Generics drugs are bioequivalent versions of off-patented branded drugs with similar dosage, form, strength, quality, effect, intended use, side effects, and route of administration. Generic drugs are more affordable as they require lower capital investments as compared to their branded counterparts. Over the past few years, there has been a rise in the prevalence of chronic diseases including cardiovascular diseases, diabetes, Alzheimer’s disease, Parkinson’s disease, etc. which has presented the generic drug manufacturers with ample growth opportunities. On the basis of volume, these drugs currently account for around 80% of the total drug prescriptions worldwide. According to IMARC Group, the global generic drug market reached a value of around US$ 367 Billion 2019 registering a CAGR of 5.7% during 2014-2019.
Request Free Sample Report: https://www.imarcgroup.com/generic-drug-manufacturing-plant/requestsample
A number of branded drugs are expected to lose their patent protection in the upcoming years which is expected to improve the growth prospects of the market across the globe. The rising geriatric population, increasing awareness among the consumers, expanding insurance coverage and growing access to healthcare facilities are some of the other factors which are supporting the global generics market growth. Despite the presence of a number of driving forces, the global generic drugs market faces some challenges as well, such as the negative perception of consumers regarding the effectiveness and safety of generic drugs. Looking forward, the generic drugs market size is expected to reach US$ 497 Billion by 2025, at a projected CAGR of nearly 5.2% during 2020-2025.
Breakup by Drug Delivery
The generic drug market has been analysed on the basis of various drug delivery methods, such as oral, injectables, dermal/topical and inhalers. Presently, oral drugs represent the most popular segment as they are convenient for the patients and require minimal or no medical assistance. Oral generic drugs can be swallowed, chewed or placed under the tongue to dissolve. generic drugs, on the other hand, are gaining popularity as they can be directly infused into the bloodstream. Additionally, certain medicines do not have an effect if they are administered orally as the active ingredients get destroyed by the digestive enzymes, owing to which these medicines are produced in injectable forms.
Breakup by Therapy Area
The generic drug market has been segmented on the basis of different therapy areas including CNS, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes and oncology. Amongst these, generic drugs are majorly used for treating diseases related to CNS (Central Nervous System). The CNS is made up of the nerves in the spinal cord and brain, and controls and processes most of the bodily functions. Generic medicines are generally available in the form of CNS depressants which are used for anxiety, sleep disorders and stress. Apart from this, they are also used for treating relapsing forms of multiple sclerosis as well as symptoms of Parkinson’s disease.
On a geographical front, the United States enjoys the leading position, holding the majority of the generic drugs market share. This can be accredited to the rising cases of chronic diseases on account of sedentary lifestyles and poor eating habits of the population. Further, physicians and pharmacists in the United States are provided with incentives for prescribing generic drugs, which has stimulated the market growth. The United States is followed by China, Brazil, Germany, France, India, the United Kingdom, Japan, Canada and Italy.
Breakup by Distribution Channel
Currently, there are two main distribution channels for the sales of generic drugs, namely, retail pharmacies and hospital pharmacies. At present, majority of generic drugs are sold through retail pharmacies. Apart from oral drugs, these stores also house injectables that can be administered without medical assistance, such as insulin. Retail pharmacies are easily accessible by the consumers as they are located at convenient locations. Moreover, an increase in the number of 24-hour pharmacies further supports the growth of the segment.
Competitive Landscape Key Player:
- Teva Pharmaceuticals
- Sun Pharma
- Lupin, Endo Pharma
- Aurbindo Pharma
- Aspen Pharmacare
Ask Analyst and Download Full Report with TOC & List of Figure: https://www.imarcgroup.com/generic-drug-manufacturing-plant.