According to Custom Market Insights (CMI), The Global Generic Drug Market Size was valued at USD 390.57 billion in 2021 and is estimated to reach USD 675.18 billion by the end of 2030 at a CAGR of approximately 6.2% during the forecast period 2022-2030. The demand for generic drugs has increased to a great extent due to the introduction of new modern medicines into the market, which are more efficient and cost-effective.
The existence of several chronic diseases among people all over the world behaves as a major driving force that boosts the demand for generic drugs among people. In addition, the pattern of distribution of medicines by medical practitioners has increased the demand for generic drugs.
Wholesale distributors and dealers have enabled the healthcare sector to take advantage of the low cost of medicines to increase the total profit the hospitals and clinics earn. Moreover, since the efficacy of generic drugs is at par with branded medicines, people have opted for generic medicines as the first choice to carry out the treatment economically.
Browse the full “Generic Drug Market Size, Trends and Insights By Brand (Branded generic drugs, Pure generic drugs), By Route of Administration (Topical, Oral, Parental, Others), By Therapeutic Application (Cardiovascular system, Oncology , Dermatology, Respiratory system, Central nervous system, Others), By Distribution Channel (Retail pharmacies, Hospital pharmacies, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/generic-drug-market/
Market Dynamics
Drivers
The low cost of generic medicines emerges as a significant driving force for the huge demand and supply of generic drugs in the market. The rapid increase in the number of operative procedures being carried out worldwide increases the need for generic medicines, which proved to be as efficient as branded drugs. In addition, a shortage of disposable income available to the people has also boosted the demand for cheaper medicines, making generic drugs the first choice option.
Restraints
Private medical practitioners prefer branded medicines because they provide a more significant profit margin than generic ones. However, a lack of awareness among the people regarding the similar efficiency that is provided by the use of generic medicine compared to branded drugs has emerged as a major restraining factor for this market. In addition, the lack of generic drug stores in the rural sector hinders the demand and supply chain to a great extent.
Opportunities
The extensive research and development programs carried out by the key market players to introduce advanced medicines into the market under the category of generic drugs have boosted the market size considerably. The increasing competition among the key market players to introduce new medicines with lesser side effects on people’s health has been an excellent opportunity for the newly emerging industries.
The rapidly increasing cost of living has also boosted the demand for generic drugs, which emerges as an economical option for treatment in front of ordinary people. Therefore, the availability of generic drug stores in the rural sector will appear as a significant opportunity for the growth of the generic drug market.
Challenges
The lack of awareness regarding the facilities available in the healthcare sector has dramatically hindered the market’s growth. In addition, generic drug stores are usually found very rarely in the market due to the enormous competition experienced against branded medicines. This has emerged as a significant challenge to the growth of the generic drug market.
Misconceptions among people regarding the brand name of the medicines lead to a challenging condition for the key market players of the generic drug market. As a result, the profit margin obtained by using generic drugs is considerably lower compared to using branded medicines, which hampers the growth of the market tremendously.
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Report Highlights
Based on the brand, pure generic drugs experienced tremendous growth in the market due to the massive demand from the people. In addition, the advanced technologies used in the manufacturing process of pure generic drugs have boosted the need for this product.
Based on the route of administration, oral formulations are considered the first choice among the people, making it the leading segment in the market. Moreover, it is the most common route of administration, which also applies to small children. Based on distribution channels, Retail pharmacies have emerged as the largest market for generic drugs due to the huge demand and supply conducted directly with the potential consumers.
On the buses of therapeutic application, the oncology sector has emerged as the largest market for generic medicines for many people with cancer worldwide. Based on geography, the region of North America appears as the leading market.
Regional Snapshots
The geographical region of North America has emerged as the largest market for the generic drug owing to the significant number of people belonging to the geriatric population who suffer from several chronic diseases that require a very long period for complete treatment, which in turn increases the demand and supply of various medicines which need to be consumed regularly.
The presence of key market players in this region has also emerged as a significant driving force for boosting the market for generic drugs. Advanced facilities provided by the government in the healthcare sector to provide a quality life to the people have encouraged the demand and supply of generic medicines in the market. The European nations have emerged as the next largest generic drug segment due to society’s many diseases. Advancements in the medical sector and healthcare facilities have been made recently and have boosted the demand for generic medicines in the market.
Key Players
- Alkem Laboratories Limited
- Teva Pharmaceutical Industries Limited
- Cipla Ltd.
- Reddy’s Laboratories Ltd.
- Mylan N.V.
- Lupin Limited
- STADA Arzneimittel AG
- Hikma Pharmaceuticals plc
- Torrent Pharmaceuticals Ltd.
- Endo International plc
- Aurobindo Pharma Limited
- Sawai Pharmaceutical Co. Ltd.
- Mallinckrodt plc
- Amneal Pharmaceuticals Inc.
Table of Contents: https://www.custommarketinsights.com/report/generic-drug-market/#table-of-contents
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