Increasing prevalence of chronic diseases, rising investments in Research & Development (R&D) in the pharmaceutical sector, and technological advancements
VANCOUVER, BRITISH COLUMBIA, CANADA, July 8, 2024 /EINPresswire.com/ -- The global Generic Drug market size was USD 360.84 Billion in 2022 and is expected to register a rapid revenue CAGR of 8.4% during the forecast period. generic drug market is experiencing significant growth, fueled by several key factors including the increasing prevalence of chronic diseases, rising investments in Research & Development (R&D) within the pharmaceutical sector, and rapid technological advancements. These insights are detailed in a recent market research report highlighting trends and projections for the industry.The expiration of patents on many brand-name drugs has led to a surge in demand for generic alternatives, which offer substantial cost savings. According to the World Health Organization (WHO), chronic diseases such as heart disease, stroke, cancer, and diabetes are responsible for over 70% of global deaths. In response, approximately 89% of prescriptions in recent years have been for unbranded generic drugs, underscoring their affordability and accessibility for patients worldwide.
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Pharmaceutical companies are increasingly investing in the production and development of generic drugs. For example, a recent partnership announcement between California and Civica Rx aims to produce affordable insulin, addressing the high cost burden faced by diabetic patients. Such initiatives are pivotal in enhancing access to essential medications through innovative production practices.
Technological advancements play a crucial role in shaping the future of generic drugs. Innovations like biosimilars, continuous manufacturing, and Artificial Intelligence (AI) are revolutionizing drug development processes. These advancements improve efficiency, optimize formulations, and predict drug interactions, thereby enhancing the quality and efficacy of generic medications.
Despite these advancements, challenges persist in ensuring quality and safety across the generic drug market. Concerns regarding manufacturing practices and regulatory oversight have raised issues related to product quality and safety. Regulatory bodies face the challenge of varying standards across different regions, impacting their ability to effectively monitor and address these concerns.
Segment-wise, the market is divided into pure generic drugs and branded generic drugs. Pure generics dominate the market due to their cost-effective production capabilities and adherence to stringent regulatory standards. Branded generics, offering unique formulations or delivery systems, cater to specific market segments seeking enhanced convenience or efficacy.
In terms of administration routes, oral medications hold a significant share due to their convenience and patient compliance. Meanwhile, applications in cardiovascular diseases (CVD) lead in market share, driven by the high demand for affordable treatments amid rising disease prevalence. The infectious disease segment shows the fastest growth, supported by increasing incidents of antibiotic-resistant bacteria and other infectious threats.
Generic Drug Top Companies and Competitive Landscape
The global generic drug market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective generic drug solutions.
Some major players included in the global generic drug market report are:
Mylan N.V.
Abbott
AbbVie Inc.
Teva Pharmaceutical Industries Ltd.
Eli Lilly and Company
GSK plc
Baxter
Pfizer Inc.
Sandoz Group AG
Novartis AG
Generic Drug Report Summary
On 25 May 2023, Centrient Pharmaceuticals announced its partnership with Ginkgo Bioworks to further develop environmentally friendly antibiotic Active Pharmaceutical Ingredients (APIs). This partnership builds on their initial success in improving the sustainability of fermentation and enzymatic synthesis of beta-lactam antibiotic Application Programming Interface (APIs).
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Generic Drug Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global generic drug market on the basis of manufacturer type, route of administration, application, distribution channel, and region:
Manufacturer Type outlook (Revenue, USD Billion; 2019-2032)
Pure Generic drug
Branded Generic drug
Route of administration Outlook (Revenue, USD Billion; 2019-2032)
Oral
Parentral
Topical
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Infectious Disease
Cardiovascular Disease (CVD)
Dermatology
Oncology
Respiratory
Arthritis
Others
Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
Hospital Pharmacies
Retail Pharmacies
Online Providers
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa
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