Generic Drugs Market – insightSLICE
Generic Drugs Market – insightSLICE
Generic Drugs Market Global Sales are Expected to Reach US$ 986.77 Billion by 2032
SANTA ROSA, CALIFORNIA, USA, April 19, 2023/EINPresswire.com/ — The Global Generic Drugs Market Share, Trends, Analysis and Forecasts, 2019-2032 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global generic drugs market size was estimated to be US$ 566.85 Billion in 2022 and is expected to reach US$ 986.77 Billion by 2032 at a CAGR of 5.7%. A generic drug is a medication that is equivalent to a brand-name product in dose, strength, route of administration, quality, and intended use, but does not carry the brand name. Conventional drugs, also known as brand-name drugs, are developed and sold by pharmaceutical companies. They typically have patents, which prevent other companies from selling the same drug for a certain number of years. Once the patents expire, other companies can start selling generic versions of the drug. Despite being much cheaper than the brand-name version; generic drugs have the same active ingredients as the brand-name version and must be bioequivalent, meaning they are absorbed into the body at the same rate and to the same extent as the brand-name version.
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Growth driving factors of Global Generic Drugs Market
The rising cost of healthcare is a major factor driving the growth of the global generic drugs market. As healthcare costs continue to rise, more and more individuals are looking for ways to reduce their expenses. Generic drugs provide a more affordable alternative to brand-name drugs, making them more accessible to a larger population which is in turn driving the growth of the global generic drugs market.
The global population is aging, and older individuals typically require more medication. This increase in demand for medication is driving the growth of the generic drugs market. As the population ages, more individuals will be diagnosed with age-related illnesses, such as arthritis and heart disease. Coupled with aging population, the rising incidence of chronic diseases such as diabetes, cancer, and heart disease are also driving the demand for generic drugs. This is due to the fact that individuals with chronic diseases require long-term medication, which can be expensive. Generic drugs provide a more affordable alternative. As the incidence of chronic diseases continues to rise, the demand for generic drugs is expected to continue to grow.
Government support is another crucial driver for the growth of the global generic drugs market. Many governments around the world are actively promoting the use of generic drugs as a way to reduce healthcare costs. This support is driving the growth of the generic drugs market. Governments are recognizing the potential savings that can be achieved by promoting the use of generic drugs. This is expected to continue driving the growth of the global generic drugs market.
The expiration of patents on brand-name drugs opens the door for generic drug manufacturers to enter the market. Once a patent on a brand-name drug expires, other companies can begin to manufacture and market the same drug at a lower cost. This increased competition is expected to further drive the growth of the global generic drugs market.
Like many other sectors, technological advancements in the pharmaceutical industry are expected to continue driving the growth of the global generic drugs market. This includes the development of new, more effective generic drugs and the ability to manufacture them more efficiently. Advances in technology are also helping to reduce the cost of manufacturing generic drugs, making them more affordable for consumers.
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The leading market segments of Global Generic Drugs Market
Amongst all product types of generic drugs, the Simple Generics segment holds the largest share in the global generic drugs market, primarily driven by the affordability and wide availability of these drugs. Simple generics have been off-patent for a significant period and are produced by multiple manufacturers, resulting in a decrease in price. This makes them accessible to a larger population, as they can be used to treat a wide range of conditions. Furthermore, the increasing healthcare costs, aging population, and government support for the use of generic drugs are also driving the demand for simple generics, making it the largest segment in the market.
The cardiovascular products segment is the largest segment of the global generic drugs market due to several factors. One of the major factors is the high prevalence of cardiovascular diseases (CVDs) such as hypertension, heart disease, and stroke. CVDs are the leading cause of death globally and are expected to continue to rise due to factors such as unhealthy diet, lack of physical activity, and smoking. This high prevalence of CVDs leads to an increased demand for medications to treat these conditions.
Another factor driving the market for cardiovascular products is the ongoing need for maintenance therapy for individuals with CVDs. Medications such as blood pressure and cholesterol-lowering drugs are typically required for long-term treatment, and this ongoing demand for these medications is expected to continue to drive the growth of the cardiovascular products segment of the generic drugs market. Additionally, government support and reimbursement policies for the treatment of CVDs have increased in many countries, which is also contributing to the growth of the cardiovascular products segment.
Geographically, North America is the largest segment of the global generic drugs market. This is due to several factors including a large population of aging individuals, a high incidence of chronic diseases such as diabetes and heart disease, and a high level of healthcare spending. Additionally, the United States (US) is the largest market for generic drugs in North America, and the country has a large number of pharmaceutical companies that manufacture generic drugs.
The US government also actively promotes the use of generic drugs as a way to reduce healthcare costs. The FDA in US encourages the development and use of generic drugs by providing a streamlined approval process for generic drugs that are equivalent to brand-name drugs. This makes it easier for generic drug manufacturers to bring their products to market, which in turn drives the growth of the generic drugs market in North America.
Furthermore, the US also has a strong reimbursement system for generic drugs, which also helps to increase their accessibility and affordability to the population. All these factors combined make North America the largest segment of the global generic drugs market.
The key players of the Global Generic Drugs Market are:
Abbott Laboratories, ALLERGAN, Baxter International Inc., Eli Lilly and Company, GlaxoSmithKline Plc., Mylan N.V., Pfizer Inc., Sandoz International GmbH, STADA Arzneimittel AG, Teva Pharmaceutical Industries Ltd., and Others
Global Generic Drugs Market Key Segments:
Market Segmentation:
By Product Type
• Simple Generics
• Super Generics
• Biosimilars
By Application
• Cardiovascular Products
• Anti-Infective Drugs
• Anti-Arthritis Drugs
• Central Nervous System Drugs
• Anti-Cancer Drug
• Respiratory Products
• Others
By Distribution Channel
• Hospitals
• Pharmacies
• Private Clinics
• Drug Stores
• Retail Pharmacies
• Others
By Region
• North America
* United States
* Canada
* Rest of North America
• Europe
* Germany
* United Kingdom
* Italy
* France
* Spain
* Rest of Europe
• Asia Pacific
* Japan
* India
* China
* Australia
* South Korea
* Rest of Asia Pacific
• Middle East & Africa
* UAE
* Saudi Arabia
* South Africa
* Rest of the Middle East & Africa
• South America
* Brazil
* Rest of South America
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