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Generic Drugs Market Expects to Reach US$ 482.5 Billion by 2027
SHERIDAN, WYOMING, UNITED STATES, August 29, 2022 /EINPresswire.com/ -- The latest report by IMARC Group, titled “Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global generic drugs market size reached US$ 320 Billion in 2021. A generic drug is medicine containing the same active pharmaceutical ingredient (API) and has an equivalent therapeutic effect as the branded drug. It is also identical to branded drugs in terms of quality, safety strength, dosage, route of administration, intended use, effect, form, quality, and side effects. However, it differs in certain characteristics such as color, shape, and flavoring. Compared to patented drugs, generic drugs are cost-effective as manufacturers do not have to invest in clinical trials and research and development (R&D) activities to prove the effectiveness of the medicine. As a result, these drugs are gaining traction among individuals across the globe. Looking forward, IMARC Group expects the market value to reach US$ 482.5 Billion by 2027, expanding at a CAGR of 7% during the forecast period (2022-2027).
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Global Generic Drugs Market Trends:
In recent years, governments of developed countries have introduced various initiatives to reduce healthcare costs by promoting the production of generic medicines. Besides this, hospitals, institutions, and various organizations are addressing the shortage of generic drugs across the globe. For instance, a coalition of seven hospitals and three philanthropies in the US declared that they would launch a generic drug company named Civica Rx to meet the drug shortage. Moreover, the governing authorities of numerous countries have introduced several programs to offer incentives to physicians and pharmacists for promoting generic substitution. This, coupled with the growing prevalence of chronic diseases such as diabetes, dyslipidemia, hypertension, and metabolic syndrome, on account of sedentary lifestyles, hectic work schedules, and changing dietary patterns, are creating a positive market outlook across the globe. Furthermore, various branded drugs are set to lose their patent protection in the coming years, which will continue to propel the market growth.
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Top Generic Drugs Companies Worldwide:
• Teva Pharmaceuticals Industries Ltd. • Mylan N.V. • Novartis AG • Pfizer Inc. • Sun Pharmaceutical Industries Ltd. • Fresenius SE & Co. • Lupin Limited • Endo Pharmaceuticals Inc. • Aurobindo Pharma Limited • Aspen Pharmacare Holdings Limited • Key Market Segmentation:
• Central Nervous System • Cardiovascular • Dermatology • Genitourinary/Hormonal • Respiratory • Rheumatology • Diabetes • Oncology • Others
• Oral • Injectables • Dermal/Topical • Inhalers
• North America (United States, Canada) • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others) • Europe (Germany, France, United Kingdom, Italy, Spain, Others) • Latin America (Brazil, Mexico, Others) • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
TOC for the Generic Drugs Market Research Report:
• Preface • Scope and Methodology • Executive Summary • Introduction • Global Generic Drugs Market • SWOT Analysis • Value Chain Analysis • Price Analysis • Competitive Landscape
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Who we are: IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Elena Anderson IMARC Services Private Limited +1 631-791-1145 email us here
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