Generic Drugs Market: Global Industry Trends, Manufacturing Process, Share, Size, Growth, Opportunity and Forecast 2018-2023
The global generic drugs market has witnessed a rapid growth in recent years.
Some of the factors which have helped in the market growth of generic drugs are their performance characteristics, cost-effectiveness, reduced investments in R&D, patent expiry of the branded drugs, etc.
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The latest report by IMARC Group titled, “Generic Drugs Market: Global Industry Trends, Manufacturing Process, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global generic drugs market reached a value of nearly US$ 230 Billion in 2016, growing at a CAGR of more than 8.5% during 2010-2016. Generic drugs have the same active ingredients and possess similar performance characteristics as their branded variants, such as strength, quality, form, effect, intended use, side effects, route of administration, therapeutic effect, etc. These drugs are manufactured under the same rules and regulations of manufacturing practices required for branded drugs. However, they are sold under their chemical names rather than the brand names.
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Highlights of the global generic drugs market:
The market is driven primarily by their affordability.
The USA represents the largest market for these drugs, accounting for the majority of the share.
The market is expected to reach a value of around US$ 360 Billion by 2022.
The cost-effectiveness of the generic drugs has emerged as one of the major factors which has contributed in influencing the growth of the market. These drugs require low investments in research & development, which brings down the cost of manufacturing significantly. This has encouraged the government and third-party payers to promote the manufacturing of these drugs and save billions of dollars on healthcare expenditures. Apart from this, the patent expiry of the branded drugs is also an essential factor which provides encouragement to the generic drugs market. Most branded drugs come with a lifespan of 20 years during which other manufacturers cannot sell the branded drugs under their companies’ name. However, when the patent protection expires, the manufacturing rights of these drugs is available to the other manufacturers. Some of the other growth inducing factors include rising aging-population, increasing prevalence of chronic diseases, and incentives offered to physicians and pharmacists to promote generics. Further, the market is expected to reach a value of nearly US$ 360 Billion by 2022.
The report has segmented the market on a regional basis. Some of the major markets for generic drugs include USA, China, Brazil, Germany and France. Amongst these, USA is the largest market, accounting for the majority of the share. An analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players are Teva Pharmaceuticals, Novartis–Sandoz, Mylan, Freseunis, and Hospira.
The report has examined the global generic drugs market on the basis of:
Novartis - Sandoz
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