This report describes and evaluates the global generic pharmaceuticals market. It covers three five-year periods, including 2015 to 2020, termed the historic period, 2020-2025 forecast period and 2025-2030 a further forecast period.
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According to The Business Research Company’s research report on the generic pharmaceuticals market, North America was the largest region in the global generic pharmaceuticals market, accounting for 48.3% of the total in 2020. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the generic pharmaceuticals market will be South America and the Middle East, where growth will be at CAGRs of 10.1% and 9.4% respectively during 2020-2025. These will be followed by Africa and Asia Pacific, where the markets are expected to grow at CAGRs of 9.1% and 7.8% respectively during 2020-2025.
The generic pharmaceuticals market is segmented by therapy into CNS, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, oncology, biosimilars and others. The others segment of the generic pharmaceuticals market accounted for $75,619.5 million in 2020 and expected to reach a value of $101,899.1 million by 2025, at a CAGR of 6.1%. The biosimilars segment is expected to be the fastest growing segment in the generic pharmaceuticals market segmented by therapy, going forward, at a CAGR of 17.8% during 2020-2025.
The generic pharma market is also segmented by distribution channel into hospital pharmacies, retail pharmacies, online pharmacies, by type into biosimilar, simple generic, super generic, and by drug delivery into oral, injectables, dermal/topical, and inhalers.
The Business Research Company’s report titled Generic Pharmaceuticals Global Market Report 2021 - By Therapy (CNS, Cardiovascular, Dermatology, Genitourinary/Harmonal, Respiratory, Rheumatology, Diabetes, Oncology), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By Type (Biosimilar, Simple Generic, Super Generic), By Drug Delivery (Oral, Inectables, Dermal/Topical, Inhaler), COVID-19 Growth And Change covers major generic pharmaceuticals companies, generic pharmaceuticals market share by company, generic pharmaceuticals manufacturers, generic pharmaceuticals market size, and generic pharmaceuticals market forecasts. The report also covers the global generic pharmaceuticals market and its segments.
The global generic pharmaceuticals market size is expected to grow from $233.66 billion in 2020 to $245.6 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The generic pharmaceuticals market is expected to reach $331.54 billion in 2025 at a CAGR of 7.8%.
Respiratory drugs manufacturers are offering generic drugs to counter intense competition by top-performing drugs. Generic drugs help to provide affordable alternatives to branded products, ultimately providing patients with lower-cost access to expensive treatments. For instance, in February 2020, the US FDA approved the first generic albuterol sulfate inhaler to treat and prevent bronchospasms in patients with asthma or reversible obstructive airway disease. In the US, from 2018, generic medicines accounted for roughly 80% of all prescriptions, but inhaled generics for respiratory diseases accounted for less than 1%. However, companies now are trying to change this fact with a growing trend of investing in R&D for various respiratory generic drugs. For example, in 2018, Hikma Pharmaceuticals partnered with Vectura Group to develop generic versions of GlaxoSmithKline’s Ellipta respiratory medicines. In September 2018, Glenmark Pharma's announced that its subsidiary has secured marketing authorization in Germany for a generic version of GSK's drug used to treat asthma.
A recent trend in the generic pharmaceutical drugs market is that manufacturers are using 3D printing technology in the drug manufacturing process. This technique uses a combination of inkjet printing and UV curing to produce solid oral dosage forms of drugs. These attributes are particularly beneficial for patients who have difficulty swallowing their medication, which can affect adherence to treatment regimens. For instance, in In April 2020, UK-based FabRx launched the first commercially available 3D printer for personalised drug manufacturing.
Market-trend-based strategies for the generic pharmaceuticals market thus includes increasing use of 3D printing, along with adopting the use of artificial intelligence (AI), using biomarkers for drug development, collaborations for driving innovation, combination drug therapy, modification of existing epilepsy drugs, and rise of generic respiratory drugs.
Generic Pharmaceuticals Global Market Report 2021 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide generic pharmaceuticals market overviews, generic pharmaceuticals market analyze and forecast market size and growth for the whole market, generic pharmaceuticals market segments and geographies, generic pharmaceuticals market trends, generic pharmaceuticals market drivers, generic pharmaceuticals market restraints, generic pharmaceuticals market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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