Generic Drugs Market Size, Share, Growth Analysis, By Brand(Pure and Branded), By Route(Administration, including oral) - Industry Forecast 2024-2031

Report ID: SQMIG35J2094 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 75

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Generic Drugs Market size was valued at USD 416.86 Billion in 2021 and is poised to grow from USD 439.37 Billion in 2022 to USD 669.20 Billion by 2030, at a CAGR of 5.4% during the forecast period (2023-2030).

The generic drugs market is characterised by a highly competitive landscape, driven by the presence of numerous pharmaceutical manufacturers and suppliers. These companies strive to gain market share by offering a wide range of generic drugs across various therapeutic areas. The competitive landscape is influenced by factors such as product portfolio, pricing strategies, research and development capabilities, manufacturing expertise, and distribution networks. Companies in the generic drugs market focus on achieving economies of scale, cost efficiencies, and maintaining high-quality standards to remain competitive. Furthermore, partnerships and collaborations with healthcare providers, distributors, and regulatory bodies play a crucial role in the competitive landscape. These collaborations enable companies to enhance their market reach, improve supply chain efficiency, and stay updated with regulatory requirements. The market also witnesses the entry of new players, particularly in emerging economies, which contributes to the competitive intensity. These new entrants often focus on specific therapeutic areas or niche markets, bringing innovative generic drug formulations and technologies. In addition to competition among manufacturers, the market is influenced by factors such as regulatory policies, patent landscapes, and intellectual property rights. Regulatory frameworks and patent expirations impact the market dynamics, creating opportunities for generic drug manufacturers to enter and compete. 'Teva Pharmaceutical Industries Ltd. - Israel', 'Sandoz International GmbH (Novartis) - Switzerland', 'Mylan N.V. - Netherlands', 'Sun Pharmaceutical Industries Ltd. - India', 'Pfizer Inc. - US', 'Dr. Reddy's Laboratories Ltd. - India', 'Lupin Limited - India', 'Cipla Limited - India', 'Hikma Pharmaceuticals plc - UK', 'Accord Healthcare Ltd. - UK', 'Aurobindo Pharma Limited - India', 'Apotex Inc. - Canada', 'Fresenius Kabi AG - Germany', 'Zydus Cadila - India', 'Glenmark Pharmaceuticals Ltd. - India', 'Torrent Pharmaceuticals Ltd. - India', 'Amneal Pharmaceuticals, Inc. - US', 'Bausch Health Companies Inc. - Canada', 'Alkem Laboratories Ltd. - India', 'Aspen Pharmacare Holdings Limited - South Africa'

The prevalence of chronic diseases such as cardiovascular disorders, diabetes, respiratory conditions, and cancer is rising. Generic drugs provide cost-effective treatment options for managing these chronic conditions, driving their demand in the market.

Increasing Market Consolidation: The market has witnessed a trend of consolidation, with larger pharmaceutical companies acquiring smaller generic drug manufacturers or forming strategic partnerships. This consolidation aims to expand product portfolios, enhance manufacturing capabilities, and improve market reach.

One dominant region in the generic drugs market is North America, with the United States being a significant contributor to the market. The dominant player in this region is Mylan N.V., a pharmaceutical company that specialises in generic drugs. Mylan has a strong presence in the United States and offers a diverse range of generic medications across multiple therapeutic areas. The company's robust portfolio, extensive distribution network, and strategic partnerships have contributed to its dominance in the North American generic drugs market.

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Global Generic Drugs Market

Product ID: SQMIG35J2094