Generic Drugs Market Scope
Generic Drugs are referred to as a drug product that is comparable to a brand/reference listed drug product in dosage form, strength, route of administration, quality and performance characteristics, and intended use. These drugs have the same active ingredients, dosage form, strength, route of administration, and conditions of use as original branded products but with lower prices. Generic drugs help to reduce drug costs and increase drug use. According to the Association for Accessible Medicines, 89% of all prescriptions dispensed in the United States are filled with a generic drug. North America region is the largest supplier of generic drugs, following Europe is the second-largest supplier of generic drugs. Of the Asian countries, India is emerging as a leading country for the generic drugs market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Teva Pharmaceutical Industries, Ltd. (Israel), Dr. Reddy’s Laboratories (India), Sandoz International GmbH (Germany), Apotex, Inc. (Canada), Par Pharmaceutical, Inc. (United States), Hospira, Inc. (United States), Watson Pharmaceuticals, Ltd. (India), Novartis (Switzerland), Fresenius SE & Co. KGaA (Germany), Pfizer (United States), Sun Pharmaceutical Industries (India), Ranbaxy Laboratories, Ltd (India), Actavis (Ireland), Mylan, Inc. (United States), Cipla (India) and Amneal Pharmaceuticals (United States) |
CAGR | 5.7% |
Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product. Research Analyst at AMA estimates that United States, Europe, China and Indian Players will contribute to the maximum growth of Global Generic Drugs market throughout the predicted period.
Teva Pharmaceutical Industries, Ltd. (Israel), Dr. Reddy’s Laboratories (India), Sandoz International GmbH (Germany), Apotex, Inc. (Canada), Par Pharmaceutical, Inc. (United States), Hospira, Inc. (United States), Watson Pharmaceuticals, Ltd. (India), Novartis (Switzerland), Fresenius SE & Co. KGaA (Germany), Pfizer (United States), Sun Pharmaceutical Industries (India), Ranbaxy Laboratories, Ltd (India), Actavis (Ireland), Mylan, Inc. (United States), Cipla (India) and Amneal Pharmaceuticals (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Aurobindo Pharma Limited (India), Aspen Pharmacare Holdings Limited (South Africa), Lupin Limited (India) and Zydus Cadila (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Generic Drugs market by Type , by Application (Respiratory Products, Anti-Infective Drugs, Central Nervous System Drugs, Cardiovascular Products, Anti-Arthritis Drugs, Anti-Cancer Drugs and Other) and Region with country level break-up.
On the basis of geography, the market of Generic Drugs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In January 2023, Hikma and Boehringer Ingelheim formed a strategic partnership in the MENA region. This partnership focuses on co-promotion, distribution, and potential co-development of select branded and generic products in the Middle East and North Africa.
Influencing Trend:
Advent of Robotic Process Automation (RPA)
Market Growth Drivers:
Increasing Demand for Generic Drugs in Emerging Countries such as China and India, Cost-Benefit compared to the Branded Drugs and Large Number of Patent Expired Branded Drugs
Challenges:
Presence of Local Players
Restraints:
Stringent Governmental Regulations and Adverse Effects Associated With Generic Drugs
Opportunities:
Government Promoting the Pharmaceutical Sector and Increasing Use of Hospital-owned Generics
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Generic Drugs Manufacturer, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry