Global Generic Drugs Market to Reach $507.8 Billion by 2026

SAN FRANCISCO, March 11, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Generic Drugs - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 7; Released: February 2022
Executive Pool: 1974
Companies: 42 - Players covered include Abbott Laboratories; Apotex Inc.; ASKA Pharmaceutical Co., Ltd.; Aspen Pharmacare Holdings Limited; AstraZeneca Plc; Baxter International Inc.; Dr. Reddy’s Laboratories Limited; Eli Lilly and Company; Endo International plc; Fresenius Kabi; GlaxoSmithKline Plc.; H. Lundbeck A/S; Hospira; Lupin Pharmaceuticals, Inc.; Mylan N.V.; Novartis International AG; Novo Nordisk A/S; F. Hoffmann-La Roche AG; Sandoz International GmbH; Sanofi-Aventis U.S. LLC; STADA Arzneimittel AG; Sun Pharma; Teva Pharmaceutical Industries Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Type (Small-Molecule Generics, Biosimilars); Therapeutic Application (Cardiovascular, Central Nervous System (CNS), Dermatology, Oncology, Respiratory, Other Therapeutic Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Generic Drugs Market to Reach $507.8 Billion by 2026
Generic drugs are described as the bioequivalent versions of branded drugs in terms of safety, quality, stability, impact, strength, dosage form, and route of administration. Over the years, generic drugs have emerged as safe and effective alternatives to the brand name formulations. The generic variants differ from brand names in terms of certain characteristics such as color, flavoring and shape, although these factors do not have any impact on the safety and efficacy of the medicines compared to the original version. Generic drugs are drugs that are manufactured with the same active ingredient present in branded drugs and also yield the same therapeutic impact as their branded counterparts. The drugs are also prescribed in same amount as the branded drugs. Consumption method (administration route) is also similar to the branded drugs. Generic drugs are allowed to be marketed only after expiration of patents of branded drugs. The drugs are offered at much lower prices even though they are manufactured using the same stringent manufacturing and safety procedures and maintain equivalent quality. A key advantage for generic drug makers is that they do not need to invest time and money into drug R&D and marketing efforts, whereby the generic drugs are priced considerably low compared to branded counterparts.

Amid the COVID-19 crisis, the global market for Generic Drugs estimated at US$402.9 Billion in the year 2022, is projected to reach a revised size of US$507.8 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Small-Molecule Generics, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$325.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Biosimilars segment is readjusted to a revised 6.3% CAGR for the next 7-year period. This segment currently accounts for a 37.7% share of the global Generic Drugs market. With several growth encouraging factors contributing to wider uptake, biosimilars are poised to augment their share in the world generic drugs market in the coming years. The rise of biosimilars has in particular curtailed the overall spending on pharmaceutical drugs in recent years, a trend expected to continue in the foreseeable future. The emergence of biosimilars on the market is leading to heightened competition, the next generation of biologicals under development are aimed at improving safety, efficacy and cost factors over previous generation drugs further add to the competitive heat in the market.

The U.S. Market is Estimated at $121.8 Billion in 2022, While China is Forecast to Reach $91.2 Billion by 2026
The Generic Drugs market in the U.S. is estimated at US$121.8 Billion in the year 2022. The country currently accounts for a 30.46% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$91.2 Billion in the year 2026 trailing a CAGR of 7.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR while Rest of European market (as defined in the study) will reach US$97.6 Billion by the close of the analysis period.

The market is expected to be driven by the steadily rising risk of various chronic diseases such as hypertension, obesity and diabetes. Though pharma companies continue to develop branded drugs due to the dearth of new blockbuster drugs coming into the marketplace, generic drugs are expected to continue meeting the majority of these therapeutic needs of the population, especially the expanding elderly population. With high cost of branded medication becoming a financial burden for people, efforts have intensified to develop cost effective generic variants. Several branded drugs are unable to extend their exclusivity leading to loss of patents and giving way to the manufacture of affordable generics. Major application areas for generic drugs include cardiology, anti-infection, anti-arthritis, CNS, anti-cancer and respiratory among others. Generic drugs for CVDs represent the dominant segment currently, accounting for majority share in the overall market. Cardiovascular diseases such as heart failure, high BP, circulatory disorders, dyslipidemia, cholesterol, arrhythmias, stroke and angina are the major causes of global deaths. The cardiovascular segment is expected to cover a larger part of the global generic drug market owing to several patent expirations of these drugs. Generic drugs for infectious diseases would gain much traction over the coming years mainly because of increasing number of cases worldwide. The COVID-19 pandemic emerged as a significant growth driver for generic drugs market over the past one year. As economies of nations crashed because of increasing unemployment, the demand for cheaper substitutes of branded drugs increased. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com 
Email: [email protected] 

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