Dublin, Dec. 09, 2021 (GLOBE NEWSWIRE) -- The "Generic Pharmaceuticals Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
The global generic pharmaceuticals market is expected to grow from $233.66 billion in 2020 to $245.6 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The market is expected to reach $331.54 billion in 2025 at a CAGR of 7.8%.
Major players in the generic pharmaceuticals market are Teva Pharmaceuticals, Mylan NV, Sandoz International GmbH, Hospira (Pfizer Inc.) and Sun Pharmaceutical.
The generic pharmaceuticals market covered in this report is segmented by therapy into CNS, cardiovascular, dermatology, genitourinary/harmonal, respiratory, rheumatology, diabetes, oncology. It is also segmented by distribution channel into hospital pharmacies, retail pharmacies, online pharmacies; by type into biosimilar, simple generic, super generic and by drug delivery into oral, inectables, dermal/topical, inhaler.
The lack of awareness about generic drugs is one of the restraints on the generic pharmaceuticals market. The high marketing and advertisement of branded drugs overshadow the availability of generic drugs which are substitute for expensive branded drugs. Thus, consumers opt branded drugs despite the fact that 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. Thus, lack of awareness about the availability of generic drugs hamper the generic pharmaceuticals market.
3D printing technology has the ability to transform the manufacturing of drugs in the generic pharmaceuticals market. 3D printed pharmaceuticals help in 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 taste.
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 the treatment. Branded drugs come at a premium price, while generic drugs are available at a lower cost having the same chemical composition of 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 of time and hence, the sales of generic drugs also increase.
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 manufacturing, packaging, and processing of drug product.
The 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 with the safety, effectiveness, or benefit of use that is not included in the approved labelling 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.
Key Topics Covered:
1. Executive Summary
2. Generic Pharmaceuticals Market Characteristics
3. Generic Pharmaceuticals Market Trends and Strategies
4. Impact Of COVID-19 On Generic Pharmaceuticals
5. Generic Pharmaceuticals Market Size and Growth
5.1. Global Generic Pharmaceuticals Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of the Market
5.1.2. Restraints On the Market
5.2. Global Generic Pharmaceuticals Forecast Market, 2020-2025F, 2030F, $ 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, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Generic Pharmaceuticals Market, Segmentation by Distribution Channel, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Generic Pharmaceuticals Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.4. Global Generic Pharmaceuticals Market, Segmentation by Drug Delivery, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Generic Pharmaceuticals Market Regional and Country Analysis
7.1. Global Generic Pharmaceuticals Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Generic Pharmaceuticals Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Sandoz International GmbH
Hospira (Pfizer Inc.)
Endo International Plc
Dr Reddy's Laboratories
Fresenius Kabi Ag
Merck & Co
Mitsubishi Tanabe Pharma
Ranbaxy Laboratories Ltd
Johnson & Johnson Services
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