New Study Reports ” Generic Drugs Market 2021, Global Key Players Analysis, Share, Trends, Growth Status, Revenue Expectation Forecasts 2030″ has been Added. In terms of revenue, global generic drugs market was valued at US$ 284.56 Bn in 2020 and is anticipated to reach 472.32 Bn by 2030, growing at a CAGR of 5.8% over the forecast period. Some of the players operating in the generic drugs market are Abbott Laboratories, Allergan, Inc., Alvion Pharmaceuticals P.C., Amneal Pharmaceuticals, Inc., Aspen Pharmacare Holdings Limited., AstraZeneca plc., Cipla Inc., Dr. Reddy’s Laboratories Ltd., Egis Group, Eli Lilly and Company, Endo International plc, Fresenius Kabi (Kabi SwissBioSim GmbH), Gedeon Richter Ltd, Gilead Sciences, Inc., GlaxoSmithKline Plc., Lupin Pharmaceuticals, Inc., Mylan N.V., Novartis International AG, Pfizer Inc., STADA Arzneimittel AG, Sun Pharmaceutical Industries, Teva Pharmaceutical Industries Ltd. amongst others.
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This Generic Drugs report helps you effortlessly figure out brand awareness and perception of your brand and product among potential customers of the industry. Few aspects are kept into view while formulating this global Generic Drugs market report and include the market type, organization size, availability on-premises, end-users’ organization type, and the availability in areas such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. The report estimates 2021-2030 market development trends for industry. The Generic Drugs report puts on view significant product developments and tracks recent acquisitions, mergers and research in the industry by the key players.
Important Features that are under offering & key highlights of the report:
- Detailed overview of Generic Drugs market
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application etc
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Generic Drugs market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards Generic Drugs market performance
- Generic Drugs Market player’s information to sustain and enhance their footprint
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The rise in multitude illnesses prevalent is leading to excessive expenditure on healthcare. This trend has inflated demand for low cost and effective alternatives thus paving the pathway for entry of generic drugs in the mainstream pharmaceutical industry. The rise in healthcare awareness has inflated the frequency of healthcare treatments availed by individuals. Drugs are most commonly used method to treat illnesses and improve patient health. However, cost of these drugs is fuelled by the year-over-year increase in prices. Association for Accessible Medicines (AAM) states that brand-name drugs account for 77% of overall spending on prescription drugs, which has burdened the patients with pharmacy associated costs. These rises in healthcare prices have deprived half of the world’s population of standard health coverage. World Health Organization statistics states that about 800 million people spend at least 10% of their household budgets on healthcare expenses, which has pushed over 100 million people into extreme poverty.
These factors have heightened the demand for alternative less costly generic and bio-similar drugs. Generic drugs are created similar to an existing brand-name drug which bare resemblance in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. The benefits associated with generic medicines showcasing similar clinical outcomes as that of its brand-name version and lower development costs have attracted investments from high number of market players. The Food and Drug Administration agency of U.S states that generic drugs cost 30% to 80% less than their brand-name counterparts. These benefits of generic drugs to efficiently tackle the rising healthcare associated costs are driving the growth of generic drugs market across the globe.
The drastic transformations in the lifestyle of global population, affecting the diet and daily activities, has negative implications on their health. The sedentary lifestyle with minimal movement of urban dwellers is a major reason for prevalence of non-communicable chronic illnesses such as heart disease, cancer, diabetes, and chronic respiratory diseases. The upsurge in chronic illnesses has worsening effects on health of global population. World Health Organization estimates that these non-communicable diseases are responsible for deaths of around 41 million people each year across the globe, which is equivalent to 71% of all deaths. The spread of these diseases from prosperous economies to unprivileged economies has further bolstered the number of patients.
Diseases such as cardiovascular disease, hypertension, diabetes, and cancer impose 80% of their burden on low and middle income economies. This prevalence of chronic illnesses amongst populations across continents has created an upsurge in the demand for low cost generic medicines. Access to these affordable generic medications assists humans to improve medication adherence, which leads to overall better health outcomes. Moreover, generic drug manufacturers are also capitalising on this opportunity. For instance, in May 2018, Glenmark Pharma launched generic version of asthma drug ‘Seretide Accuhaler’ in Denmark. Other companies such as Cipla Inc. and Lupin have also launched their generic version of asthma drugs. Similar strategic investments by prominent pharmaceutical giants are fuelling the growth of generic drugs market, globally.
The recent outbreak of COVID-19 pandemic is anticipated to create nourishing environment for generic drugs. The governments of countries affected by coronavirus outbreak have imposed lockdowns to avoid the spread of this disease which in-turn has hampered the supply chains of medical supplies creating a shortfall in brand-name drugs from international suppliers. This crisis has posed locally made generic medicines as the potential alternative. Also, drug manufacturers are inventing generic version of drugs used in treatment of active COVID-19 patients to reduce the overall treatment costs. For instance, in June 2020, Cipla Inc. announced launch of generic version of Gilead Sciences Inc.’s ‘Remdesivir’ drug which is approved by U.S Food and Drug Administration agency for treatment of COVID-19. These on-going efforts to cater the shortfall of drugs through generic versions are anticipated create high demand in global generic drugs market over the forecast years.
The transformation of global customer requirements and shopping habits has created an inclination towards online channels. The emerging trend of on-demand medicine services and e-pharmacies are anticipated to inflate the demand for generic drugs. For instance, StayHappi Pharmacy announced launch of its online medicine stores which delivers affordable generic drugs at the doorstep of the customers. These emerging trends are anticipated pose lucrative growth opportunities in global generic drugs market in future years.
Global Generic Drugs Market:
Generic Drugs Market: By Type
- Prescription Products
- Over the Counter (OTC) Products
Generic Drugs Market: By Application
- Infectious diseases
- Women’s Health
- Central Nervous System (CNS)
- Others (Pain Management, etc.)
Generic Drugs Market: By Form
- Topical Creams
Generic Drugs Market: By Distribution Channel
- Retail Pharmacy
- Hospital Pharmacy
Generic Drugs Market: By Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Key Pointers Covered in Generic Drugs Market Industry Trends and Forecast
- Generic Drugs Market Size
- Generic Drugs Market Standards and Changes
- Generic Drugs Market Trials in Different Regions
- Generic Drugs Market Requirements in Different Regions
- Generic Drugs Market Shares in Different Regions
- Recent Developments for Market Competitors
- Recent Market Value for Different regions
- Sales Data for Market Competitors
- Key Vendors and Disruptors Study
- Supply Chain Competitiveness
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