Generic Drugs Market: Size, Growth, Regional Analysis, And Market Analysis

Generic Medications:

Generic medications are drugs that have the same chemical makeup as an existing branded drug. These pharmaceuticals are less expensive and comparable to branded drugs in terms of dosage, strength, mode of administration, quality, performance, and application. Rather than being connected with a specific manufacturer, generic medications are subject to government restrictions in various nations.


Market Growth:

The Global Generic Drugs Market was valued at USD371.04 billion in 2020 and is expected to grow at a CAGR of 7.08 percent to USD564.43 billion by 2026.


The rising prevalence of chronic diseases, diabetes, cardiovascular diseases, the growing geriatric population, rising healthcare expenditure, high demand for generic medicines, and a large number of patent-expired branded drugs are all contributing to the growth of the generic drugs market.


However, the market is projected to be stifled by government rules and medicine side effects. The rising demand for newer generic pharmaceuticals, the increased number of clinical studies, and the vast number of licensing and partnering tactics used by leading vendors to introduce new products contribute to significant demand for generic drugs shortly.


Market Segmentation:

Product type, application, distribution channel, and geography are used to segment the worldwide generic pharmaceuticals market. The market is divided into three categories based on product type: plain generics, super generics, and biosimilars. Cardiovascular products, anti-infective pharmaceuticals, anti-arthritis drugs, central nervous system drugs, anti-cancer drugs, respiratory effects, and others make up the market. The market is divided into hospitals, pharmacies, private clinics, drug shops, retail pharmacies, and others based on the distribution channel.


Regional Analysis:

The global Generic Drugs Market is divided into five regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. In 2016, North America retained a commanding position in the global generics market. This is due to advantageous regulatory laws that are constantly being reviewed and amended to support the development of generic pharmaceuticals in the region.


Key Players:

Abbott Laboratories, Teva Pharmaceutical Industries Ltd., ALLERGAN, Sandoz International GmbH, Mylan N.V., STADA Arzneimittel AG, Baxter International Inc., Eli Lilly and Company, GlaxoSmithKline Plc., and Pfizer Inc are the major key players of the Generic Drugs Market.

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