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Demand for Generic Drugs is Booming Globally Due to Low Cost Says P&S Intelligence

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Demand for Generic Drugs is Booming Globally Due to Low Cost Says P&S Intelligence

June 17
19:11 2021
Demand for Generic Drugs is Booming Globally Due to Low Cost Says P&S Intelligence
The generic drugs market is projected to grow at a CAGR of 10% during the forecast period (2020–2030).

The global generic drugs market generated a revenue of $278.4 billion in 2019, and it is predicted to advance at a CAGR of 10.0% between 2020 and 2030. Furthermore, the market will reach a value of $786.0 billion by 2030. The factors driving the expansion of the market are the surging geriatric population, soaring prevalence of patient expiration of branded drugs, increasing incidence of acute and chronic diseases, and mushrooming research and development (R&D) expenditure of pharma and biotech companies.

The surging population of geriatric people is one of the major factors propelling the advancement of the market for generic drugs. As per a report published by the World Health Organization (WHO), people nowadays are living longer and their life expectancy has increased significantly. This has subsequently caused a massive rise in the global geriatric population. As medical treatments with branded drugs are very expensive, patients are increasingly preferring low-cost generic drugs, thereby fueling the expansion of the market.

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Another major factor propelling the growth of the market is the patent expiration of several blockbuster drugs. For example, the patent protection of DULERA, which is sold by Merck Sharp & Dohme Corp., expired in December 2020. Similarly, the patent protection of FORADIL, which is a drug sold by Novartis AG, expired in November 2020. Additionally, pharma companies are recognizing that people are increasingly preferring low-cost generics over costly branded drugs. This is further boosting the popularity of generic drugs.

Depending on application, the generic drugs market is classified into infectious diseases, cardiological diseases, respiratory diseases, neurological diseases, metabolic diseases, genitourinary/hormonal diseases, and orthopedic diseases. Out of these, the infectious diseases category led the market between 2014 and 2019, because of the high incidence of infectious diseases all over the world. The market is also divided, on the basis of type, into super, simple, and biosimilars. Amongst these, the simple category dominated the market in the past.

This was because of the high public preference for these generics, on account of their lower risk and lower cost than the others. Globally, Asia-Pacific generated the highest revenue in the generic drugs market in 2019, and this trend is expected to continue in the coming years. This is credited to the surging geriatric population, soaring healthcare expenditure, rising prevalence of chronic diseases, and increasing implementation of government initiatives for promoting the usage of generics in this region.

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Therefore, it can be safely said that the market will grow rapidly in the coming years, primarily because of the lower costs of generics than the branded drugs, the patent expiration of several branded drugs, rising incidence of acute and chronic diseases, and the surging geriatric population across the world.

Market Size Breakdown by Segment

By Type

  • Simple
  • Super
  • Biosimilars

By Application

  • Neurological Diseases
  • Cardiological Diseases
  • Metabolic Diseases
  • Infectious Diseases
  • Orthopedic Diseases
  • Genitourinary/Hormonal Diseases
  • Respiratory Diseases

By Route of Administration

  • Oral
  • Injection
  • Cutaneous
  • Mucosal
  • Inhalation

By Distribution Channel

  • Indirect
  • Direct

Geographical Analysis

  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Spain
    • Italy
  • Middle East and Africa
    • Saudi Arabia
    • South Africa

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Contact Person: Abhishek
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Country: India
Website: https://www.psmarketresearch.com/market-analysis/generic-drugs-market-outlook


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