Dublin, April 16, 2024 (GLOBE NEWSWIRE) — The “Generic Drugs – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Generic Drugs Market to Reach $671.5 Billion by 2030
The global market for Generic Drugs estimated at US$430.2 Billion in the year 2023, is projected to reach a revised size of US$671.5 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2023-2030.
The global economic update coincides with a rising demand for generic painkillers, reflecting the growing significance of generic drugs in the pharmaceutical market.
Competition among key players is highlighted, with market share percentages and competitive market presence outlined for 2023. Despite promising opportunities, sustaining success in this market requires strategic approaches. Challenges such as pricing dynamics and accessibility persist, but recent market activity suggests ongoing developments in response to these challenges.
Small-Molecule Generics, one of the segments analyzed in the report, is projected to record 4.2% CAGR and reach US$538.8 Billion by the end of the analysis period. Growth in the Biosimilars segment is estimated at 15.3% CAGR for the next 8-year period.
The U.S. Market is Estimated at $130.2 Billion, While China is Forecast to Grow at 7.1% CAGR
Both North America and Europe are key players in this sector, while the Asia-Pacific region emerges as a hotspot for rapid growth. India stands out as a significant market, particularly for small-molecule generic drugs, although biosimilars are also experiencing notable growth.
The Generic Drugs market in the U.S. is estimated at US$130.2 Billion in the year 2023. China, the world’s second largest economy, is forecast to reach a projected market size of US$126.8 Billion by the year 2030 trailing a CAGR of 7.1% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 711 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $430.2 Billion |
| Forecasted Market Value (USD) by 2030 | $671.5 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
MARKET OVERVIEW
- Global Economic Update
- Demand for Generic Pain Killers Rises
- A Prelude to Generic Drugs
- Generic Drugs Market Set for a Rapid Growth
- North America and Europe Dominate, Asia-Pacific to Exhibit the Fastest Growth
- India- A Significant Market
- Small-molecule Generic Drugs Account for a Lion’s Share, Biosimilars Exhibit Fastest Growth
- Exciting Times for Biosimilars
- Competition
- Generic Drugs – Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- Market Opportunities
- Strategies to Sustain Success
- The Future of Generics & Biosimilars Look Bright amid Persistent Barriers
- Market Challenges
- Factors Affecting Prices & Accessibility
- Recent Market Activity
- BRANDS
MARKET TRENDS & DRIVERS
- Generic Drugs Enjoy Adrenaline Rush with Regulatory & Scientific Support
- R&D & Innovation Push
- Efforts to Eliminate Barriers to Generics Development
- Regulatory & Scientific Collaboration as Key
- FDA’s Generic Drug User Free Program
- Policy Support to Generic Drugs: Clearing Road to Affordable Access to Quality Medicines
- Savings in Billions
- Taking GDUFA to Next Level
- Pushing Competition through ANDAs
- Patent Expiries Set to Widen the Addressable Market for Generic Drugs
- Patent Expiries of Select Drugs in 2020
- Patent Expiries of Select Drugs in 2021
- Patent Expiries of Select Drugs in 2022
- Patent Expiries of Select Drugs in 2023
- Patent Expiry of Select Major Drugs in the US: 2020-2023
- Robust Demand for Pharmaceutical Drugs Drives Demand for Generic Drugs
- Cost Containment Measures Put Focus on Generics
- Small Molecule Generics Represent the Dominant Segment
- Specialty Generic Drugs Gain Popularity
- Specialty Generics – The Way to Success Amid Challenges
- Factors that can Provide Competitive Edge
- Increasing Demand for Biosimilars, Driven by Patent Expiry of Major Biopharmaceutical Drugs
- Patent Expiries of Major Biopharmaceutical Drugs in the US and Europe in the Recent Past
- Progressive Regulatory Framework Accelerates Product Approvals & Subsequently Market Revenues
- Specific Guidelines for Biosimilars in Various Countries with Year of Publication
- Biosimilars Regulatory Agencies in Select Regional Markets
- Biosimilar Approvals in the US (as of 2023)
- Biosimilar Approvals in Europe (as of 2023)
- Rising Healthcare Costs Drive Demand for Generic Drugs
- World Healthcare Expenditure (In US$ Billion) for the Years 2017-2023
- Aging Population to Propel the Demand for Generic Drugs
- Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
- Significant Increase in Number of Patients Suffering from Chronic Diseases Fuel Demand for Generic Medicines
- Global Cost of Chronic Diseases (In US$ Billion) for the Years 2018 and 2030
- Fatalities by Heart Conditions – Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
- Global Cancer Incidence: Number of New Cancer Cases in Million for the Years 2018, 2020, 2025, 2030, 2035 and 2040
- Number of New Cancer Cases and Deaths (in Million) by Region for 2018
- US Regulators Struggle to Keep Up with the Global Market
- Increased Dependency on Non-US Manufacturers
- Patient Trust and Traceability
- Drug Supply Shortage Risks
- Fixing a Broken System
- Hospitals Teaming Up to Develop Own Generic Drugs to Combat Shortages and High Prices
- Use of Artificial Intelligence and Machine Learning in Pharmaceutical Manufacturing Witnesses a Surge
FOCUS ON SELECT PLAYERS(Total 255 Featured)
- Abbott Laboratories
- Apotex Inc.
- ASKA Pharmaceutical Co., Ltd.
- Aspen Pharmacare Holdings Limited
- AstraZeneca Plc
- Baxter International Inc.
- Dr. Reddy’s Laboratories Limited`
- Eli Lilly and Company
- Endo International plc
- F. Hoffmann-La Roche AG
- Fresenius Kabi AG
- GSK plc
- H. Lundbeck A/S
- Incepta Pharmaceuticals Ltd.
- Lupin Ltd.
- Novo Nordisk A/S
- Sandoz International GmbH
- Sanofi-Aventis U.S. LLC
- STADA Arzneimittel AG
- Sun Pharmaceutical Industries Limited
- Teva Pharmaceutical Industries Ltd.
- Viatris Inc.
For more information about this report visit https://www.researchandmarkets.com/r/beeuks
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