Generic Drugs Market to Reach $835.7 Billion, Globally, by 2032 at 8.1% CAGR: Allied Market Research
The growth of the global generic drugs market is driven by anincrease in the prevalence of chronic disorders, the the high cost of branded drugs, and the increase in the number of key players.
Portland, OR, July 20, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Generic Drugs Market By Therapeutic Application (Cardiovascular, Infectious Diseases, Cancer, Diabetes, And Others), Route Of Administration (Oral, Injection And Others) And End User (Hospitals & Clinics, Homecare And Others): Global Opportunity Analysis And Industry Forecast, 2023-2032″. According to the report, the global Generic Drugs Market was valued for $385.3 billion in 2022 and is estimated to reach $835.7 billion by 2032, exhibiting a CAGR of 8.1% from 2023 to 2032.
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Prime determinants of growth
An increase in the prevalence of chronic diseases, the patent expiry of multiple branded drugs, and new generic drugs approvals drive the growth of the global Generic drugs market. However, a concern related to efficiency of generic drugs may restrict the market growth. Moreover, a rise in the number of key players and developing economies presents new opportunities in the coming years.
Report coverage & details:
|Market Size in 2022||$ 385.3 billion|
|Market Size in 2032||$ 835.7 billion|
|No. of Pages in Report||252|
|Segments Covered||Therapeutic Application, Route of Administration, Distribution Channel, and Region.|
|Drivers||Rise in incidence of chronic diseases.
The high cost of branded drugs.
|Opportunities||Patent expiry of branded drugs.|
|Restraints||The concern regarding efficiency of generic drugs.|
- The outbreak of the Covid-19 pandemic had a negative impact on the global generic drugs market, owing to the decrease in the demand for generic drugs and the focus on COVID-19 drugs.
- The companies were more focused on COVID-19 product development, which hampered the market growth in 2020.
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The Others segment to maintain its leadership status throughout the forecast period.
Based on the therapeutic application, the others segment held the highest market share in 2022, accounting for nearly one-third of the global generic drugs market and is estimated to maintain its leadership status throughout the forecast period. The increase in the prevalence of chronic disorders such as COPD and asthma and growing use of generic pain killer drugs is the major factor that propels the growth of the spirometer segment across the globe. In addition, an increase in the number of key players drives the growth of the market. However, the cancer segment is projected to manifest the highest CAGR of 9.7% from 2023 to 2032. Emerging countries such as Brazil, Russia, India, and China offer promising opportunities for the pulse oximeter segment market.
The Oral segment to maintain its leadership status throughout the forecast period.
Based on route of administration, the Oral segment held the highest market share in 2022, accounting for nearly three-fifths of the global Generic drugs market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the others segment is projected to manifest the highest CAGR of 8.8% from 2023 to 2032, owing to the advancements in generic drugs administration.
The Retail pharmacies segment to maintain its leadership status throughout the forecast period.
Based on distribution channel, the retail pharmacies segment held the highest market share in 2022, accounting for nearly three-fifths of the global Generic drugs market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the online providers segment is projected to manifest the highest CAGR of 9.3% from 2023 to 2032, owing to the rise in the adoption of online sites to buy generic drugs.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global Generic drugs market revenue and is likely to dominate the market during the forecast period. The increase in the adoption of generic drugs contributes to the growth of the Generic drugs market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.4% from 2023 to 2032. The growing awareness about generic drugs, and the presence of high-potential markets such as India and China, is expected to drive the growth of the Generic drugs market.
Leading Market Players: –
- AMNEAL PHARMACEUTICALS, INC.
- GLAXOSMITHKLINE PLC
- NOVARTIS AG
- TEVA PHARMACEUTICAL INDUSTRIES LIMITED
- VIATRIS INC.
- SUN PHARMACEUTICAL INDUSTRIES LTD
- CIPLA LTD
- HIKMA PHARMACEUTICALS PLC
- AUROBINDO PHARMA.
The report provides a detailed analysis of these key players in the global Generic drugs market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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