Generic Drugs Market to grow by USD 176.25 billion from 2022 to 2027, North America is estimated to contribute 37% to the growth - Technavio

NEW YORK, Feb. 7, 2024 /PRNewswire/ -- The generic drugs market is estimated to increase by USD 176.25 billion from 2022 to 2027, with a CAGR of 7.11%, according to a recent market study by Technavio. North America is estimated to contribute 37% to the growth of the global market during the forecast period. North America leads the global generic drugs market, with the US housing key players offering differentiated products. The region's growth is driven by rising chronic diseases due to lifestyle changes, alcohol, and tobacco consumption. Canada sees increased demand for biosimilars, particularly in breast cancer treatment, for their therapeutic benefits and cost reduction. Generic drugs, bioequivalent to brand-name drugs, gain popularity. Organizations advocate for low-cost drugs and oversee product safety. The US and Canada are leading users, with the US offering substantial discounts, and Canada monitoring product safety.

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Senior Automotive Analyst, at Technavio, said. " The rising drug patent expirations are notably driving the generic drug market growth. Patent expirations enable companies like Abbott to produce generic drugs with the same APIs as brand-name drugs, making them more affordable. After patent expiration, companies can create branded generics, as any manufacturer can apply to the FDA for a chemically identical generic version".

Abbott Laboratories, Amgen Inc., Aurobindo Pharma Ltd., Baxter International Inc., Biocon Ltd., Dr Reddys Laboratories Ltd., Eli Lilly and Co., Endo International Plc, Fresenius SE & Co. KGaA, GlaxoSmithKline Plc, Merck and Co. Inc., Novartis AG, Pfizer Inc., Sanofi SA, Teva Pharmaceutical Industries Ltd., Viatris Inc., Sun Pharmaceutical Industries Ltd., Lupin Ltd., Cadila Pharmaceuticals Ltd., and Cipla Ltd. are key companies.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.

Find Technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

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The market is segmented by type (small-molecule generics and biosimilars), route of administration (oral, injectables, topical, and inhalers), and geography (North America, Europe, Asia, and the Rest of the World).

• The market share growth by the small-molecule generics segment will be significant during the forecast period. Generic drugs are identical to brand-name drugs in dosage, use, side effects, and pharmacological effects. They offer the same clinical benefits and are made when brand patents expire. Small-molecule generics are cost-effective and have shorter approval processes, reducing drug development time and costs. Competition from multiple manufacturers lowers drug prices. Super generics are improved versions of small-molecule generics.

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• Hospital-owned generics are a major trend in the generic drug market. 
• Stringent regulation is a major challenge impeding the generic drug market growth.

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Generic Drugs Benefits

Generic drugs offer several benefits in the pharmaceutical industry. They are manufactured by generic drug manufacturers after the patent expiration of brand-name drugs, leading to increased competition and lower prices. The regulatory approval process for generic drugs focuses on demonstrating bioequivalence, ensuring that they are therapeutically equivalent to their brand-name counterparts. This emphasis on bioequivalence allows for cost-effective drug options while maintaining quality and safety standards. Generic drug development involves creating formulations that are comparable in dosage form, strength, route of administration, and efficacy to the original branded drugs, providing more affordable treatment options for various health conditions.

What are the key data covered in this Generic Drugs Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Generic Drugs Market between 2023 and 2027
• Precise estimation of the size of the Generic Drugs Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Generic Drugs Market industry across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Generic Drugs Market companies

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Sizes

Five Forces Analysis

Segmentation by Route Of Administration

Segmentation by Type

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio