About Generic Drug
Generic drugs can enable huge cost-savings as they create competition, driving down prices. In WHO prequalification and in drug regulation, the efficacy of generics is demonstrated by bioequivalence studies. The use of generic drugs significantly decreases the cost of medicines to both patients and governments. Generic drugs are those produced without a license from the innovator company when the patent or other market exclusivity rights have expired on the innovator drug. The increasing chronical disease has protected the growth of the generic drug market in the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.7% |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.The Players having a strong hold in the market are AbbVie, Gilead Sciences, GlaxoSmithKline, and Amgen. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Generic Drug market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AbbVie (United States), Gilead Sciences (United States), GlaxoSmithKline (GSK) (United Kingdom), Amgen (United States), AstraZeneca (United Kingdom), Bristol-Myers Squibb (United States), Eli Lilly (United States), Novo Nordisk (Denmark), Teva Pharmaceutical Industries Ltd (Israel) and Bayer (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Novartis AG (Switzerland), Lupin (India), Par Pharmaceutical (United States) and Sun Pharmaceutical Industries Limited (India).
Segmentation Overview
AMA Research has segmented the market of Global Generic Drug market by Type (Pure (Non-branded) Generics , Branded Generics and Super Generics), Application (Cardiovascular & Hypertension, Dermatology, Diabetes, Rheumatology, Oncology, Gastrointestinal and Others) and Region.
On the basis of geography, the market of Generic Drug 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). If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Generic Drug market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospital will boost the Generic Drug market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Expenditure towards the Health Care and Increasing Number of Customer from Online Drug Retailer
Market Growth Drivers:
Growing Old Age Population and Increasing Health Consciousness across the World, Rising Chronic Diseases is Fueling the Market and Government Laws towards the Sale of Drugs without Prescriptions
Challenges:
Growing Competition and Consolidation of Retail Pharmacy Chains
Restraints:
Stringent Government Regulations
Opportunities:
Growing Demand from Emerging Economics such as China, India, Brazil, Philippines, among Others and Government Initiative to Promote Retail Drug in Developing Countries
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.
Key Target Audience
Retail Drug Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies, Potential Technology Investors, Regulatory & Government Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.