Generic drugs Market Size to grow by USD 212.58 billion between 2024-2028
According to a research report “ Generic drugs Market” by Route Of Administration (Oral, Injectables, Topical, Inhalers) Type (Small-molecule generics, Biosimilars) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 212.58 billion, at a CAGR of 7.86% during the forecast period. The Generic Drugs Market represents a significant and growing sector in the pharmaceutical industry. These drugs, which offer cost-effective alternatives to branded counterparts, are essential for healthcare systems and individual consumers seeking affordable treatment options. Market growth is driven by increasing demand for affordable medicines, regulatory approvals, and expanding product pipelines. Competition is fierce, with numerous players vying for market share, necessitating strategic pricing and marketing efforts. The market's future looks promising, with continued expansion expected due to increasing global awareness of the benefits of generic drugs.
Browse market data tables, figures, and in-depth TOC on “Generic drugs Market” by Route Of Administration (Oral, Injectables, Topical, Inhalers) Type (Small-molecule generics, Biosimilars) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By Route Of Administration, the Oral segment is projected to dominate the market size in 2024
In the pharmaceutical industry, generic drugs represent cost-effective alternatives to brand-name medications. These drugs possess identical dosages, intended uses, and pharmacological effects to their branded counterparts. Upon expiration of a brand-name drug's patent, pharmaceutical companies can manufacture and market generic equivalents. Patents safeguard the initial investment in drug development by granting the exclusive right to sell the drug during their 20-year term in the United States. Once patents elapse, regulatory agencies approve and facilitate the production and commercialization of generic drugs, ensuring consumers access to affordable, clinically equivalent treatments.
By Type, Small-molecule generics segment is expected to hold the largest market size for the year 2024
In the pharmaceutical industry, the oral drug delivery system segment dominates the market due to its non-invasive, cost-effective, and easy-to-use nature. This segment encompasses drugs administered via capsules, tablets, syrups, solutions, and suspensions, all of which are ingested through the mouth and absorbed into the gastrointestinal tract. The preference for oral administration over other methods is due to its safety, ease of use, and growing number of companies investing in research and development for oral treatments. The moderate growth rate of this segment can be attributed to its widespread acceptance and convenience for patients.
North America is forecasted to hold the largest market size by region in 2024
The North American region dominates the global generic drugs market, with the United States serving as a primary hub for major players such as Merck (Merck and Co. Inc.), Pfizer (Pfizer Inc.), and Amgen (Amgen Inc.). These key vendors differentiate themselves through a wide range of offerings, which significantly influence both healthcare professionals and patients. A key factor fueling market expansion in North America is the rising incidence of chronic diseases, primarily attributable to lifestyle modifications and increased consumption of alcohol and tobacco in the US. In Canada, the demand for biosimilars is surging due to their therapeutic advantages and cost savings. Notably, the prevalence of breast cancer in Canada is driving this trend.
The Generic drugs Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Generic Drugs Market has witnessed significant growth in recent years due to the increasing demand for affordable healthcare solutions. With the rising cost of Branded Medicines, patients and healthcare providers are turning towards Generic Drugs for various conditions, including surgeries, COPD, Asthma, Hypertension, and chronic diseases like arthritis, psoriasis, melanoma skin cancer, and non-melanoma skin cancer. One of the leading players in the Generic Drugs Market is Lupin, which offers a wide range of bioequivalent medicines. Obeticholic Acid Tablets, a Lupin product, is used for the treatment of primary biliary cholangitis. The American Lung Association reports that chronic diseases such as COPD and Asthma affect millions of people worldwide, leading to increased healthcare expenditure. Artificial Intelligence and Robotic Process Automation are being integrated into the pharmaceutical industry to improve drug discovery and development processes. Topical drug administration is also gaining popularity in the treatment of various conditions, including psoriasis and arthritis. The Global RA Network reports that the geriatric population is at a higher risk of developing chronic diseases, leading to an increased demand for affordable and effective treatments. Steroids and intravenous drugs are also in high demand for the treatment of various conditions, including cancer. However, the production and distribution of these drugs require stringent regulations to ensure safety and efficacy. The Generic Drugs Market is expected to continue growing, providing affordable and effective solutions for various health conditions.
Market Research Overview
The Generic Drugs Market encompasses a wide range of medications, including Breyna and Vemlidy Tablets (Tenofovir Alafenamide), which are used in the therapeutic application for diabetes, infectious diseases, and cardiovascular conditions. Retail and hospital pharmacies stock these oral medications, while injections are also available for certain indications. Branded medicines like Obeticholic Acid Tablets, manufactured by Lupin, are used for treating conditions such as COPD, asthma, and hypertension. The American Lung Association and IARC have highlighted the importance of access to affordable medications for chronic diseases. Artificial intelligence and robotic process automation are transforming the pharmaceutical industry, ensuring the bioequivalence of branded and generic drugs. Topical drug administration is also gaining popularity for conditions like psoriasis, melanoma skin cancer, and non-melanoma skin cancer. Cystadane1 by ANI Pharmaceuticals is a generic version of Cystaglon, used for treating parenteral nutrition-associated cholestasis in epileptic patients. Oral generics like molnupiravir are being explored for their potential in treating various diseases, including arthritis and cancer. The Global RA Network and healthcare expenditure are significant factors influencing the market growth, particularly for the geriatric population and those suffering from chronic diseases. Steroids and intravenous drugs are also part of the generic drugs market, catering to diverse therapeutic needs.
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