Increasing demand for generic medicines is expected to drive the growth of global generic drugs market during the forecast period.
According to TechSci Research report, “Global Generic Drugs Market, By Type (Small Molecule Generics vs Biosimilars), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others), By Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By Source (In house vs Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Region, By Company, Competition, Forecast & Opportunities, 2026”, Global generic drugs market was valued at USD371.04 billion in 2020 and is anticipated to reach USD564.43 billion until 2026 by witnessing a growing CAGR of 7.08% during the forecast period. Rising healthcare expenditure is one of the major factors accounting for the growth of global generic drugs market. Moreover, initiatives taken by the governments of various countries to promote the use of generic drugs is expected to bode well for the growth of global generic drugs market through the forecast period. In addition to this, surging demand for newer versions of generic drugs is positively influencing the growth of global generic drugs market in the years to come. Along with this, upsurge in the number of generic drug approvals across the globe will positively contribute to the market growth in the next 5 years. However, there are certain factors that might act as major impediments to the growth of global generic drugs market during the forecast period such as stringent governmental regulations and adverse effects associated with drugs.
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Global generic drugs market can be segmented based on type, application, drug delivery, form, source, distribution channel, company, and region. Considering the distribution channel, the market is fragmented into hospital pharmacies, retail pharmacies, online pharmacies, others. The retail pharmacies segment dominated the global generic drug market with the market share of 46% until 2020 and is further anticipated to maintain its dominance during the forecast period as well. This is because most of the generic drugs are available over the counter. Based on form, the market is segregated into tablet, capsule, injection, others. The tablet segment dominated the market by holding major share in the market on account of certain benefits it offers such as cost effectiveness and longer shelf life of tablets. Based on source, the market can be categorized into in-house v/s contract manufacturing organizations. The in-house segment dominated the market until 2020 as most of the leading companies focused on in house production. Contract manufacturing organizations segment is expected to witness high CAGR in the forecast period on account of certain operational advantages it offers, especially when the demand for a specific product is high in the market and contract manufacturer provides additional production capacity to satisfy the customer.
Teva Pharmaceutical Industries Ltd, Mylan NV, Sandoz International GmbH (Novartis AG), Lupin Limited, Pfizer Inc., Sun Pharmaceutical Industries Limited, Endo Pharmaceuticals Inc., Aurobindo Pharma Limited, Dr Reddy’s Laboratories Ltd., Fresenius Kabi AG, Aspen Pharmacare Holdings Limited, Sanofi S.A., Cipla Ltd., Novo Nordisk A/S, Abbott Laboratories Inc., are the leading players operating in global generic drugs market. The leading players are adopting several growth strategies to enhance the market scenario of generic drug. Other competitive strategies include product launches; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position.
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North America is forecasted to dominate the global generic drugs market in the next 5 years on account of increasing prevalence of diabetes and cardiovascular diseases in the region. Furthermore, growth in geriatric population is also contributing to the growing trend. Asia-Pacific region is forecast to register highest growing CAGR over the years to come, which can be attributed to the fact that India manufactures around 60% of total generic drugs across the globe. Additionally, China is the main supplier of Active Pharmaceutical Ingredients to India for generic drug manufacturing, which is forecasted to drive the regional growth in upcoming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Generic Drugs Market, By Type (Small Molecule Generics vs Biosimilars), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others), By Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By Source (In House vs Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Region, By Company, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of global generic drugs market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global generic drug market.
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