Generic Drugs Market is expected to display an exponential growth by 2027
According to a new report published by UnivDatos Markets Insights the Generic Drugs Market is expected to grow at a CAGR of over 7% from 2021-2027. The analysis has been segmented into Type (Simple, Super, Biosimilar); Application (Neurological Diseases, Cardiological Diseases, Metabolic Diseases, Infectious Diseases, Orthopedic Diseases, Genitourinary/Hormonal Diseases, Respiratory Diseases, and Others); Distribution Channel (Offline and Online); Region/Country.
The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Generic Drugs Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Generic Drugs Market at the regional & country levels.
The global generic drugs market is expected to witness a robust CAGR of around 7% owing to the increasing aging population coupled with the growing prevalence of acute and chronic diseases and patent expiration of blockbuster drugs. Further, chronic diseases like respiratory diseases, cardiovascular diseases (CADs), herpes, hepatitis, and influenza attack the immune system and cause fever, and headache, especially among the middle-aged population. Furthermore, major players in the market are continuously focusing on the development and launch of new generic drugs in the market. For instance, in 2021, Generic Ferumoxytol, an injectable drug that is used to treat lack of iron deficiency anemia (IDA), was launched by Sandoz, in the U.S.
The global generic drugs market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on type, the generic drugs market is segmented into simple, super, and biosimilar. In 2020, the biosimilar drug category dominated the market and is expected to maintain its dominance throughout the forecast period. That is mainly used for the treatment of various types of diseases such as chronic diseases, central nervous system (CNS) drugs, cardiovascular diseases, diabetes, etc. Furthermore, the category is expected to witness growth during the forecast period due to the rising geriatric population coupled with unhealthy lifestyle and hormonal imbalances across the globe.
Based on application, the market is bifurcated into neurological diseases, cardiological diseases, metabolic diseases, infectious diseases, orthopedic diseases, genitourinary/hormonal diseases, respiratory diseases, and others. Among these, the cardiovascular diseases segment is accounted for the largest market share. As per the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year.
Based on distribution channel, the market is bifurcated into offline and online. The online segment is expected to witness significant CAGR owing to the growing penetration of e-pharmacy platforms across the world coupled with increasing awareness regarding services offered by e-pharmacy. Furthermore, the growing focus on digitization and rising internet penetration in developing nations are some other key factors driving the market.
Generic Drugs Market Geographical Segmentation Includes:
North America (United States, Canada, and Rest of North America)
Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)
Rest of the World
For a better understanding of the market adoption of the Generic Drugs industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, U.K., France, Italy, Spain, and the Rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific); and the Rest of World. In 2020, APAC dominated the market on account of the rising research and development initiatives and the presence of a large number of pharmaceutical companies in countries such as India and China of the region. For instance, as per the India Brand Equity Foundation, India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the U.S., and 25% of all medicine in the U.K.
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Generic Drugs Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.