Generic Drugs Market: Current Analysis and Forecast (2021-2027)

Generic Drugs Market: Current Analysis and Forecast (2021-2027)

The Generic Drugs market is predicted to grow at a CAGR of ~7% between 2021 and 2027. Key factors influencing the growth of the generic drugs market are the increasing prevalence of diseases around the world, strong healthcare infrastructure in developed economies, and increased awareness about different available medications around the world. The increasing prevalence of chronic and infectious diseases and the growing geriatric population in most countries coupled with rising intravenous generic product launches are further expected to drive the growth of the market during the forecast period. For instance, in July 2021, Generic Ferumoxytol, an injectable drug used to treat iron deficiency anemia (IDA), was launched in the U.S. by Sandoz. The rise in product launches of injectable generic products in developed countries is further expected to drive market growth. In addition, according to the National Health Interview Survey (NHIS) ~51.8 % of adults have a minimum of one chronic disease and 27.2 % of adults have several chronic diseases. Furthermore, according to the World Health Organization (WHO), the demand for generic medicines increased because of the prevalence of chronic diseases, propelling the generic drugs industry to new heights.

Some of the major players operating in the market include Cipla Ltd., Pfizer Inc., Fresenius Medical Care AG & Co. KGaA, Aurobindo Pharma Limited, Amneal Pharmaceuticals Inc., Alkem Laboratories Limited, Teva Pharmaceutical Industries Limited, Mylan N.V., Lupin Limited, and Sanofi S.A.

Insights Presented in the Report
"Amongst Type, biosimilar category to witness higher incremental gain during the forecast period”

Based on type, the generic drugs market is segmented into simple generic, super generic, biosimilar, and others in 2020, biosimilar drugs had a dominating share in the market. This is mainly due to the presence of a well-established infrastructure for chemical-based drugs and the increasing prevalence of chronic diseases across the world. In addition, the increasing demand for the more targeted and patient-specific drugs along with increasing investment in generic medicines because of low cost and greater opportunities in the developing nations like India and China is further expected to drive the market.
"Amongst Application, cardiovascular diseases category held a significant share in 2020”

Based on application, the market is bifurcated into neurological diseases, cardiological diseases, metabolic diseases, infectious diseases, orthopedic diseases, genitourinary/hormonal diseases, respiratory diseases, and others. Among these, cardiovascular is expected to witness significant growth in the forecast period. This is mainly due to the rising number of patients suffering from CVDs. For instance, in the U.S., about 18 million adults aged 20 and older have coronary artery disease (CAD). Furthermore, according to American Heart Association (AHA), coronary heart diseases cause 1 in every 7 deaths in the U.S., resulting in about 366,800 deaths each year. In addition, in 2020, there were 2.2 million new cases of lung cancer reported.

Amongst Distribution Channel, online to witness higher incremental gain during the forecast period”

Based on distribution channel, the market is bifurcated into offline and online. The online segment is expected to witness significant CAGR owing to the growing penetration of e-pharmacy platforms across the world coupled with increasing awareness regarding services offered by e-pharmacy. Furthermore, the growing focus on digitization and rising internet penetration in developing nations are some other key factors driving the market.
"APAC is expected to be the Fastest-Growing Region in Global Generic Drugs Market During 2021–2027F”

For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Mexico, Rest of North America); Europe (UK, Germany, France, Italy, Spain, Rest of Europe); Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific); and Rest of World. In 2020, APAC dominated the market on account of the rising research and development initiatives and the presence of a large number of pharmaceutical companies in countries such as India and China of the region. For instance, as per the India Brand Equity Foundation, India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the U.S., and 25% of all medicine in the U.K.

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