Global Generic Pharmaceuticals Market Size study & Forecast, by Type ( Simple Generics, Specialty Generics, Biosimilars), by Application ( Central Nervous System Disorders, Respiratory Diseases, Hormones & Related Diseases, Gastrointestinal Diseases, Car

Global Generic Pharmaceuticals Market Size study & Forecast, by Type ( Simple Generics, Specialty Generics, Biosimilars), by Application ( Central Nervous System Disorders, Respiratory Diseases, Hormones & Related Diseases, Gastrointestinal Diseases, Cardiovascular Diseases, Infectious Diseases and Others), by Product (Small Molecule, Large Molecule), By Route of Administration (Oral, Injectable, Inhalable and Others), by Distribution Channel (Online Pharmacies, Hospitals Pharmacies, Retail Pharmacies)and Regional Analysis, 2023-2030

Global Generic Pharmaceuticals Market is valued at approximately USD 361.7 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 8.3% over the forecast period 2022-2029. Generic pharmaceuticals are medications that are identical, or bioequivalent, to brand-name drugs in terms of dosage, safety, strength, route of administration, quality, and intended use. Generic drugs are produced after the patent for the original brand-name drug has expired. This allows other pharmaceutical companies to manufacture and sell the same medication at a lower cost because they do not need to invest in the costly research and development that is required to create a new drug. The Generic Pharmaceuticals market is expanding because of factors such as rising, increasing ANDA approval and generic product launches and government initiatives to promote the usage of generics.

The rise in the number of ANDA approvals and generic medication product launches accounts for the market growth. according to the U.S. FDA's Generic Drugs Annual report, the number of ANDA approvals increased from 948 in 2020 to 776 in 2021. Additionally, from the same source, it was reported that 100 ANDAs had been approved overall by the end of 2021. Governments have implemented programs that offer various opportunities for significant generic drug players to cut back on expenditure on pharmaceuticals. As an illustration, by using generic medications in 2021, the U.S. government saved USD 373 million on pharmaceutical costs. According to the AAM Generic Drug & Biosimilars Access & Savings Report 2021, 91% of prescriptions are filled with generic medication, which represents 18.2% of prescription drug costs. In addition, the increasing Disease Burden and Rising Geriatric Population are creating lucrative growth in the market. However, a lack of transparency about the actual price of generic drugs hampers the market growth.

The key regions considered for the Global Generic Pharmaceuticals Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of key market growth and the region's increasing disease prevalence, along with these increasing number of favorable government initiatives coupled with the rising number of product launches and demand for a generic drug is driving the market growth in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising geriatric and target populations, an increase in the number of collaborations for product development, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.

Major market player included in this report are:
Teva Pharmaceutical Industries Ltd.
Viatris Inc.
Novartis AG
Sun Pharmaceutical Industries Ltd.
LUPIN
AbbVie Inc. (Allergan)
AstraZeneca
Sawai Pharmaceutical Co., Ltd.
Hikma Pharmaceuticals PLC
Dr. Reddy’s Laboratories Ltd.

Recent Developments in the Market:
 In January 2022, the Mark Cuban Cost Plus Drugs Company (MCCPDC) announced the launch of an online pharmacy. The pharmacy would offer around more than 100 generic drugs at a low cost to patients.

Global Generic Pharmaceuticals Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Type, Application, Product, Application, Route of Administration, Distribution Channel, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Simple Generics
Specialty Generics
Biosimilars

By Application:
Central Nervous System Disorders
Respiratory Diseases
Hormones & Related Diseases
Gastrointestinal Diseases
Cardiovascular Diseases
Infectious Diseases
Others
By Product:
Small Molecule
Large Molecule
By Route of Administration:
Oral
Injectable
Inhalable
Others
Distribution Channel:
Online Pharmacies
Hospitals Pharmacies
Retail Pharmacies
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned

Teva Pharmaceutical Industries Ltd.
Viatris Inc.
Novartis AG
Sun Pharmaceutical Industries Ltd.
LUPIN
AbbVie Inc. (Allergan)
AstraZeneca
Sawai Pharmaceutical Co., Ltd.
Hikma Pharmaceuticals PLC
Dr. Reddy’s Laboratories Ltd.

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