Market Research Report
Generic Drugs Market 2020-2026
|Generic Drugs Market 2020-2026|
Published: May 13, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Global Generic Drugs Market Size, Share & Trends Analysis Report, By Application (Cancer, CVD, Musculoskeletal Diseases, Infectious Diseases, Neurology, Diabetes, and Others), By Route of Administration (Oral, Topical, Injectable, and Inhaler) and Forecast, 2020-2026
The global generic drugs market is estimated to grow at a significant CAGR during the forecast period. Some pivotal factors accelerating market growth include the rising prevalence of chronic diseases and the cost-effectiveness of generic drugs. A significant rise in the incidences of chronic diseases such as cancer, CVD, and diabetes is driving market growth. As per the International Diabetes Federation (IDF), in 2019, nearly 463 million adults (20-79 years) were suffering from diabetes. It is expected to reach 700 million by 2045.
This leads to an increasing demand for generic medicines for diabetes which includes Glyburide, Tolazamide (Tolinase), Acetohexamide, Glimepiride (Amaryl), and Glipizide. Additionally, several generic equivalents of the drug metformin (earlier sold only as Glucophage XR or Glucophage) are now available. The combinations of metformin and glipizide (Metaglip) and metformin and glyburide (Glucovance) are available as generic drugs. The increasing availability of generic versions of branded diabetes drugs is supporting to reduce the cost burden on patients, which, in turn, is driving the market growth.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (Row). In 2019, North America held the largest share in the market owing to the US FDA initiatives to increase the availability of generic medicines in the market. For instance, in October 2007, the US FDA introduced the Generic Initiative for Value and Efficiency (GIVE). As an initiative, GIVE will utilize existing resources to support the US FDA to advance and streamline the approval process of generic drugs. The initiative is intended to increase the availability of generic drugs. The increasing availability of generic-drug alternatives results in more cost-savings to consumers, as generic drugs cost nearly 30% to 80% lower compared to the brand name drugs.
Some key players in the market include Mylan N.V., Teva Pharmaceutical Industries Ltd., Lupin Ltd., Novartis International AG, and Sun Pharmaceutical Industries Ltd. The market players are using some key strategies to increase their market share. For instance, in September 2020, Sun Pharmaceutical Industries Ltd. declared the launch of ILUMYA (tildrakizumab) Subcutaneous Injection 100 mg Syringe in Japan to treat adult patients suffering from plaque psoriasis who have an insufficient response to traditional therapies. ILUMYA is a humanized lgG1/k monoclonal antibody that is intended to selectively attach to the p19 subunit of IL23 and stops its interaction with the IL-23 receptor. This leads to an inhibition of the release of chemokines and proinflammatory cytokines.
The market study of the global generic drugs market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity in our reports.
Secondary Sources Include
Financial reports of companies involved in the market.
Whitepapers, research-papers, and news blogs.
Company websites and their product catalog.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Global Generic Drugs Market Research and Analysis by Application
Global Generic Drugs Market Research and Analysis by Route of Administration
The Report Covers
Comprehensive research methodology of the global generic drugs market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global generic drugs market.
Insights about market determinants which are stimulating the global generic drugs market.
Detailed and extensive market segments with regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.