Global Generic Drug Market – Industry Trends and Forecast to 2030

Generic Drug Market Analysis and Size

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Data Bridge Market Research analyses that the generic drug market, which is USD 622.02 million in 2022, is expected to reach USD 1,323.68 million by 2030, at a CAGR of 9.9% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Generic Drug Market Scope and Segmentation  

Market Definition

Generic medications differ from branded drugs in several aspects, such as the manufacturing process utilized in drug development, excipients, and packaging. Still, they are bioequivalent to branded drugs in terms of strength, dose, quality, safety, performance, and efficacy. Generic drugs become available when the patents for already marketed medications expire. Generic medications, not associated with a particular manufacturer, are often controlled by governments worldwide.

Generic Drug Market Dynamics

Drivers

• Rise in demand for artificial intelligence (AI) technology will bolster the mmarket growth

Robotic process automation uses artificial intelligence (AI) technology to automate routine, rules-based activities. The market's primary operational players can invest more time, effort, and resources in higher-value tasks to this automation. One of the key developments in the market for generic brands that will gain pace in the upcoming years is the use of RPA to ensure compliance with regulations and standards. Pharmaceutical companies frequently utilize RPA and other business process automation tools to carry out high-volume R&D and production tasks. These are the certain factors that propel the market growth.

• India’s thriving pharmaceutical industry propelling India generic drugs market

One of the biggest pharmaceutical markets in the world, India is home to several top pharmaceutical firms. The Indian pharmaceutical sector is ranked third globally in terms of volume and fourteenth globally in terms of value, according to Invest India, an agency of the Indian Government for Investment Promotion and Facilitation. Along with having more than 3,000 pharmaceutical businesses and more than 10,500 production facilities, India also has the most US-FDA compliant pharmaceutical plants outside of the United States.

Opportunities

• Rise in cancer cases will act as an opportunity

According to the International Agency for Research on Cancer's (IARC) 2020 report, which estimated the incidence and mortality of 36 cancers in 185 countries worldwide, an estimated 19.3 million new cases of cancer were diagnosed in 2020 throughout the world, with more than 10.1 million cases of cancer reported in men and 9.3 million cases in women. Additionally, the Global RA Network's 2021 study estimates that more than 350 million individuals worldwide have arthritis. That number is likely to rise due to several variables, including the growing global elderly population. As a result, it is anticipated that the rising prevalence of chronic diseases will increase the need for effective treatment, driving up the growth of the generic drug market throughout the forecast period.

Restraints/Challenges

• Stringent regulations will hinders the growth

Stringent controls, as the FDA assesses the accuracy, side effects, and other substances used in generic pharmaceuticals, are one of the main factors limiting the expansion of generic drugs. Pharmaceutical drugs are typically recalled if the producers don't follow the regulatory requirements. The key elements that influence the quality of generic drugs are purity, potency, stability, and drug release. These should be managed within an appropriate limit, range, or distribution to obtain the desired drug quality. As a result of the strict governmental rules, approval is needed for generic pharmaceuticals, which is projected to hinder market expansion.

This generic drug market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the generic drug market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Generic Drug Market

The COVID-19 epidemic had a significant influence on the generic drug market. Following the COVID-19 pandemic, practically every business initially encountered supply chain interruptions due to various social distancing regulations. The pharmaceutical industry was no exception, which had a detrimental impact on the generic medication market. Later, due to the COVID-19 illness's multiple opportunities to generate drugs to treat this infection, the market witnessed an increase in demand for generic pharmaceuticals. The US Food and Drug Administration (FDA) established the Generic Drug Program to help generic drug producers develop new products by sending written messages, attending meetings early in the development process, and clarifying regulatory requirements throughout application review.

Recent Developments

• In 2020, ANI Pharmaceuticals, Inc., a US-based integrated specialty pharmaceutical company focused on developing, producing, and marketing high-quality branded and generic prescription pharmaceuticals acquired Commercial and Pipeline Generic Products from Amerigen Pharmaceuticals, Ltd. for $52.5 million in cash. The deal has greatly increased ANI Pharmaceuticals, Inc's commercial portfolio and late-stage generic pipeline.

Global Generic Drug Market Scope

The generic drug market is segmented on the basis of type, brand, indication, route of administration, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Simple Generics
• Super Generics

Brand

• Pure Generic
• Branded Generic

Indication

• Central Nervous System (CNS)
• Cardiovascular
• Dermatology
• Oncology
• Respiratory
• Others

Route of Administration

• Oral
• Topical
• Parenteral
• Others

End-Users

• Hospitals
• Homecare
• Specialty Clinics
• Others

Distribution Channel

• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy

Generic Drug Market Regional Analysis/Insights

The generic drug market is analysed and market size insights and trends are provided by country, type, brand, indication, route of administration, end-users and distribution channel as referenced above.

The countries covered in the generic drug market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the generic drug market due to the region's established framework for the approval process of generic medications and global leaders in research and development activities.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030, owing to the expanding healthcare infrastructure and rise in the government initiatives. Also due to rise in medical condition knowledge among the general public and an ageing regional population. In the Asia-Pacific area, countries such as China and India contribute more than other countries do.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Generic Drug Market Share Analysis

The generic drug market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to generic drug market.

Some of the major players operating in the generic drug market are:

• Teva Pharmaceuticals Industries Ltd., (Israel)
• Mylan NV, (US.)
• Novartis AG, (Switzerland)
• Pfizer Inc., (US.)
• Sun Pharmaceutical Industries Ltd., (India)
• Fresenius SE & Co. KGaA., (Germany)
• Lupin (India)
• Endo International plc., (Ireland)
• Aurobindo Pharma (India)
• Novartis AG (Switzerland)
• Hikma Pharmaceuticals PLC., (UK.)
• STADA Arzneimittel AG (Germany)
• Eli Lilly and Company (US)
• Aspen Holdings (South Africa)

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