$426.3+ Billion Worldwide Generic Pharmaceuticals Industry to 2032: North America was the Largest Region in 2022
Global Generic Pharmaceuticals Market
Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- The "Generic Pharmaceuticals Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global generic pharmaceuticals market is expected to grow from $302.39 billion in 2021 to $332.43 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The generic pharmaceuticals market is expected to reach $426.30 billion in 2026 at a CAGR of 6.4%.
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Major players in the generic pharmaceuticals market are Teva Pharmaceuticals, Mylan NV, Sandoz International GmbH, Hospira (Pfizer Inc.), Sun Pharmaceutical, Lupin Limited, Endo International Plc, Dr Reddy's Laboratories, Apotex Holdings, Fresenius Kabi Ag, Aurbindo Pharma, Aspen Pharmacare, Sanofi, Cipla, Hikma Pharmaceuticals, Stada Arzneimittel, Krka Group, Nichi-Iko Pharmaceutical, Valeant, Zydus Cadila, Merck & Co, Mitsubishi Tanabe Pharma, Momenta Pharmaceuticals, Nexus Pharmaceuticals, Novo Nordisk, Ranbaxy Laboratories Ltd, Sawai Pharmaceuticals, Novartis AG, Pfizer and Johnson & Johnson Services.
The generic pharmaceuticals market consists of sales of paracetamol, cefixime, amoxicillin, and ofloxacin. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Generic pharmaceuticals refer to a drug that was developed to have the same dosage form, safety, strength, mode of administration, quality, performance attributes, and intended use as an already marketed brand-name drug. The action and clinical benefit of a generic drug are identical to those of a brand-name drug.
North America was the largest region in the generic pharmaceuticals market in 2022. Middle East is expected to be the fargest growing region in the forecast period. The regions covered in the generic pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of generic pharmaceuticals are biosimilar; simple generic and super generic. A biosimilar is a biological product that is very similar to a reference biologic and has no clinically significant differences in terms of safety, purity, or potency. The drugs are delivered through oral, injectables, dermal/topical, and inhalers that are used for various therapies such as CNS, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, and oncology. The various distribution channel involved is hospital pharmacies, retail pharmacies, and online pharmacies.
The rising incidence of chronic diseases is one of the major drivers of the generic pharmaceuticals market. As more individuals are diagnosed with chronic diseases, they look for more medicines for treatment. Branded drugs come at a premium price, while generic drugs are available at a lower cost having the same chemical composition as branded drugs.
The low cost and same chemical composition and strength of generic drugs make a patient buy generic drugs instead of branded drugs. If it is a chronic disease, the treatment goes for a longer period, and hence, the sales of generic drugs also increase. For instance, according to the WHO (World Health Organization), over the next 10 years, the deaths due to chronic disease is projected to increase by 17%. Also, in 2020, almost 3-quarters of all deaths in the world are due to chronic diseases.
The lack of awareness about generic drugs is one of the restraints on the generic pharmaceutical market. The high marketing and advertisement of branded drugs overshadow the availability of generic drugs which are a substitute for expensive branded drugs. Thus, consumers opt for branded drugs even though the generic drugs carry the same chemical formulation as their counter-branded drugs.
According to an article published on CVS HEALTH, many doctors and pharmacists preferred to offer branded drugs to their patients over generic drugs. This prevents the patients to go for generic drugs as they develop a preconceived notion of generic drugs not being at par with branded drugs.
For example, according to research conducted by Sahana K Hebbar, in the International Journal of Basic & Clinical Pharmacology, out of 100 patients and 50 non-medical staff, 95% of the patients and 60% of the non-medical staff didn't know about generic drugs. Thus, a lack of awareness about the availability of generic drugs hampers the generic pharmaceuticals market.
3D printing technology can transform the manufacturing of drugs in the generic pharmaceutical market. 3D printed pharmaceuticals help improve R&D productivity and deliver new benefits to patients. 3D printing allows the manufacturer to produce drugs with customized size, shape, and texture which is not possible in traditional manufacturing of generic drugs. 3D printing can help the manufacturer to make generic drugs that have different release dates, appearances, and tastes.
For example, GlaxoSmithKline (GSK) completed a study where ultraviolet (UV) and 3D printing were used to manufacture tablets to treat Parkinson's disease. Martin Wallace, director of GSK Technology, said that GSK is investing in 3D printing advantages to manufacture pills and tablets. Also, Aprecia pharmaceutical company launched 'ZipDose' technology which manufactures 3D printed drugs.
The drug manufacturers must comply with the CGMP (Current Good Manufacturing Practice) regulations that come under the US Food and Drug Administration (FDA) which includes generic pharmaceuticals.
The CGMP regulations require manufacturers to maintain a minimum quality standard for the methods, controls, and facilities used in the manufacturing, packaging, and processing of drug products. Part- 99 of chapter 1 under title 21-Food And Drugs of CFR (Code of Federal Regulations) contains subparts from A to H. The whole part-99 describes the guidelines that need to be followed by drug manufacturers regarding the dissemination of information on human drugs, including biologics, and devices.
The guidelines concern the safety, effectiveness, or benefit of use that is not included in the approved labeling for a drug or device approved by the Food and Drug Administration for marketing. The guidelines regulate the information regarding the drugs that should be delivered to the health care practitioner, pharmacy benefit manager, health insurance issuer, group health plan, or federal or state government agency.
The countries covered in the generic pharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
No. of Pages
2022 - 2026
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2026
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Generic Pharmaceuticals Market Characteristics
3. Generic Pharmaceuticals Market Trends And Strategies
4. Generic Pharmaceuticals Market - Macro Economic Scenario
4.1 COVID-19 Impact On Generic Pharmaceuticals Market
4.2 Ukraine-Russia War Impact On Generic Pharmaceuticals Market
4.3 Impact Of High Inflation On Generic Pharmaceuticals Market
5. Generic Pharmaceuticals Market Size And Growth
5.1. Global Generic Pharmaceuticals Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Generic Pharmaceuticals Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Generic Pharmaceuticals Market Segmentation
6.1. Global Generic Pharmaceuticals Market, Segmentation By Therapy, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Generic Pharmaceuticals Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Generic Pharmaceuticals Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.4. Global Generic Pharmaceuticals Market, Segmentation By Drug Delivery, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Generic Pharmaceuticals Market Regional And Country Analysis
7.1. Global Generic Pharmaceuticals Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Generic Pharmaceuticals Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/z4zx3o
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