Generic Drug Market Expanding at a CAGR of 6.8% during 2018-2023
According to the latest report by IMARC Group titled, “Generic Drugs Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the market reached a value of US$ 315 Billion in 2017. Looking forward, the market is expected to reach a value of US$ 474 Billion by 2023, exhibiting a CAGR of around 6.8% during 2018-2023.
A generic drug has the same active ingredients and rate of absorption as the original drug. It is equivalent to its branded counterpart in dosage, form, quality, and strength. At present, the most important factor driving the market for generic drugs is their lower cost. Generic drugs require less approval time than their branded counterparts. Moreover, the manufacturers do not incur high initial drug development costs, and hence, can price these drugs lower than the original drugs.
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The increasing number of patent expiration of branded drugs and rising government initiatives are augmenting the demand for generic drugs. In addition to this, the increase in the instances of chronic diseases such as diabetes, cardiovascular disease, and Alzheimer’s disease is further driving the growth of generic drugs market worldwide. Moreover, business process automation technologies such as RPA are increasingly being adopted by pharmaceutical companies to handle high volume tasks in R&D and manufacturing. These technologies help in completing various processes at a quicker pace and reducing costs.
Market Segmentation:
Performance of Key Countries
- United States
- China
- Brazil
- Germany
- France
- India
- United Kingdom
- Japan
- Canada
- Italy
- Others
Breakup by Therapy Area
- CNS
- Cardiovascular
- Dermatology
- Genitourinary/Hormonal
- Respiratory
- Rheumatology
- Diabetes
- Oncology
- Others
Breakup By Drug Delivery
- Oral
- Injectables
- Dermal/Topical
- Inhalers
Breakup By Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
Competitive Landscape
The report has also examined the competitive landscape of global generic drugs market. Some of the major players in the market are Teva Pharmaceuticals, Novartis – Sandoz, Mylan, Fresenius, Pfizer, etc.
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Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Competitive Structure
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