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Generic Drugs Market Research Report: By Type (Simple, Super, Biosimilars), Application (Neurological Diseases, Cardiological Diseases, Metabolic Diseases, Infectious Diseases, Orthopedic Diseases, Genitourinary/Hormonal Diseases, Respiratory Diseases), Route of Administration (Oral, Injection, Cutaneous, Mucosal, Inhalation), Distribution Channel (Indirect, Direct) - Global Industry Analysis and Demand Forecast to 2030

  • Published: March 2021
  • Report Code: LS12164
  • Available Format: PDF
  • Pages: 203

Generic Drugs Market Overview

The global generic drugs market was valued at $278.4 billion in 2019, which is projected to progress at a CAGR of 10.0% during the forecast period (2020–2030). The major factors responsible for the growth of the market include rising geriatric population, increasing number of patent expiration of branded drugs, surging cases of chronic and acute diseases, and growing R&D expenditure of biotech and pharma companies.

Due to the COVID-19 pandemic, the generic drugs market has been positively impacted. This is owing to the crashing economies of various nations, due to increasing rate of unemployment, which, in turn, has increased the demand for low-cost substitutes of pharmaceutical drugs. Moreover, strategic measures have been taken by key players to ensure the supply of generic drugs in the market. For instance, Sandoz International GmbH has enhanced its manufacturing capacity to maintain the supply of generic medicines for patients.

Generic Drugs Market Outlook

Due to Low Development Cost, Simple Category to Witness Fastest Growth

Based on type, the simple category is expected to witness the fastest growth, in the generic drugs market, during the forecast period. This can be attributed to the rising preference for this type of generics, due to its low development cost over other types. Moreover, this type has larger acceptance among patients and doctors, due to its known mechanism of action and predefined efficacy and safety profile.

High-Prevalence Rate of Infectious Diseases Helping Infectious Diseases Category to Dominate the Market

Based on application, the infectious diseases category led the generic drugs industry during the historical period (2014–2019), and it is expected to retain its position in upcoming years. This is majorly due to the rising cases of infectious diseases across the globe.

Due to Good Patient Compliance, Oral Category Led the Market

Based on route of administration, the oral category dominated the generic drugs market in the historical period. This is owing to the huge preference for this route by patients, due to its ease of administration and pain avoidance.

Rising Number of Hospitals, Clinics, and Pharmacies Supports Domination of Indirect Category

Based on distribution channel, the indirect category dominated the generic drugs market in the historical period and is expected to maintain the lead in the forecast period as well. This is attributed to the surging cases of chronic diseases and the rising number of hospitals, clinics, and pharmacies, across the globe.

Owing to Increasing Geriatric Population, APAC to Lead the Market

The Asia-Pacific (APAC) region generated the largest share in the generic drugs market in 2019, and is expected to maintain its position in coming years. This is majorly ascribed to the rising geriatric population, growing healthcare expenditure, increasing cases of chronic diseases, and government initiatives to promote generics usage. For instance, according to the United Nations Population Fund (UNFPA), one in four individuals in APAC will be over 60 years of age by 2050.

Generic Drugs Market Geographical Insight

Rising Number of Collaborations and Partnerships Is a Key Market Trend

Many pharmaceuticals companies are witnessing partnerships and collaborations to enhance their generic drugs industry share in key markets such as the U.S. and China. As the time and cost involved in developing generic drugs is very less, as compared to that of a new drug, the companies are receiving maximum profit by its generic business. For instance, in September 2019, Eisai Co. Ltd. and Nichi-Iko Pharmaceutical Co. Ltd. entered into a collaborative agreement to sell generic drugs in China. Both companies aim to increase their customer base for generic drugs in the country, as it is the second-largest pharmaceutical market in the world.

Generic Drugs Market Drivers

Increasing Ageing Population Is Boosting Market Growth

Increasing ageing population is a key factor stimulating the growth of the generic drugs market. According to a report by the World Health Organization (WHO), people are living longer and average life expectancy of the population has increased. This has led to a huge growth in the world geriatric population. As treatment with branded drug costs a fortune, patients are expected prefer low-cost generic drugs, leading to the growth of the market.

Patent Expiration of Blockbuster Drugs Is Driving the Market

Increasing demand for low-cost generics over expensive branded drugs has been recognized by several pharma companies, which are waiting for several blockbuster drugs to lose their patents. The expiration of patents of some of the highly sold-out drugs has given a thrust to the growth of the generic drugs market. For instance, DULERA, which is marketed by Merck Sharp & Dohme Corp., lost its patent protection in December 2020; and FORADIL, a drug marketed by Novartis AG, lost its patent in November 2020.

Growing Prevalence of Acute and Chronic Diseases Is Boosting Demand for Generics Drugs

The burden of chronic diseases has increased globally. According to the WHO, in 2020, chronic illnesses claim up to three quarters of deaths worldwide. Among all deaths due to chronic illnesses, in developing countries, 71% of deaths occur because of ischemic heart disease, 70% of deaths due to diabetes, and 75% of deaths because of stroke. Moreover, low health insurance coverage for chronic diseases, such as cancer, chronic obstructive pulmonary disease (COPD), and stroke, has created high demand for low-cost generic drugs.

Generic Drugs Market Report Coverage
Report Attribute Details
Historical Years 2014-2019
Forecast Years 2020-2030
Base Year (2019) Market Size $278.4 Billion
Forecast Period (2020-2030) CAGR 10.0%
Report Coverage Market Trends; Revenue Estimation and Forecast; Segmentation Analysis; Regional Breakdown; Competitive Analysis; Companies’ Strategic Developments; Product Benchmarking; Company Profiling
Market Size by Segments By Type; By Application; By Route of Administration; By Distribution Channel; By Region
Market Size of Geographies China; India; Japan; South Korea; Australia; U.S.; Canada; Mexico; Brazil; Germany; U.K.; France; Russia; Spain; Italy; Saudi Arabia; South Africa
Secondary Sources and References (Partial List) Association for Accessible Medicines; Canadian Generic Pharmaceutical Association; Centers for Disease Control and Prevention; European Generic Medicines Association; Indian Drug Manufacturers Association; Innovative Pharmaceutical Association of South Africa; Medicines for Europe; Mexican Association of Generic Medicines

 

Market Players Are Focusing on Product Launches to Gain Competitive Edge

The global generic drugs market has the presence of various key players, such as Cipla Ltd., Dr. Reddy’s Laboratories Ltd., Alkem Laboratories Limited, Teva Pharmaceutical Industries Limited, Mylan N.V., Lupin Limited, Endo International plc, and Aurobindo Pharma Limited.

In recent years, the players in the generic drugs market have been actively involved in product launches and approvals to cut through the strong market competition.

  • In October 2020, Glenmark Pharmaceuticals Inc. received approval from the U.S. Food and Drug Administration (USFDA) for Dimethyl Fumarate Delayed-Release Capsules, 120 mg and 240 mg, the generic version of Tecfidera1 Delayed-Release Capsules, 120 mg and 240 mg, of Biogen Inc.
  • In October 2020, Sawai Pharmaceutical Co. Ltd. received approval from the Ministry of Health, Labour and Welfare (MHLW) for Dutasteride Capsules (generic version of branded product, ZAGALLO). These capsules are prescribed for the treatment of male pattern alopecia.

Key Players in Generic Drugs Industry Include:

  • Cipla Ltd.
  • Dr. Reddy’s Laboratories Ltd.
  • Alkem Laboratories Limited
  • Teva Pharmaceutical Industries Limited
  • Mylan N.V.
  • Lupin Limited
  • Endo International plc
  • Aurobindo Pharma Limited
  • STADA Arzneimittel AG
  • Hikma Pharmaceuticals plc
  • Sawai Pharmaceutical Co. Ltd.
  • Mallinckrodt plc
  • Torrent Pharmaceuticals Ltd.
  • Amneal Pharmaceuticals Inc.

Market Size Breakdown by Segment

The global generic drugs market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Type

  • Simple
  • Super
  • Biosimilars

Based on Application

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

Based on Route of Administration

  • Oral
  • Injection
  • Cutaneous
  • Mucosal
  • Inhalation

Based on Distribution Channel

  • Indirect
  • Direct

Geographical Analysis

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