medicine in the U.K.

Generic Drugs Industry Overview

Generic Drugs is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Teva Pharmaceutical Industries Limited, Novartis AG Cipla Inc., Viatris Inc., Abbott Laboratories, Sun Pharmaceutical Industries Ltd.    Fresenius SE & Co. KGaA, Aurobindo Pharma, Dr. Reddy’s Laboratories Ltd., Amneal Pharmaceuticals LLC. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Generic Drugs Market News

• For instance, in 2024, Drug maker Lupin on Monday said it had launched Mirabegron extended-release tablets (25 mg) in the US market.
• The Mumbai-based drug maker has introduced the medication after receiving approval from the US Food and Drug Administration (USFDA), Lupin said in a statement.

Generic Drugs market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The Global Generic Drugs can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Generic Drugs Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Generic Drugs market were the three major steps undertaken to create and analyze the adoption of Generic Drugs in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Generic Drugs market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Generic Drugs market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of Generic Drugs, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as type, application, distribution channel, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Generic Drugs market. Further, we conducted factor analysis using dependent and independent variables such as type, application, distribution channel, and Generic Drugs regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Generic Drugs market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Generic Drugs market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of Generic Drugs across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Generic Drugs in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Generic Drugs. Data was split into several segments and sub-segments after studying various parameters and trends in the type, application, distribution channel, and regions of the global Generic Drugs market.

The main objective of the Global Generic Drugs Market Study

The current & future market trends of global Generic Drugs were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Generic Drugs market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of type, application, distribution channel, and regions.
• Define and analyze the regulatory framework for the Generic Drugs
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Generic Drugs market for the major regions.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Generic Drugs market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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